For the efficient growth of real-estate companies, accurate and up-to-date property listings are a must-have. Almost 49% of companies in this industry (including KPMG) agree that accurate property listings affect their decision-making. But how can one avoid property listing challenges when working with voluminous data? It is only possible with structured workflow, automation tools, and validation at multiple layers.
You must address and solve several common property listing issues to maintain database hygiene. This guide will help you understand those challenges and solutions to create effective and successful real estate listings.
8 Common Challenges in Real Estate Listings and Solutions
To stay ahead of your competitors, overcome these common real estate listing challenges with suggested solutions:
1. Inadequate Listings
Problem: The biggest challenge is to collect and maintain adequate all-inclusive property data. To operate globally, you must acquire plenty of listings data from various data sources/aggregators. Collecting data from small and large multiple data listing sites and third-party data aggregators is time- and resource-consuming.
Solution: While collecting data from various resources, use an automated data collection strategy that involves:
- Using Custom APIs: They retrieve data from the websites’ back-end for analysis and listing. You can use them to extract data from various platforms, like social media pages/profiles, real estate listing websites, and survey websites. To further save time and resources, they categorize the extracted data.
- Using Custom Bots and Crawlers: You can save time on the market and competitor research using crawlers and custom bots. They fetch real-time details on the property’s value, competition, images, agent information, etc. They also solve the problem of converting unstructured data into a structured format so you can easily analyze the required information.
- Using Automated Workflows: They save time and resources by automating data entry, scheduling property visits, updating property details automatically on multiple platforms, getting notifications from agents for new listings and much more. Automated workflows also make campaign creation quick and easy for you to save time and resources.
2. Poor Listing data – Incorrect/Missing Information
Problem: Poor-quality data (having incorrect, missing or irrelevant details) is a major concern when collecting real-estate data from various sources/aggregators. Listing such data without improving its quality can cost you reputation and prospects online.
Some common examples of bad data include duplicate listings, missing or misleading information, etc. Such listings perform terribly online and thus must be optimized timely.
Solution: To improve data quality, you need to adopt a systematic data-cleansing strategy that involves:
- Regular updates: Update your listings so they contain only the latest & valid information about the property. It includes updating the price, status, and any changes to the property’s features and amenities.
- Validate Information: Ensure that the information about the property is accurate, like its location, size, and features. If the data comes from third-party sources, agents must verify it before listing it on the website. When working on large datasets, use rules or if-then statements to validate and categorize the information in various categories like property age, condition, market value. etc.
- Consistent formatting: Keep a consistent format for all your property listings. This improves the readability of the listing and makes it easier for potential buyers to compare properties.
- Data analysis: Use data analysis tools to analyze the performance of your listings. This helps identify areas where you need to change your data hygiene strategy.
By keeping the information accurate, up-to-date, and consistent, agents can improve the chances of selling the property quickly and at the best possible price.
3. Outdated Listing
Problem: As your property data grows, identifying and eliminating dead/outdated listings becomes crucial & difficult. You cannot remove outdated lists by simply relying on the time factor, as not all listings expire in a fixed duration. Thus you need to keep your data authentic and updated regularly to avoid outdated details.
Solution: Verifying outdated data in large property listings can be a challenging task. However, by following these steps, you can ensure that the information is accurate and up-to-date:
- Use multiple sources: Don’t rely on a single source for property information. Use various sources, like property websites, real estate agents, and local property records, to validate the data and confirm its accuracy.
- Check the listing date: Look for the date the property was listed for sale or rent. If the listing is several months or years old, the information may be inaccurate, or the listing is dead now. In such cases, you may need to contact the seller or the agent to confirm the property’s current status.
- Contact the seller or agent: If you have any doubts about the accuracy of the information, contact the seller or the agent to confirm the details. They can provide you with updated information or clarify any discrepancies.
4. Poorly Written Description
Problem: No matter how good a property listing is, if you haven’t explained it accurately with a well-written description, it won’t get as many clicks as possible. Many real estate agents fail to provide a detailed and compelling property description, which can turn off potential buyers.
Solution: A listing should not contain too much or too less content. A good property description must have:
- Features explained in clear and concise language
- Important details about unique features, property prices, and amenities must be highlighted.
- Correct location and area details (by using Google Maps)
- Right usage of keywords where required
- Contact information of seller/reseller
Avoid overly complicated words or industry jargon that might confuse potential buyers. Keep it simple, to-the-point, and informative.
