First Ever Proptech Real Estate Agency in Hong Kong
Proptech is a buzzword that has been mentioned numerous times in the real estate and technological industries of Hong Kong. Proptech, also known as property technology is the application of information technology and real estate economics and market trend platforms in order to make real estate transactions more efficient, more secure, quicker, and reduce paperwork. Although this is a term and new idea in both the real estate and technology fields that is observed and talked about around the world across all 7 continents, in Hong Kong, proptech companies are becoming more popular amongst consumers and professionals alike.
Proptech companies in Hong Kong are becoming the mainstream of talking point amongst both real estate and technology professionals alike, like fintech, proptech companies in Hong Kong provides a massive opportunity for it’s adopters and investors by combining the ever growing demand of technology and technological innovations with the largest most sustainable and most popular market in the world, the real estate industry. So you can now see why the prospect of new proptech companies and companies adopting proptech in their business models are so attractive to consumers and business professionals in Hong Kong, one of the most technologically advanced and financially sound regions in the world.
Now there are many proptech companies in Hong Kong in 2021 and many popular companies that have already adopted proptech in their businesses, but in this article, we are going to focus on the real estate brokerage industry specifically and talk more about the new proptech real estate brokerage companies coming to Hong Kong in 2021 and how they have adopted property technology and what makes a proptech based real estate agency unique.
In 2020, Hong Kong was once again ranked to be the highest-priced real estate market in the entire world, outranking the likes of popular and expensive markets around the world like Manhattan, Tokyo, London and even LA. So it is easy to see why real estate agents in Hong Kong are excited about the prospect of new proptech and tech based real estate agencies that are emerging in their market. With statistically the best opportunity in the world real estate agents in Hong Kong are looking at the potential to reach new heights in there businesses and take advantage of the hottest real estate market in the world.
Real estate agencies in Hong Kong and other listing service platforms are already adopting proptech in their models such as IDX technology. But today, we are going to be talking about one specific proptech real estate agency in Hong Kong and why this agency is regarded as a true proptech company rather just another real estate agency that happens to have adopted proptech.
The company that we are going to be discussing today in this article is eXp Realty. A company that recently entered the market of Hong Kong in the first quarter of 2021, eXp Realty is a truly innovative real estate brokerage as well as a unique proptech company. With some of the most cutting edge technology and platforms that are available for real estate agents and consumers in all of Hong Kong, eXp Hong Kong is a proptech estate agency model that allows real estate agents to work better and more efficiently, as well as serve clients in a new and innovative way.
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The First Proptech Real Estate Agency in Hong Kong – eXp Realty
eXp Realty, the first ever proptech real estate agency in Hong Kong, is a cloud based independent real estate agency originating from the United States that was founded by former Keller Williams Regional owner Glenn Sanford in 2009. In the near decade long history of eXp Realty, the company has experienced tremendous growth both domestically in the US and also worldwide in other markets, setting the record for the fastest growing real estate brokerage in the history of North America by agent count. In July of 2021, the total agent count of eXp Realty around the world is just shy of 60,000 agents.
So why has this company that is seemingly so new, so popular amongst the real estate agents in the world. What is it about eXp that makes it so attractive for agents everywhere?
The reason why eXp has been so popular amongst real estate agents and agency owners in every market and region in the world is the cloud-based technology that eXp has, not just for the convenience of the consumers, but also for the real estate agents so that agents at eXp can work faster, more efficiently, and be more productive. With the best technological tools that has ever been seen not only by real estate agents, but any workplace employee or employer, eXp Realty provides agents with the technological tools needed to run their businesses completely remotely without ever needing an office.
For real estate agents and even agency owners, the opportunities that the first ever proptech real estate agency in Hong Kong offers is tremendous, especially because they are located in the region regarded widely as the most prestigious real estate market in the world. For one, because the market is sp high priced, real estate agents in Hong Kong are constantly competing heavily for clients to represent so that they can elicit more business. Because the potential of income is so high, competition is also fierce. eXp Hong Kong gives their agents the competitive edge they need to serve their clients and complete real estate transactions more efficiently so that they can close more deals and earn more money.
Secondly, because real estate agents and agency owners in Hong Kong would traditionally have to work in person, this means that they would have to rent a piece of office space from a commercial building or plaza in the highest-priced real estate market in the world. This means that brick and mortar expense every month is very high for real estate agency owners in Hong Kong, and can cut into their monthly earnings and profit margins. At eXp Hong Kong, real estate agents and estate agency owners do not have to have any brick and mortar office or expenses that come with them because they can operate their businesses completely online.
eXp World – The Virtual Workplace of Real Estate Agencies
You are now probably wondering how exactly can real estate agents work completely remotely now that you have read about the biggest perks of the new proptech real estate agency in Hong Kong. In the next section of this article, we are going to touch on the tool that allows agents to work remotely and why it is not just a tremendous advancement in proptech, but a serious innovation in all virtual workspace tech as well.
eXp World is a platform created from the company Virbela, which is a sister company of eXp Realty held under EXP World Holdings LLC. In this platform, real estate agents can walk around a cloud based office campus using an avatar version of themselves on their computers and interact with other members of the company in live time such as staff members, corporate employees, managing brokers, or agent colleagues.
Inside eXp World there are over 600 paid employees working on duty to help agents resolve any issues that may arise in their businesses such as tech support, accounting, onboarding, transaction processing, property searches, currency exchange and payment processing. It is essentially a virtual office building of 600 employees composing over 12 departments. For agents, eXp World allows them to save time and outsource many of their daily tasks in business so that they have more time to prospect new clients, show properties, and close transactions.
