Challenges are a major part of every industry that needs to be tackled carefully. Like every other industry, there are challenges facing real estate companies in Tanzania. The challenges can have a long-term effect on its overall performance if not handled properly. The real estate business is one of the major contributors to Tanzania’s gross domestic product (GDP).
In 2021 Real estate contributed nearly 2.9 trillion (TZS), to Tanzania's Gross Domestic Product (GDP). Tanzania is experiencing rapid population growth of 3.11% annually and an urbanization rate of 5.22%.
According to CAHF, this data creates strong demand for housing, especially in the City Centre. Real estate companies in Tanzania face difficulties in a way of keeping track of the sales, projects, and prospects of the business.
At the 2021 Conference on Land Policy in Africa, they discussed the Role of Digital Technology in Property management in Developing World. The conference recommends the use of emerging digital technologies to collect and store property data for future development projects and smart city concept implementation.
This made Bridging Technologies sit and research the real estate problems and came up with a solution. Today we will discuss real estate companies' challenges and how we solve them.
Major Challenges Facing Real Estate Companies
There are a lot of real estate problems that challenge the growth of the companies but they differ in different locations and countries.
Now let's look at the challenges facing real estate companies in Tanzania:
1. Plot sales management
A lot of plot-selling company in Tanzania uses freelancers as a marketing strategy. Five different people can go out with the same project map to the client. The problem happens when the same plot is being sold to different people. The freelancers have no real-time data to understand which plots have been sold and which one is not.
Companies need to resolve duplicate sales to maintain their credibility. To prevent double allocation, the companies need real-time data. A system that will connect all the data of plots and shows the real-time sales. So, whatever the freelancer goes he or she has the right information to present to the client.
🔥🔥Bridging Technologies as our mission states helps businesses by engaging our digital marketing experts to create value for your brand.🔥🔥
We created a solution that can manage and provide you with the real-time status of each plot in a project.
Our solution is called PlotBox. Do you need help to resolve your challenges? Schedule a meeting with Bridging Technologies as the profound digital marketing agency in Tanzania.
The world now has shifted from manual operation to digital. All the real estate marketing strategies need to shift into the world of digital marketing. The major problem a lot of real estates have is, that they do not invest in the digitization of their marketing strategy. The digital strategy is a well-designed website, social media marketing, and auto marketing, that needs a lot of consideration.
A lot of marketing is done to acquire the customer but after acquiring them there is no way to retain them. That is the place where auto marketing is required.
Customers need to keep updated on new projects, and new offers and also to remind of their payments. A lot of real estate companies use two major ways to collect payments. Cash payment or instalments.
So how do you remind your customers of payment dates?
You need a system that directly reminds all your clients of their payments. PlotBox enables you to automate SMS notifications direct to your customers to remind them of due payments and other related information. The software also enables you to remarket to your current customers if you have extended your services or business with just a single click.
There are two main parts of our auto-marketing aspect: Email and SMS
When done manually, email marketing is one of the most important tools for real estate, but it is also a time-consuming task.
You may use PlotBox software to automate email marketing to reach clients and prospects at critical points in the sales or leasing process.
PlotBox software makes it easy for you to bulk schedule emails to your clients.
The first big advantage of using PlotBox software is the ability to send bulk SMS to your clients.
Using bulk SMS for marketing is also less expensive than printing and distributing brochures or posters.
Customers are more likely to open and read a text message from an unknown source than an email.
As a result, a real estate company business may use the program to deliver marketing messages to their clients through SMS.
This increases the number of people who open those messages and may convert them into customers.
🔥🔥You can learn more about How bulk SMS marketing can impact your real estate business.🔥🔥
3. Project Management
Another challenge that a lot of real estate agents face, is managing their projects. Keeping all the data of all their plots and projects is a challenge.
Data is very important in any business. So, for real estate companies to have all the data of all the projects in one place is important in decision making.
PlotBox helps you to organize all your real estate plot projects and their respective plots to have full control over real-time data.
The Software understands uniquely specific details of plots of a specific project owned by a specific owner (if projects have multiple owners) and within specific precise locations.
This sort of software will come in helpful if you need to manage your projects properly and effectively. It doesn’t matter if your real estate firm is huge or small.
