Masterkey Blog

Artificial Intelligence and Real Estate – What You Need to Know

Thu, 13 Jun 2019 04:28:00 +1500

Once upon a time, game-changing innovations would appear once in a lifetime. For example, over 500 years passed between Gutenberg's invention of the printing press and the first digital printer. Not so long ago, generation after generation was adequately working with the same tools and technologies as the generation before them. However, times are changing.

With the rapid deployment of the internet and social media, the world is connected in ways previous generations could only have imagined. Changes, developments, and innovations that once occurred over several generations can now develop in a few years. These rapid developments in technology are reshaping world commerce, and the real estate industry is no exception.

One of the most prominent new technologies of the 21st century is artificial intelligence (AI). AI is the process by which computers are programmed with the capacity to "think" like an intelligent being.

Benefits of AI to the Real Estate Industry

Perhaps the biggest fear of any new technology is whether or not it will replace human employees. However, real estate agents and brokers can rest assured, they will not become obsolete in the age of technology.

In fact, AI is most effective when it's working alongside humans instead of replacing them. The most successful real estate companies are embracing AI and leveraging these new technologies to revolutionize their agencies, generate more leads, and increase sales. There are several benefits of AI to the real estate industry, to include in the areas of property management, data analytics, risk management, and intelligent search platforms.

- Property Management - AI has the ability to help streamline property management. Thanks to its ability to monitor and predict when a home’s maintenance systems need to be replaced, AI can help agents maintain their properties with greater ease. The technology can also keep tabs on geographical rental trends, allowing landlords to raise tenant rates based on current data for their various properties.

- Data Analytics - Software developers are helping agents and brokers use AI algorithms to analyze data to improve various aspects of their business, such as targeted financial, marketing, and appraisals. Additionally, AI technology can set growth and sales goals through an intelligent robot, which can make improvements as data changes to help agents exceed their financial targets.

This will be particularly important when it comes to searching and browsing websites. When combined with AI-based search algorithms, agents will be able to offer their clients broader access to potential listings to meet their needs. AI data allows agents to personalize every customer interaction, connecting your marketing campaign with accurate data and figures that will work best for your potential client at every touchpoint. For example, AI can customize messaging and the imagery it uses based on what's worked well for other, similar clients.

- Predicting Risk Assessment - With AI, real estate investors can eliminate much of the risk associated with property investments. Intelligent AI robots can evaluate a property and perform a comprehensive risk analysis report on it, while simultaneously predicting potential ROI. AI bots can use algorithms to predict loan defaults with the intention of boosting the efficiency of the risk assessment process.

- Intelligent Search Platforms - Given the fact that approximately 51% of homebuyers start their home-buying process online, AI provides an intelligent search platform designed to benefit everyone both agent and client. In the past, real estate investors, agents, property buyers, and sellers had a limited amount of information at their disposal, such as the location and price of a property.

Over the past few years, there has been a shift to AI for most major search engines, such as Google. With AI, potential investors and home buyers can gain access to ROI, neighborhoods, schools, tax/sale history, and other essential details to aid in their home search.

Agents & AI – The Best of Both Worlds

When it comes to the real estate industry, the best chance to secure a sale is to provide clients with a property that's perfect for them. And while AI is helping both agent and buyer/seller gain access to more information, there will never be anything better than a human connection. Even in the world of AI, getting to know your clients will still require talented agents who take the time to talk to clients, interpret their needs, and to find out exactly what they're looking for.

The Golden Trifecta – Tenant, Landlord & Property Management Communications

Wed, 27 Mar 2019 22:59:00 +1500

Whether you own a sky rise full of luxurious condos, manage multiple office spaces, or own several rental properties, the key to successful communications between tenants, landlords, and property managers lies in the right configurable CRM software.

Communication and clarity are the backbones of any successful relationship (both personal and professional). Focusing your attention on establishing solid lines of tenant communication allows landlords and property managers to resolve problems quickly while simultaneously preventing problems in the future.

Communication Tips for Landlords & Property Managers

Communication starts with expectations. When you clearly establish your expectations with your tenants the relationship starts off on the right foot by limiting misunderstandings. Make sure the tenant knows the expectations of their lease agreement, as well as how to communicate when they have a question or require a maintenance request. For example, should they email you directly or do you have an online platform to streamline communications. Establishing clear expectations from the beginning is critical to maintaining a healthy and professional relationship.

