The Technology You Need to Pivot to Digital, Now and Post-Pandemic

The Technology You Need to Pivot to Digital, Now and Post-Pandemic

 

COVID-19 is fundamentally changing business, and real estate and financing are no exception. As with every industry, builders and real estate developers are being asked to streamline, be more efficient, and do more with less.

Interestingly, however, a digital transformation had already started in the real estate industry even before the pandemic, as forward-thinkers started to realize the benefits of automation— a transformation known as Proptech.

Deloitte’s Real Estate Predictions(2020) describes Proptech as “part of the wider digital transformation of the property industry. It describes a movement driving a mentality change within the real estate industry and its consumers regarding technology-driven innovation in data assembly (and) transactions…”

Forbes describes it as “businesses using technology to disrupt, and improve the way we buy, rent, sell…residential and commercial property.”

What’s driving the Proptech Revolution? Data, Analytics, Service

Greater customer expectations for more real-time and high-quality services are a major challenge for many real estate and financing businesses. Another driver is the growing importance of data and analytics. Automation presents solutions to these challenges across industries, not only during COVID but also in general.

Lower Costs, Higher Resilience

According to a Bain & Company survey, companies that invested more in automation before the pandemic have reported higher revenues than others, with fewer disruptions to productivity or the supply chain. Interestingly, automation is no longer just about lower costs; it’s about resilience. Companies are increasingly deploying automation to strengthen business resilience, reduce risk and generate useful business insights more easily. They’ve generated higher revenues and experienced fewer disruptions to workforce productivity and demand. Enter the Ownest solution.

Transition Your Teams to Working Remotely

Ownest’s proprietary technology is a perfect example of Proptech and Fintech. The Ownest platform allows builders and sales associates to pivot to remote office work during the pandemic. The entire team–from management to marketing and sales can access Ownest’s secure cloud-based solution from anywhere and on any device, 24/7. You’ll never fall behind because the system updates in real-time, so you’ll always know what is happening on any sale, from anywhere. That’s resilience!

The Ownest Solution–Efficient, Automated, Flexible

The solution saves time and resources by automating time-consuming tasks like document gathering and customer communication (executing tasks in70% less time and67% less documentation.) The convenient and user-friendly app guides the customer through the self-managed online loan application. It automatically sends timely reminders on your behalf–increasing the application completion rate and leading to faster closing times. The platform instantly qualifies and ranks applicants and verifies in come using AI. It gathers customer insights to leverage upselling and cross-selling and builds customer loyalty through automated engagement. Data, analytics, service–and all the benefits of this unique Proptech application are accessible remotely.

Bottom Line–AutomationBoosts Sales

Automation has been proven to make a difference by increasing selling time for sales people and channel partners. It does this by streamlining and automating back-office sales support tasks, giving sales people more time to focus on high-value, sales-oriented activities. Moving to automation has benefits beyond saving money and increasing revenue; it can boost overall worker productivity and customer loyalty. It can also build resiliency in a time like COVID.

Whether you are a builder or developer, Ownest’s cutting-edge platform will allow you to automate the most time-consuming manual tasks performed by your sales teams. By joining the digital transformation now, you’ll strengthen your business’ resilience for the future.

 

Customer and Business Insights

Know Your Customer. Optimize Your Operations.

Pront-O by Ownest lets you know your customer up front

To make effective business decisions, it’s important to have the right customer and business insights. By analyzing the insights that our platform provides, you’ll make better decisions about what, when and how to sell to customers. Managers will also be able to monitor the productivity of strategies and staff. The results? Increased efficiency and profitability.

Now You Can Lead the Sales Conversation

Knowing your customer’s creditworthiness at a glance is a major sales advantage. But the Ownest system provides other valuable insights. Lead the sales conversation intelligently, identify the most appropriate product, and introduce up-selling or cross-selling opportunities. Pront-O gives the borrower choice, convenience and control – you have an instant, detailed and accurate snapshot of their creditworthiness.

Ownest's Pront-O app Instantly Pre-Qualify Borrowers with the 5Cs of Credit

The Five Cs of Credit

Lenders use these criteria to gauge the creditworthiness of potential borrowers. The Five Cs are used as part of the due diligence process to predict the chance of default and overall risk for the lender. Using the Five Cs gives a better overall picture of the borrower, by including the more ‘personal’ side of financing, like their character, as opposed to just past history and collateral.

 

Ownest's software verifies credit using the Five Cs of credit


Unmatched, Actionable Customer Insights

In addition to instantly validating their actual verified income via CRA and determining a customer’s creditworthiness, once the applicant is a customer, the autonomous mortgage application delivers even more in-depth insights about them.