Now, real estate agents in Hong Kong no longer have to commute back and forth from their office to showings or coffee shops to meet clients, wasting countless hours of transportation time in the process throughout their day. With eXp World, Hong Kong real estate agents can now take care of all of their office tasks and maintenance activities of their business from anywhere they choose instead of having to travel to their brick and mortar physical office.
Lead Generation, Follow Up CRM, and Machine Learning IDX
The second reason why eXp Realty is a proptech real estate brokerage is that it uses some of the most innovative and cutting edge lead generation and client retention and relationship management technology in the entire industry, implementing machine learning and property matching technology with each agent’s personal website.
For real estate agents in Hong Kong, an important aspect of their business and benchmark for their success is their ability to generate new client leads as well as retain those leads as one time or repeat customers, and also keep in contact with them for the long term in order to generate referrals from their past clients or other business. In 2021, agents in Hong Kong have the ability to generate new client leads from multiple digital sources on top of the traditional face-to-face, print advertising, or even cold calling methods. Although the traditional marketing method has stood the test of time and is being used by agents still to this day, it simply isn’t as efficient as digital marketing.
In 2021, over 85% of the entire population in Hong Kong uses social media as a part of their daily lives and routines, this means that over 85% of the population of your current market for potential clients are all using a medium of communication where you can advertise your services for the lowest cost of ads. In any type of marketing or advertising in any industry, the amount of exposure of your brand or marketing piece is the single most important aspect to the success of your campaigns. On social media, you are able to reach the largest amount of market share and gain the most exposure for you and your services in the fastest and most cost-efficient way.
That is why digital marketing is so important, especially for real estate agents who need to be exposed to as many potential clients as possible.
At eXp Hong Kong, real estate agents are equipped with a suite of digital marketing and social media tools including templates, training, personal websites, and email follow-up campaigns. On your company-given personal real estate agent website, agents at eXp Hong Kong are able to show off their current listings for sales and rentals for their buyer and renter clients as well as all company listings in order to prospect for more potential buyers, investors, or renting clients.
When a potential client enters your web page, they must enter their email address and contact information on a digital form in order to view all of the properties featured on your page, this way you can immediately contact your potential client in a nonintrusive way and be able to enter their information in your database and follow up with them continuously until they are ready to purchase or rent a property.
And once you have inserted your client database and potential client database that you have gathered from your personal prospecting and online prospecting, you are able to use the CRM, client relationship management tool, that eXp gives you to create follow up email marketing campaigns using company generated templates or the completely customizable marketing center where you can create your own unique marketing pieces. The best part about this CRM tool is that you as the agent are not having to constantly follow up with your database manually unless you choose to.
Once you have uploaded your client database and created and launched your marketing campaigns at eXp Realty Hong Kong, the CRM system automatically sends out your marketing emails according to the dates that you specified for each email that you want to send out. This way, you are able to create and keep more meaningful, client/agent relationships without having to manually follow up with your leads unless you want to.
On top of the automation that eXp Realty Hong Kong provides for it’s agents, they are also equipping agents with a brand new proptech tool that utilizes machine learning techniques to better serve their clients by automatically matching a buyer or renter’s criteria with all available listings in the company’s database. This means that instead of having to go out and manually look for properties that match your buyer’s criteria you are able to simply plug their needs into your CRM system and properties that match their requirements will automatically be sent to their inbox for them to view with a full brochure so that you are providing a more efficient property search service for your buyers and renters.
This technology can also serve the listing agents who work with sellers and landlords by giving their properties more exposure by matching them with buyers and renters that are looking for a property exactly like theirs immediately so that homeowners and landlords are assured that their properties are being marketed in a way that helps them get full maximum exposure to potential buyers and renters.
And last but not least, at eXp Realty Hong Kong, listing-focused agents get access to the latest listing management eXp Realty technology. Real estate agents in Hong Kong can now see how well their listing perform based on machine learning and algorithms that track and analyze all listings on the internet in your area and use their historical data to provide you the agent with a full report and score on how well they predict your listing will do. This allows eXp Realty Hong Kong agents to adjust their strategies and listing information to make sure that their listings are the most efficient according to historical data so that they can sell or rent their landlord client’s property faster.
eXp Realty Hong Kong – Take Advantage of a Life Changing Opportuntiy
Proptech in Hong Kong is a big topic of conversation and industry innovation in 2021 amongst all real estate companies from developers to listing distribution websites and now real estate agencies. Of all the real estate services provided in Hong Kong, real estate agents are looking at the single biggest profiting opportunity. With the highest, most expensive priced market in the entire world, real estate agents can take advantage of their market by providing better and more efficient services to gain more business.
At eXp Realty Hong Kong, the technology provided enables agents to reduce paperwork and physical interactions, generate new client leads online, manage client relations automatically, and amplify listing efficiency so that real estate agents in Hong Kong can sell more homes, earn more income, reduce stress and save time. With the plethora of technology innovations offered at eXp Realty Hong Kong, it is truly the first-ever proptech real estate agency in Hong Kong.
To learn more about how you can become a better real estate agent in Hong Kong today while also reducing your daily stress levels and increasing productivity in relation to time efficiency, reach out to us today for a free consultation call with the most social media and technology-driven team at eXp Realty and let us show you how you can take advantage of a life-changing opportunity today!