Providing your tenants with an open line of communication is essential to maintaining a positive relationship with your tenants. Property management software is designed to help landlords and property managers maintain their portfolio efficiently and effectively. Not only will your online portal enhance communication between landlord, tenants, and property managers, but it also connects the entire network of agents and contractors.

An online portal allows property managers to respond to tenant maintenance requests, complaints and suggestions instantly. This open line of communication will help build and maintain the relationship between tenants and their landlords/property managers.

Leveraging the Power of CRM to Streamline Communications

Timely response to questions and concerns, especially online requests, is the key to forming a great relationship with your tenants. Online CRM is the gateway to establishing open and streamlined communications between landlord, property managers and their tenants. Real estate software is an affordable and simple solution to help property managers manage their properties, and maintain a constant open line of communication with their tenants - all in one place.

- Manage tenants – The right software will help you streamline and simplify communications with your tenants. From application screening and background checks to responding to tenant questions and concerns, CRM software let’s you to respond instantly to tenants regardless of the time of day or your location.

- Convenient access – Real estate software allows property managers to access their information from any device connected to the internet. From maintenance requests to contact information, it's all conveniently located in your software suite. Regardless of your location, if you have access to a smart device (i.e. phone, iPad or computer), you can respond to any question your tenant may have.

- Handle maintenance requests – Regardless of the level of urgency, there's no longer a need to answer late night phone calls. Property management software empowers managers with round the clock access to accept and respond to maintenance requests. You can even set parameters for emergency requests to prioritize requests that must be handled right away.

- Effortless Payments - Property management software makes it easy for tenants to make payments directly from their bank account or credit card. Additionally, CRM software makes it easy for property managers to disburse rental payments to their property owners via bank draft.

Innovative CRM Solutions with Masterkey

Thanks to the power of technology, property managers can communicate effectively and efficiently with both their property owners and tenants, any time of day. CRM software is built to streamline and maximize communication between tenants, landlords, and property managers.

Masterkey’s CRM solutions combine the innovations of residential property management software, commercial property management software, and real estate agency software into one comprehensive package.

WithMasterkey’s property management software you can:

- Instantly respond to tenant questions and concerns.

- Establish auto response.

- Respond, track, and file maintenance requests.

- Manage, track, and disburse rental payments.

- And much more.

Contact a member of our team to learn more.

Recent Highlights - Parkview Masterplan Project

Wed, 13 Mar 2019 00:09:00 +1500

Recently, our team had the pleasure of collaborating with Property Shop Investment to create their Parkview Masterplan Project. This is also featured on the Parkview website.

As one of Abu Dhabi’s largest commercial agencies, Property Shop Investment approached us to design a custom-tailored sales tool for their unique business requirements. Their latest exclusive project required an interactive masterplan where potential customers would be introduced to their exclusive commercial project.

Additionally, they wanted their program to allow clients to easily view floorplans, access important information, download brochures, and generally become introduced to the ‘wow effect’ of their latest vision.

What We Did

Leveraging the latest cutting edge real estate software solutions and commercial real estate CRM tools, we constructed an interactive masterplan for the Parkview project in Al Reem Island in Abu Dhabi.

Not only was the end result user-friendly and appealing to potential customers, the masterplan functionality also proves beneficial to Property Shop Investment daily operations while simultaneously highlighting their elegant design and modern inventory.

The final Masterkey included interactive views of the building and its surroundings, as well as 2D and 3D floor plans, 360 walk-in views of various units, unit details, and downloadable brochures.

Interactive View of Building

Connected to the Masterkey account in the back-end, our innovative interactive portal provides potential tenants with a view of the building, surrounding environment, and various floor plans. Additionally, this feature grants the Parkview team access to dynamic inventory management changes.

2D Floor Plan (Podium floor)

2D Floor Plan Example (Retail floor):

2D Floor Plans

2D floor plans provide customers with a birds-eye view of the layout of a potential property or space. These floor plans typically showcase the walls and room layout. While 2D floor plans can help individuals visualize their unit and how they may use the space, they do not provide perspective or depth.

