The past two years have seen an incredible amount of change in the real estate industry. With most people working from home during the pandemic, we saw a mass exodus from urban areas, only to see consumers flock back to big cities this year. U.S. home sales hit a 15-year high of 6.1 million homes in 2021, with home values increasing at the fastest rate since 1975, according to Fannie Mae.
With more than 70% of today’s buyers searching for homes online, real estate agents have had to rapidly transform their business and rethink their approach to client engagement, embracing new technology and strategies. Examples include hosting virtual open houses via Zoom or Facebook Live, offering 3D virtual tours and virtual staging of houses, among other CRM or proptech innovations.
But for all the incredible changes we’ve seen over the past two years, perhaps the biggest or most impactful is the shift that real estate companies have made to deliver value to clients beyond the initial purchase or sale of their home.
For the first time ever, real estate companies are able to deliver a truly omni-channel experience throughout their homeownership journey. This means not only meeting clients where they are across digital, social, mobile and other channels, but also applying better data and contextual insights to deliver unique value to clients beyond their initial move.
As we all know, there is a long list of updates homeowners need to manage over the years, from figuring out the best home insurance to selecting the right service providers or contractors. With the rise of home management and concierge platforms like MoveEasy, agents can deliver value to clients across their entire journey as homeowners. For example, based on the unique context of a home improvement project, such as a roof replacement, the platform will automatically surface related savings for the clients on home insurance, warranties or new solar options.
According to a recent Bankrate survey, 64% of millennials have at least one regret after purchasing a new home, with maintenance costs and updates being the most common. In short, clients are not only looking for trusted guidance from their real estate partner, but also consistent value and opportunities to save money. Delivering exclusive savings and discounts to homeowners can make a huge difference for agents when it comes to driving client loyalty and referrals.
In fact, according to a study published in Harvard Business Review, customer loyalty directly correlates to the number of channels a customer uses to interact with a brand. To stand out, real estate agents need to stay top of mind across channels while also delivering consistent value to deepen the connection with clients year after year.
Venkatesh Ganapathy is CEO and co-founder of MoveEasy, a national, full-service homeowner concierge platform designed to help the 130 million homeowners in the U.S. with all of their moving and home management needs. For more information, visit www.moveeasy.com/real-estate.