In the wake of COVID-19, all major companies need to have a digital footprint regardless of the industry they are working in. And in the real estate industry, companies today are trying to build a digital presence for themselves using a variety of cutting-edge tools and resources. This digitalisation of different kinds of processes in real estate is helping businesses to make the best of the time they have at their hands with unmatched productivity and efficiency.
Among them, one process that is vital to enable the smooth functioning of Real Estate businesses today is Real Estate inventory management. However, managing one’s inventory, especially in a digitized environment, is a significant problem with its fair share of roadblocks. Keeping a steady check on real estate inventory today is a tricky business.
Thus, it would be best if you had an organized inventory management model, alongside a robust Real Estate CRM tool, to ensure the most efficient and streamlined inventory management. If you invest your time and money into mastering inventory management for real estate, you will come through as an organized company that can be relied on for large-scale projects. This will tend to increase the lifetime value of your customers and ultimately help you grow your presence in the market, both physically and digitally.
On that note, here are the top 4 inventory management techniques your real estate business can implement to get started on the road towards complete inventory control.
Techniques to Manage Inventory
You can consider several options for successful inventory management in real estate. Some techniques to manage real estate inventory are:
1. Holding your Inventory
Holding your inventory is one of the most straightforward ways to manage inventory in Real Estate. Here, you do not procure all the properties at once, since it isn’t easy to sell them at once. You only have a particular number of houses or property with you at a specific time so that your inventory does not pile up and get out of hand.
You can start implementing this technique immediately by making a few houses available at a deliberately chosen period of time. This will not just reduce your burden of clearing your inventory, but you will also be able to close your deals with a clear mind and less pressure. Holding inventory will also reduce unnecessary maintenance costs and increase the efficiency of your Real Estate company.
2. ABC Analysis
The ABC analysis is a very effective way to manage Real Estate inventory. In this inventory management method, your inventory is divided into three proper categories: Expensive Inventory, Moderate Value Inventory, and the Low-Cost Inventory. Once you segregate the properties based on their cost, you can define a target market for all these properties categories respectively.
This way, you don’t waste efforts pushing all of your inventory to all the buyers out there, and your targeting becomes much more synchronized and filtered. You only focus on the number of houses in each category and their availability for the buyers, reducing the pressure on your head and enabling you to work faster and more efficiently. The ABC analysis is a great way to boost your productivity and bring a little order into your inventory management.
3. Demand Forecasting
The relationship between demand and supply is crucial to any industry, including Real Estate. What immediately brings your inventory under control is forecasting the properties your buyers will demand the most, and prioritizing those properties over others. This is essentially what demand forecasting does.
In demand forecasting, you use historical data to predict the demand for properties in the Real Estate industry. You usually forecast the demand for the houses based on the number of queries you are receiving. You also calculate property requirements based on buying season, festive seasons, property rates, etc. You then come up with a reliable plan to capture the market share by fulfilling the predicted demand.
A Real Estate CRM software often proves invaluable in making educated predictions on the market demand for particular properties. The ideal CRM, in this case, would be tailor-made for the Real Estate industry so that it can make the most accurate forecasts possible.
4. Managing Bookings Using a CRM Solution
An end-to-end Real Estate CRM software can automate the entire process of receiving and addressing queries from your buyers. You can use such a CRM to receive and classify property bookings, and process all of them in a single place. Having all bookings neatly classified and visible to your team on a centralized platform will enable your company to channel its resources in the right direction. When all of your transactions go through a CRM tool instead of an entire team, you will be able to synchronize them with ease and manage your inventory well.
Inventory management is a crucial part of the Real Estate industry, and it needs a singular, end-to-end resource to effectively manage it. Sell.Do is among the most effective CRM tools in India built especially for the Real Estate industry. Sell.Do offers powerful automation solutions, management techniques, and communication channels that not only ensure a fantastic inventory management system but also give you an end-to-end solution like no other. Get Sell.Do for your company and instantly take your inventory management to a new level.