Parkview 2D Floor Plan

3D Floor Plans

It’s not always easy for potential clients to visualize the details of a building or home. 3D floor plans provide potential clients with enhanced visualization capabilities, thus offering an accurate view of the floorplan they desire.

Whether your building is already complete, or you are currently in the construction phase of your project, 3D floor plans render the closest realistic view of your building units. These interactive floor plans allow customers to see the exact details of their floor plan to include the placement of doors and windows.

Unlike their 2D counterparts, 3D floor plans provide depth and perspective of a unit. Through this interactive 3D model, potential homeowners can visualize where they might place their furniture, tables, and chairs, etc.

Parkview 3D Floor Plans (Two Variations)

Interactive 360 Walk-Ins

In addition to 2D and 3D floor plans, the Masterkey team linked several interactive360 walk-ins to several floor plans. These walkthroughs allow the client to virtually walk through their potential unit, fully immersing themselves in their surroundings. It’s the closet you can come to visualizing a potential unit without physically walking through the space in person.

What Else Can Be Done?

In addition to the innovative, interactive, user-friendly features included in theParkview Project the masterplan functionality can be extended by accessing functionality to the underlying Masterkey account. Based on your specific project needs, our team can customize a masterplan to highlight your property while streamlining your daily operations on the back-end.

Benefits of a Masterkey for your commercial property include the following:

- Showcase 2D floor plans, 3D floor plans, 360 interactive walk-ins.

- HIghlight unit information and enable downloadable brochures.

- Reserve and book units on an iPad or smart device.

- Add invoices and receipts for deposits and other payments.

- Generate booking forms.

- Prevent double bookings.

- Access various financial and sales stats reports.

- And more.

Contact a member of our team to learn more.

Single Tenant or Multi-Tenant CRM – Which is Best for Your Real Estate Business?

Tue, 15 Jan 2019 03:28:00 +1500

What’s the difference between single-tenant and multi-tenant CRM? How do these differences impact CRM for real estate agents, brokers, and property managers?

Perhaps the most common difference between these two CRM architectures is found in the ongoing debate over their capability of cloud computing. Some real estate professionals prefer single-tenant CRM, and others view multi-tenant CRM as outdated computing. However, depending on your specific needs, both have CRM models have their advantages and disadvantages.

What’s the Difference Between Single Tenant and Multi-Tenant?

Both single tenant and multi-tenant CRM can be beneficial to a real estate professional. Essentially, the functionality of these two services is the same. When it comes to selecting one option over the other, the choice comes down to two elements: control and isolation.

In the software-as-a-service (SaaS) delivery model, a customer is called a tenant, such as a real estate agent, broker, or property manager. Single-tenancy CRM is an architecture in which a single instance of a software application and supporting infrastructure serves one customer, (i.e., one agent or manager).

With single-tenancy CRM, a real estate professional purchases their copy of the software. Additionally, they can customize their software to meet the specific needs and requirements of their business needs. By contrast multi-tenancy, CRM is an architecture in which a single instance of a software application serves multiple tenants (i.e. multiple real estate agents). With multi-tenant CRM, the real estate professional manages scalability, security, and upgrades.

Benefits of Single Tenant CRM

Single tenant CRM offer users many advantages for their real estate business, to include:

- Security – while no system is ever 100% secure, single tenant environments are designed to readily allow for increased security - as each agent’s data is entirely separate from the other agents in their organization. The chance that one agent will inadvertently access another agent's information is eliminated with a single tenant CRM program.

- Reliability - generally speaking, single tenant architectures are considered more reliable because the performance of one agent's software instance is not impacted by the performance of another agent's software (as they are not linked).

- Backups – Single tenant users have more control over their backup and recovery processes because one system is backed up to an isolated section of the SaaS server.

- Seamless migration – single tenant CRM is ideal for companies who eventually strive to move into a self-hosted environment. The migrations process for a single tenancy is less complicated compared to multi-tenancy CRM.

- Environmental control - Single tenant CRM is very flexible and completely customizable for the specific needs of your company. This flexibility grants agents far more control over their upgrades and updates.

Some drawbacks of single tenant CRM systems include the extensive time and financial costs associated with implementing single tenant environment. Additionally, single tenant CRM requires more maintenance, as single tenant environments typically require frequent updates and upgrades that must be managed by the client on an individual basis. For example, if there are 100 agents using a single tenant CRM program, they would each have to be updated individually.

