What does your real estate lifecycle look like?
Different excel sheets owned by different persons on the number of units sold? Online inventory, are they live? Access to information through different stakeholders? Double booking of units?
From a compliance point of view, how visible are the conversations, and can the sales manager step in to help follow up for an ill colleague?
The dreaded manual entries that never end
It is a nightmare scenario for everyone: information is spread across various platforms that manage only one type of data, you have to check many sources and applications to find everything you need. If you don’t have access to some of these platforms, you’d need to wait for someone else to gather information for you.
From there, you have to manually combine and analyse the data you find to see what kind of story it reveals. Before you present the information, you also need to validate the information. It takes a lot of manual work and so much time to answer a question when your data is siloed. If you’re not using any technology to help, it’s also inefficient and we all know that inefficiencies lead to lost opportunities. This cycle never ends.
It’s therefore important to find systems that communicate and integrate with one another because you want to get down to a single source of verified truth for any single piece of information.
What is SSOT and what does it do?
Property data, customer data, sales, and marketing conversion rates, and so much more can all be used to inform strategic choices. In today’s data-driven real estate industry, businesses need complete insights to be competitive. However, when these information are kept separate, you will not be able to fully cross-reference them to build complete sales insights to make effective decisions.
But there’s a way around: building a single source of truth (SSOT). SSOT refers to the practice of bringing all business data together in a centralised, single location. When data in these separate systems come together, it becomes much easier for everyone in the organisations to make data-driven decisions based on mutually accessible data.
SSOT is more than just a tool, it is a state of being for a company. Imagine if your organisation works with a single version of the truth: customers will only need to enter their details once and this is shared consistently throughout the entire sales journey reducing manual data entry errors; sales staff would also be able to offer an integrated customer experience through real time inventory information that prevents double booking.
SSOT also helps to maintain consistency in customer communications, resulting in stronger relationships. When teams across marketing, sales and customer support have access to all the information regarding a prospect, it is possible to pool data from all teams into one tool, streamlining and strengthening the conversation, which personalises interaction with prospects, making the customer experience even smoother at any given point of the consumer journey.
The benefits of what SSOT can bring to you are endless and as you can imagine, having the right tool can make it easier for all stakeholders.
How does an organisation achieve SSOT?
There is more than one way to achieve SSOT in your business or organisation. Opting for a platform that can host and aggregate all the data acquired by departments across the organisation, is one way to go. This way everyone in the organisation, irrespective of their roles and departments can upload and access information through this platform, which will strengthen the value of data of each department for their individual goals as well as the companies’ common goals.
Another way to go is to opt for a solution that can connect different data sources of your organisation so that everyone can access that data through this platform. If you have existing platforms with different data you do not have to reupload everything to a different platform, instead you can opt for this kind of solution that will do the aggregating of data for you. Data which can be leveraged to propel the different company strategies.
PropertyGuru FastKey can adapt either of the SSOT approaches discussed above. FastKey is a robust proptech solution that houses a multitude of solutions to empower and equip property developers to close sales with their buyers easily. This platform is built with all aspects of a property buyers’ journey in mind, thus making it a source with a wealth of information including but not limited to booking details, customer interactions, legal documents, and property details.
FastKey can therefore be used as the platform that acquires and holds all your data or be used as a solution that integrates multiple sources into a uniform location.
One of the key features of FastKey is the ability to ingest sales leads from all platforms and dynamically route the leads to the next available salesperson, integrate with other key CRM platforms for cross-sharing of these information such as customer details and contact points with other compatible platforms using Application Programming Interface (API). This allows for the creation of a powerful single source of truth about the prospective customer that property developers can leverage to gain better insights, ultimately leading to better leads and more sales. Imagine a shared folder that multiple systems can access and deposit materials in, that can be accessed by multiple users across teams.
With a SSOT built on FastKey, there is no going back
For any business that runs on a multitude of data points collected from multiple teams, SSOT is the best possible solution of aggregating all this data into one useful master data set.
FastKey offers a solution that is robust in every way, having thought of addressing all of developers’ challenges, and is built to better equip and empower any property developer.
Combine your expertise, industry experience and most importantly your data with our solution to make more sales faster and easier!
Get in touch with us today to find out more about FastKey.