PlotBox may assist you with all of your administrative responsibilities while increasing your bottom line.
4. Payment collections
In Tanzania, most people like to pay in form of instalments to maintain their daily bills while investing for the future. The challenge to real estate is how to manage all the payments that have entered their bank account.
For example, how to monitor all the payments if 100 customers are paying in form of instalments. Sometimes a person has to pay 150,000/= per month but it may be hard to collect that much and reserve it.
So how can this challenge be solved?
The best way is to make them pay weekly or daily to make it 150k per month. This is not only a challenge to the company but also to the customers.
If a customer has an opportunity to make payment with the small installment daily, he/she can finish the payment earlier.
That is where the solution is needed to make a real estate company collect money easily and be able to identify the customer who paid the instalment.
Also, there is an increase in the use of mobile money payments.
You will need to provide your audience with a quick solution.
This is by offering a mobile payment option, as well as the option to check their bank statements or collect receipts.
All these problems regarding tracking real estate customers' installment payments and mobile money payments can be solved by PlotBox. A real estate software for businesses selling surveyed plots. It easily collects multiple payments paid in installments from multiple channels easily and effortlessly.
5. Keeping Up with Technology & Workflow
This is one of the real estate problems that need a quick fix as the world is going digital. Shortly after COVID19, there were drastic changes in technology and corporate operations began to take form.
There has been a tremendous feeling of urgency in developing tools and solutions to manage and limit the hazards posed by the virus.
Most businesses are going digital where the world is moving. The world is moving to paperless technologies. No more keeping data in thousands of files, instead a single system can store and manage all the property.
Companies started to shift more to digital to increase efficiency. For example, a lot of real estates marketing strategies shifted online.
Most people are busy with their phones and social networks which made even the real estate marketing strategies to be online.
Now even the Tanzania government is shifting to digital management and leaving the papers behind. So why would you want to remain with your manual management Learn more:The Benefits of Using the Real Estate System in Your Business.
🔥🔥Schedule a call with Bridging Technologies to obtain more online marketing strategies🔥🔥
6. Real-time report
Another challenge a lot of Real estate companies faces is having real-time data to make an informative decision.
Reporting is an essential component of every organization.
It is a method of assessing your performance and determining which areas require improvement.
To make a decision, you will want to know so far how many projects are on market? How many sales have been made or how much has been generated in a week, month or year?
As much as you need data you will also need a system that is a full package to assist you in making decisions.
Without real-time data, you will be unable to track the growth of your firm.
As a result, it will be difficult to determine whether you are performing well or not.
A sales report can help the top management, sales managers, and sales reps in answering all these questions.
The good news is that PlotBox has extensive reporting features. This program allows property managers to easily produce reports.
Sales reports track sales metrics that are important to improve conversions.
These insightful reports throw light on the sales team’s performance. It helps in spotting opportunities and identifying potential risks in real-time.
Sales reports help in finding out what triggers a potential prospect to buy a product and what prompts them to abandon the sales process mid-way.
For example, your customers are paying their installments late more frequently than usual. You might investigate the reasons and devise a strategy to improve matters.
If you realize that some elements of your business aren't making as much as they should, you may make changes to enhance sales and profitability.
SMART reporting is one of the benefits of adopting PlotBox software for your business.
Choosing the right management software is critical for real estate. There is a need to understand how to keep track of your projects and optimize your revenues. The issue is, that many real estate firms lack the necessary equipment for this type of activity.
This might be a major issue if you wish to expand your firm but lack the necessary resources. Bridging Technologies, a digital marketing agency in Tanzania, comes with a solution for you, Plotbox!
PlotBox is the ultimate real estate property management system. Our PlotBox software is tailored to the current marketing needs of a real estate business that sells surveyed plots. PlotBox helps real estate companies in selling plots by accepting payments effortlessly and managing their projects and customers at one centralized dashboard. The dashboard is enriched with analytics that provide your business with data that are input to your movable daily strategies. It is the best plot management software that can assist in resolving these issues!
Besides, it includes all of the tools you need to effectively manage projects and customers. If you're looking for an easier way to manage your real estate business, this is your time to fly high. Schedule a meeting with Bridging Technologies as the profound digital marketing agency in Tanzania.