Benefits of Multi-Tenant CRM

There are a number of benefits to multi-tenant CRM. While these differences aren’t necessarily evident in the day-to-day application of the software they come into play in other ways, such as cost savings, performance, and reliability.

- Resource pooling – with multi-tenant CRM resources are shared by every agent. Since all of the resources are being shared within the agency, multi-tenancies operate at maximum resource usage, which makes for optimum efficiency.

- Cost-effective - resource pooling proves to be very cost-effective. When resources are shared the cost per user would be lower when compared to a single tenant environment.

- Elasticity – multi-tenant environments allow for growth and development within an organization, as users and records can be added without having to calculate which resources will need to be added, at what cost, and over what timeframe. With a single tenant environment, the agent's physical or virtual server would have to be individually provisioned with extra processor power, memory, and hard disk space to accommodate any significant growth in users and storage.

- Ease of set up and onboarding – a multi-tenant environment is extensively the same for each agent, which makes it easier for multi-tenant SaaS organizations to perfect their onboarding process and optimize it for ease of use.

- Ease of Upgrade – unlike with a single tenant environment, where all upgrades must be completed for each individual system, when multi-tenant updates are applied to the system it impacts all agents on the network. Subsequently, all system upgrades and update maintenance are handled by the SaaS company, not the individual agent. As a result, multi-tenancies generally require less maintenance over time.

Despite the many advantages to multi-tenant CRM systems, critics argue they are more vulnerable from a security standpoint (as a multi-tenant environment leaves multiple access points for potential cyber attacks).

While some multi-tenant environments are working to solidify the multi-tenant backups, many simply don’t offer the robust restoration options clients are seeking. Additionally, multi-tenant CRM offers fewer customizations, so agents have less control over the quality of their environment.

Which is Right for Your Real Estate Agency

When it comes time to decide between single tenant and multi-tenant CRM, it really boils down to the size of your agency, how much you are willing to invest, and what you are looking for in terms of long-term organizational growth and development.

Customers operating a SaaS program in a single tenant environment customarily do so for additional security. To a certain degree, a single tenant environment is less vulnerable to cyber breaches as resources are not shared. Multi-tenancy CRM is ideal for real estate professionals who want to get started with fewer hardware requirements and easier onboarding. It's also ideal for users who don’t have the internal resources needed to handle the maintenance requirements of single tenant SaaS environments.

Masterkey Real Estate Property Management Software

At Masterkey, we've integrated CRM into every component of our customisable software solutions. Whether you are an agent, broker, or developer, our software solutions provide real estate professionals with the tools they need to maximize resources to achieve increased profitability and growth.

Contact a member of our team to schedule your free demo today!

Is your CRM Software Facilitating Rent-Free Periods?

Mon, 17 Dec 2018 06:43:00 +1500

Rising vacancy levels have tipped the scales in favor of tenants, compelling both commercial and residential landlords to offer incentives such as rent-free periods to entice tenants in an overly saturated market.

CRM software can help you promote and manage your rent-free lease options with ease and proficiency.

What is a Rent-Free Period?

A rent-free period is period of time during a lease where the tenant does not have to pay any rent at all. Rent-free periods can be applied at various times in a lease. However, they are generally applied half way through a lease period, or at the end of a lease period. Additionally, rent-free periods range from market to market, and can range from a few months to several months time.

Rent-free incentives can be applied in different ways depending on the market, company policies, and negotiations taken place with potential tenants. Currently, there are two main avenues of applying rent-free periods within the UAE:

- The tenant lease period remains the same, however the rental amount is reduced during the rent-free period. For example, a 120,000 AED one year lease rental amount would be discounted to 100,000 AED a year.

- Adding additional months for free to the original lease period. For example, a 12-month lease period would be extended to a 14-month period for the same monetary value of the initial lease agreement (i.e., 14 months for the price of 12 months).

Different Types of Rent-Free Periods

Rent-free periods as a form of enticement - A landlord may offer a potential tenant a rent-free period as an incentive for a tenant to sign a lease for their residential or commercial property. For example, 14 months rent for the price of 12 months, with the first two month being a rent-free period. This is particularly true with commercial property, in areas where the market is saturated and leases are governed by the property market.