5. Misleading/Incorrect Price Details
Problem: What should be the ideal price of your property listing?
The real estate market is volatile, with prices fluctuating rapidly. A listing with an over or misleading price can cause you a lot of trouble. If the listing price is too high, you will get fewer clicks, and if it is too low, you will end up losing sales opportunities (as very low prices can lead to a consumer doubting the quality or status of the property).
Solution: Keep an eye on the market trends and compare the prices and features of similar properties in the area to ensure that the listing has accurate pricing. Do not agree to a price that will never sell.
Analyze your competitors’ listings, property conditions, and locations to determine your price structure. If a listing is quite old and still not generating enough clicks, there are chances that the listing price is incorrect. Aim for a competitive price within the local market that allows a reasonable profit margin.
Property may need to be priced differently based on market fluctuations or buyer interest. Remain flexible and be prepared to adjust the price if necessary.
6. Bad Visual Experience of Property – Lacking High-Quality Photos
Problem: Another common challenge with Property listings is a lack of high-quality photos. Many listings only have a few low-quality images, making it difficult for potential buyers to get a good sense of the property.
Solution: In this digital era, buyers usually prefer a virtual tour of the property to understand their features, architectural technicalities, and other aspects. To improve the visual experience of a property, you must consider the following suggestions:
- Always use high-quality photos and videos to showcase the property’s features, rooms, amenities, location, view, etc. Hire a professional photographer and video editor to optimize the visual experience of all your listings by working on bad light, depth details, etc.
- Use the appealing 3D model of the property showing a 360-degree view to provide a realistic experience to potential buyers.
- Focus more on architectural details by giving a bird-eye view of a location through 3D image rendering. Instead of just telling them, show them directly what the place offers to increase the chances of sales.
7. Poor Marketing and Platform Maintenance
Problem: Even if your listings have high-quality images, well-written descriptions, and current pricing, they can underperform if your marketing efforts are weak. Promoting and optimizing a large number of real estate listings manually can be a daunting task, requiring lots of time and resources.
Solution: Automate marketing efforts and workflow to work more efficiently by following these steps:
- Make an actionable marketing strategy and work on it to improve your sales results.
- Share your listings on social media profiles, blogs, and in relevant groups.
- Go for paid promotion to boost their visibility.
- Use marketing automation tools to save time and resources when working on large datasets. For example, for bulk post scheduling on multiple social media profiles simultaneously, you can use tools like Hootsuite, Later, etc. They analyze your audience engagement and behavior to suggest a suitable time for promoting listings to get more queries.
8. Not Responding to Queries On-Time
Problem: By not responding to queries on time, you can lose potential buyers for your listings. But, while working with large data, managing constant communication and follow-ups can be challenging as it requires lots of time and resources.
Solution: By automating communication and follow-up processes, you can effectively respond to all queries on time when working on large datasets to close more deals.
Here are some great tools and techniques you can use to automate the communication process:
- Customer Relationship Management (CRM) software: It helps manage and organize your property listing data in one place and automates communication and follow-ups with potential buyers or tenants. Some popular CRM tools for real estate include Salesforce, Zoho CRM, and HubSpot.
- Email marketing automation: You can use tools like Mailchimp, ActiveCampaign, or ConvertKit to design personalized email campaigns for potential buyers or tenants based on their preferences and behavior. For example, you could set up a drip campaign that sends a series of targeted emails to someone who has shown interest in a particular property.
- Chatbots: By using chatbots on your website or social media pages, you can provide instant customer support and answers to common queries about your properties. They can also be used for scheduling appointments or follow-ups with potential buyers or tenants.
- Text messaging: You can use tools like Twilio, Zapier or Agent Legend to automate text messaging to follow up with potential buyers or tenants who have recently shown interest in your properties.
- Automated scheduling: You can use a scheduling tool like Calendly or Acuity Scheduling to automate the scheduling of property viewings or follow-up meetings with potential buyers or tenants. They allow you to set up a scheduling link that people can use to choose a time that works for them, eliminating the need for follow-up emails or phone calls.
A good property listing enhances the chances of selling a property quickly by attracting more potential buyers. Additionally, an effective communication and marketing strategy helps you nurture those leads. You can maximize conversions by automating your workflows, marketing campaigns, appointments, and follow-up process.
Avoid common mistakes in property listings by hiring the best real estate listing management company. A well-trained team of experts can enhance the quality of your property listings by optimizing them well to boost visibility for better ROI.