Rent-free periods for recognition of a fit out - When a tenant makes upgrades to a commercial space to include wholesale structural changes, they may be compensated for their efforts with rent-free periods. Additionally, when a residential tenant makes repairs to a property (such as painting, gardening, and other minor repairs) they may be offered a period of free rent during their lease as compensation for their efforts.

How Can Masterkey CRM Help Facilitate Rent-Free Periods?

With the right CRM, you can effortlessly manage you traditionally leased and rent-free leased properties.

- Lead Generation - With CRM, real estate professionals can consolidate information across all of their lead generation sources - in one place. CRM software organises and collects all contact information so managers can access client information from various platforms (i.e. desktops, laptop, phones, etc.). This access also allows you to share you rent-free promotions across a wide range of platforms, to include the internet and social media.

- Communication and Invoice Generation -CRM allows you to effectively communicate with your tenants. Masterkey CRM makes it easy for admins and real estate brokers to generate invoices where users can select which invoice the rent-free period is applied to by adjusting the due dates to include the rent-free period.

- Reduce Human Errors - CRM ultimately reduces human errors for rent-free periods as it guides the user to apply the rent-free period correctly and saves time!

- Contract Generation - CRM allows a rent-free period to be printed on Lease Agreements automatically so this information is communicated properly and clearly in all legal documents.

- Manage property information and track listings – CRM software helps property managers track all of the important details related to every property in their portfolio, to include both rent-free and standard leases.

- Screen applicants – CRM software simplifies application screening. From answering potential tenant queries to conducting background checks, property management software allows managers to instantly respond to tenants regardless of the time of day or your location.

Masterkey Real Estate Property Management Software

Masterkey CRM can help property managers, agents and brokers facilitate their rent-free periods. Consider the two scenarios can be catered for as follows:

- Giving a Discounted Rent Value - Masterkey CRM is designed to enable users to overwrite the rental amount with a reduced/discounted rate to renewals and new leases. Additionally, all rental invoices will be generated to reflect the discounted rent-free period rental amount.

- Giving Rent-Free Months - Masterkey CRM allows users to select how many months they would like to include in their rent-free periods when creating a new lease or a renewal. Our CRM program is designed to accommodate flexible lease terms, and allows agents to easily include customised rent-free periods from lease to lease. Once the rent-free terms are applied, the system will auto-calculate the rental amount to include the rent-free period. The Rent-Free period can also be applied against a specific rental invoice period.

Contact a member of our team to schedule yourfree demo today!

Picture (1): User selecting number of Rent-Free months.

Picture (2): System auto calculating contract rent amount in a Rent-Free period scenario.

Picture (3): User selection of which invoice to apply Rent-Free period to.

A Client-Based Approach to Real Estate for an Enhanced Customer Experience

Wed, 17 Oct 2018 03:15:00 +1500

Buying and selling a home is such a personal process. Whether you are a broker or an agent, you need to know exactly what your client wants and needs to find the perfect home to suit their lifestyle. Additionally, purchasing a home is a major financial investment, your clients need to feel comfortable with you and your recommendations.

Once a real estate agent establishes a level of trust with your client, it’s part of your responsibility to put the minds of your potential clients at ease. We've put together a few tips to give your current and potential clients exactly what they need for an enhanced customer experience.

Start with Communication

When you’re building a new relationship, especially when it comes to something as personal as selling or purchasing a home, most reservations and concerns can be resolved through the art of communication.

Start by taking the time to understand what they want out of their home. What is their price range? What features are they interested in (i.e., how many bedrooms, a large backyard with a pool, etc.)? Understanding these details will help to create a solid foundation for your future partnership.

As you start to show potential homes, be sure to keep them in the loop. An agent that walks a prospect or client through all the steps in the process will help them to relax and trust that they are in good hands.

Always Keep Your Word

If you make a promise, be sure to keep it. Do what you say, when you say you will. Reliability will build a bridge to trust. This is especially important with new clients. Part of building trust is following through with all those promises you made while you were working to gain their business.

- If your client is selling their property - How many open houses did you promise to conduct? What marketing efforts did you discuss to sell their house fast? What steps did you tell them you would take to ensure their home was priced to sell?

- If your client is purchasing a home - How many houses did you tell them you would show them a week? What neighbourhoods did you tell them you would search?

New relationships are fragile, any slip-ups may cause problems during the sales process. If you fail to execute your promises, your clients will immediately question their choice to work with you. Your clients need to know they can rely on you. This will ensure they continue to use your agency in the future, as well as refer you to their friends and colleagues.

Provide Data to Backup Your Reports

Your track record with previous client speaks volumes. Nothing provides proof like solid, relevant data. For those clients who you either just started working with or are discussing a potential relationship with, let your stats do the talking for you. For example:

- What is the average amount of time your listings have been on the market? How many homes have you sold this year?
- How close did you get to list price for the majority of your property sales?
- How many homes did you sell above market value?

Knowing what you have done in the past for other clients will help to build trust with new clients.

Smart Technology Solutions for Real Estate Professionals

Technology is a critical component to the success of a real estate business. Staying up to date with the latest technological solutions allows real estate agents to offer an enhanced customer experience to potential clients.

Many reputable real estate agents use transaction management systems to track all their real estate dealings and administrative tasks. Additionally, you can leverage the power of technology to give your clients instant access to potential listings and virtual home tours.

Masterkey Professional

At Masterkey, we're not just a software provider, we are a partner on your path to streamlined growth and efficiency. Masterkey Professional provides clients with comprehensive, innovative, and user-friendly solutions to enhance client experience and boost productivity.

From standard technical support to building custom solutions to meet your needs, Masterkey is with you all the way. If you are interested in learning more about other benefits of real estate software click here or contact a member of our team to take your business to the next level. We look forward to hearing from you.

We've Taken a Stand at Cityscape Global 2018

Mon, 01 Oct 2018 01:15:00 +1500

WE'VE TAKEN A STAND

for what we believe real estate technology should be.

Integrity - We’ve taken the time to understand what you need from real estate software.

Evolution - We’re now empowered by dubizzle to build the software of tomorrow.

Grit - See it in our attitude and in the robustness of our solutions.

Techsperience - It’s the result of real estate technology development for almost 15 years.

Visit us at Cityscape Global, Stand 4G10, where we can discuss just how our technology can power your business.

Get in touch with us for a in-person meeting at Cityscape here.

View more information about this year's Cityscape Global here.

Leveraging the Power of Configurable Real Estate CRM

Wed, 26 Sep 2018 22:41:00 +1500

CRM stands for customer relationship management, but depending on your role within the real estate industry, it can mean many different things. Some agents regard CRM as software designed to help manage clients. Some view CRM to be a business philosophy designed to streamline productivity and profitability. Others see CRM as a process that requires strategy, systems, and software to gather, sustain, and ultimately convert contacts into clients, then keep the relationship going after the sale.

Regardless of your definition, CRM is the glue that maintains relationships after a sale or rental agreement. In fact, nearly every successful real estate agent uses some form of a CRM solution in their business.

So why should you implement CRM software solutions into your real estate business? We’ve compiled some of the top benefits to CRM solutions and its impact on the real estate industry.

Streamline Contacts and Lead Generation Data

Most real estate professionals leverage the power of multiple lead generation streams. While this means a widely improved reach, it also means a great deal of information to orgainse. Contacts from sources within your sphere of influence (SOI) may come from websites, direct mail campaigns, social media platforms, online advertising sites, and others. Maintaining individual systems for these lead generation sources can prove time-consuming, frustrating, and highly inefficient.

With a CRM software, real estate professionals can consolidate information across all of their lead generation sources - in one place. CRM software seamlessly organises and collects all contact information. Additionally, brokers, agents, and property managers can access client information from various platforms, to include desktops, laptop, mobile device, tablets, and all other smart devices with internet capabilities.

Streamline Communications with Clients

Timely response to inquiries, particularly online requests, is an essential component to successful conversions. Real estate CRMs include a customizable auto-response feature that allows brokers and agents to provide an immediate response to any questions or concerns from their contacts. While an auto response may seem impersonal, you can customize auto-response messages to each specific contact or group of contacts, adding a personal touch to your responses.

Additionally, auto correspondence allows you to remain in touch with contacts and leads outside of your immediate network. Programming auto-responses will help to ensure nothing slips through the cracks.

Around the Clock CRM

CRM software also allows tenants to submit maintenance request online, regardless of the time of day. This provides tenants with the peace of mind that comes with knowing their property is maintained even outside of traditional business hours.

Additionally, clients can send messages, view their past payments, access invoices, and pay their rent all based on when it fits into their schedule. When a client can communicate with their realtor regardless of their location or time of day, they know that their needs are a top priority.

Keep in Touch with Past Clients

In a recent study conducted by the 2015 NAR Profile of Home Buyers and Sellers,88 percent of buyers said they would use their agent again or recommend him or her to others. Yet only 12 percent of repeat buyers actually used their previous agent. So, why the discrepancy?

Traditionally, most homeowners do not purchase homes every year. For most people, years will pass between home purchases. As those years pass, clients might lose contact with their previous agents. The solution is simple - stay in touch with your past clients so they can’t forget you. Auto correspondence allows agents to send periodic emails and messages to clients to remain on their radar for referrals and future their future real estate needs.

Customise and Personalise Your Real Estate Services with CRM Software

Whether you are an agent, a broker, or a property manager, maintaining client data is crucial to running a successful organisation.

Ideally, you should record any relevant information you can gather about a potential client. CRM software allows you to track and organise this data in a convenient place, accessible from any device connected to the internet.

This data can include neighborhoods of interest, types of homes a client may be looking for, price range, and even preferences like granite versus marble countertops. Every detail you capture can be used to customise the service you give prospects to meet their exact needs.

Masterkey Real Estate Software Solutions

At Masterkey, we're not just a software provider, we are a partner on your path to streamlined growth and efficiency. From standard technical support to building custom solutions to meet your needs, Masterkey is with you all the way.

If you are interested in learning more about other benefits of real estate software clickhere, or contact a member of our team to take your business to the next level. We look forward to hearing from you.

Top Benefits of Real Estate Software for Property Managers

Sun, 02 Sep 2018 11:03:00 +1500

Wouldn’t it be nice to spend more time on your business and less time on your routine office tasks? Beyond managing your properties, real estate management software is designed to make your life easier. It’s designed to help property managers effortlessly perform routine tasks such as collecting rental payments, processing maintenance requests, and screening potential tenants for vacancies.

Whether you’re working in an office, on-the-go, or just looking to streamline your daily tasks, real estate software is built to support property managers. Let’s take a look at the many benefits of real estate software for property managers.

Property Management Anytime, Anywhere

While real estate software can’t automate every aspect of property management, it’s an affordable and simple solution to help property managers manage their properties, deal with their tenants, handle accounting and marketing all in one place. Best of all, automating your systems allows you to access all of your information anywhere, anytime, and on any device connected to the internet.

- Streamline financials - Think of how much time you could save if you didn't have to manually update spreadsheets? Property management software provides an efficient method to track your daily, weekly, monthly, and yearly financials. It also helps property managers gain a complete financial picture for their properties and clients. With the right software solution, property managers can track expenses, manage income, and run key financial reports with a few quick keystrokes.

- Effortless Payments - Forget checks or cash payments, with property management software, trips to the bank will be a thing of the past. Property management software allows tenants and association owners to make payments online directly from their bank account or credit card. On the other hand, real estate software also allows property managers to disburse rental payments to their property owners via bank draft.

- Handle maintenance requests - Whether a tenant's pet chews through the fence or the hot water heater is broken, there's no longer a need to answer phone calls in the wee hours of the morning. Property management software allows managers to accept and respond to maintenance requests online 24/7. You can even set parameters for emergency requests to avoid those dreaded late night calls. Real estate software for property managers allows you to assign tasks to your maintenance staff, provide status updates, and establish a clear paper trail of all complaints and works completed.

- Track listings and vital property information – Real estate software for property managers allows you to track all of the important details related to every property in your portfolio.

- Manage and screen for tenants – Simplify and streamline communications with potential and current tenants. From conducting background checks and application screening to answering tenant queries, property management software allows you to instantly respond to tenants regardless of the time of day or your location.

- Instant access to information - Like most other innovations, real estate software allows property managers to access their information from any device that can connect to the internet. From contact information to financials, it's all conveniently located in your software suite.

Masterkey Real Estate Property Management Software

Designed to enhance communication within your entire network of agents, tenants, and contractors, Masterkey’s solution combines commercial property management software, residential property management software, and real estate agency software into one comprehensive package.

WithMasterkey’s property management software you can:

Manage and instantly correspond tenants
Setup auto correspondence
Maintain an activity log
Manage assets
Monitor and respond to maintenance requests
Establish wait lists to ensure maximum occupancy
Schedule reminders for important tasks and meetings
Track ROI, individual and team performance, and other essential information
Schedule payment disbursements
Accept, manage, and track rental payments
And much more

Masterkey provides world-class commercial property management software, residential property management software, and real estate agency software that's easy, efficient, and effective. Our smart property management software allows property managers to streamline and track all the tasks required to run a successful organization.

Contact a member of our team torequest a demo today!

Top Tech Trends for Real Estate Companies in 2018

Thu, 07 Jun 2018 23:20:00 +1500

The real estate industry is continually evolving, and innovative technologies are shaping the way real estate agents, brokers and developers run their businesses.

Here are just a few of the trends that are poised to shape the real estate industry into 2018 and beyond.

Real Estate Robots

Traditionally used by other industries for customer service, robot technology leverages a computer to engage conversation-style with a real person (i.e. text message or instant chat). As this technology continues to emerge as a robust customer service and real estate lead generation tool, you’ll begin to see an increase in chatbots throughout the real estate industry.

Chatbots and voice bots are programmed to answer consumer questions, with little to no delay. Not only do they keep customers happy, but they also free valuable time to allow agents and brokers to focus on other significant matters.

Chatbots can be programmed to respond to trigger messages based on specific keywords or actions. Additionally, real estate virtual assistants and voice bots such as Siri or Alexa can help you simplify your workload. They can perform tasks such as scheduling meetings, creating reminders and searching the web for property news.

Blockchain and Real Estate

Blockchain is all the buzz and shows unbelievable promise for the real estate market in 2018. Blockchain is a secure cryptography tool known for tracking Bitcoin digital currency. This innovative tracking technology has the potential to transform any record-keeping scenario, including real estate deals.

Essentially, blockchain is a public database or digital ledger that records all transactions. Blockchain also eliminates the need for a central verifying authority, such as a traditional bank. By eliminating the middleman, you can reduce legal fees and title-related costs while streamlining a more efficient settlement process.

Virtual Tours and Augmented Reality

Virtual Reality (VR) is one of the fastest evolving technologies on the market. In fact, VR and Augmented Reality (AR) are expected to generate $150 billion in revenue by 2020.

VR allows potential renters and home buyers to virtually tour any property, any time of day, from any location in the world. With VR tours listed properties are open for viewing 24/7. This allows brokers, agents, and clients to save money and time while simultaneously increasing efficiency and client engagement.

Additionally, AR apps can superimpose a computer-generated image of an object into the home setting, allowing potential buyers and renters to virtually decorate a space using their phones or tablets. This empowers brokers and developers to showcase the potential of an unfinished space using AR. Combined, the potential of VR and AR is unlimited.

Push Technology

While push technology has been around for years, it's becoming more popular as agencies continue to develop their own smartphone apps.

According to Kahuna Mobile Marketing, push notifications double retention rates and help prevent app uninstalls. Agencies can leverage push technology to send content alerts to a smartphone’s screen and other notifications to encourage users to engage with their app, generate leads, and much more.

Property Management Software

Comprehensive, innovative and user-friendly real estate management software empowers agents, brokers and property managers with the tools necessary to meet all of their needs in the real estate business. Real estate management software, such as Masterkey Professional, gives real estate professionals the power to manage their business online in real time.

With the right software, real estate professionals can:

Achieve and exceed sales and revenue targets
Streamline, organize, and manage business operations
Track, monitor, and analyze transactions and sales performance
Synchronize information between agents/brokers and property portal partners
Enhance data security
Plan, execute, monitor and track marketing campaigns
Save time and money through with improved financial management
And much more

Whether you want to prepare for the challenges of your industry or you plan on growing your real estate business, Masterkey provides comprehensive, innovative and user-friendly software solutions dedicated to meeting all of your needs in the real estate business.

To find out more about how Masterkey can help your company, contact a member of our team for a live demo. We look forward to hearing from you.