  • Demographics – age, income, gender and education are useful real estate demographics – for an individual sale and for future planning. In addition to giving you the information you can use to identify up-selling or cross-selling opportunities, they give you useful data for identifying micro-markets or peer groups that share certain characteristics. Demographics give you actionable information to develop marketing strategies so you can sell into large and niche markets.
  • Geographic/Spatial – if the customer is applying from work, it may inform their choice of home location, so it’s valuable information to have in personalizing their potential real estate choices, for example.
  • Lifecycle – knowing where the customer is in the real estate lifecycle helps you position your product for whatever stage they’re in. For example, millennials starting families have different priorities than boomers looking to downsize. The customer lifecycle applies to other industries, such as insurance, auto sales and even home renovations – just to name a few.

 

Build Loyalty

Optimize your customer lifecycle from initial engagement to retention and loyalty. Our easy, automated outreach (via the widget) helps maintain the connection and develop customer trust with engaging touchpoints along the way. You’re giving them a reason to do repeat business with you and to refer family and friends.

 

With Ownest, you can engage in their journey, not just their transaction.

 

Business Insights: The Dashboard

Your cloud-based dashboard allows you to stay on top of leads, conversions, reports and notifications, all in real-time. It’s a user-friendly visual snapshot that’s accessible from any device – desktop to mobile.

For Sales Staff

After the system intelligently screens and ranks leads using the Five Cs of credit, they are visually depicted in the dashboard using the stoplight colour system, so you’ll know your customer’s credit status at a glance. You’ll also have all the functionality of a CRM, including:

  • Application status – giving you visibility into the mortgage process

  • Document uploads – the system organizes it once the client does their part

  • Email tracking and open rates

  • Calls/appointments and engagement on the account

  • Shareable newsfeed, so you can engage your customers with useful industry info

  • Marketing ROI, such as lead sources and conversion rates

The dashboard is your automated super-assistant, monitoring every phase of every transaction, so you’ll know exactly where each deal is at and what needs to be done next.

For Managers

The platform also provides a customizable overview of employee and team performance data, whether sales or marketing, allowing you to identify and manage important KPIs for employee productivity and other ROI optimizing analytics across the organization.

With Ownest, you really can Know Your Customer (and your operations) like never before.

 

Click to learn how Pront-O provides key customer and business insights to help you lead the sales conversation.

 

 

A Tale of Two Salespeople

A Tale of Two Salespeople

 

To illustrate how Pront-O supercharges the sales process, let’s look at the work journeys of two different salespeople – Jen and Mike. Jen and Mike are both excellent sales associates, working for different home builders. Their employers have a broad inventory of multi and single-family residential homes. Both have similar jobs but only one of them has the benefit of Pront-O, the Ultimate Lead Qualifier.

Mike – Sells the Traditional Way

It’s a busy weekend and Mike is hard at work in the show suite. There are numerous potential customers in the show home, but Mike can’t know for sure who is serious and more importantly, who can afford what product. Mike looks around the busy showroom and wishes there were a way he could know upfront who are the most interested and eligible prospects, so he could zero in on the top ones. Is it the older couple looking at condos? The family with four kids?

Ron and Sharon are young, first time home buyers. They like the high-end finishes on a mid-priced home. Mike recommends they get pre-approved for a mortgage.

“How do we know who has the best rates?” asks Ron.
“I can recommend a couple of options, or you can do your own research,” says Mike.
“How long does it usually take to get pre-qualified?” asks Sharon.
“It usually takes a week or two, between doing the paperwork and getting the lender approval.” says Mike.

The young couple leaves and Mike is no further ahead in knowing if they are a potential sale or not. He makes a note in his own system to follow up with them later.

Jen – Uses Pront-O to Qualify Her Leads

Jen accesses her Ownest dashboard from any device, where she instantly sees the system has intelligently screened all potential buyers in her funnel, ranking them for her using the easy-to-read green/yellow/red ranking system based on the Five Cs of Credit. Today she is in the show suite when an older couple comes in.

They are intrigued by the fact they can pre-qualify right on the show suite Ipad (which has been sterilized by Jen) and get right to answering the 8 simple pre-qualification questions. Jen has barely returned to her desk computer when their pre-qualification comes up on her dashboard – green! Jen knows that the couple have looked at a mid-priced condo across the city.

 

 

Based on their verified income and green ranking, they can certainly afford a more luxurious place. Jen offers to show them options closer to where they live now. The couple are thrilled at the higher-end finishes and the location. They’re grateful to Jen because they didn’t even know the development existed.

By noon, Jen has closed the deal –  leaving it to Maestr-O to guide the couple through the online mortgage application.

Now she can turn her attention to the “yellow lead” clients, whom she has never met. They are Nick and Karen, first time homebuyers who have pre-qualified on the builder’s website from home (due to COVID concerns), eight simple questions and a soft credit check. Thanks to the Ownest widget, the link is seamlessly integrated into the builder’s website.  

Jen contacts Nick and Karen and they are impressed at her quick follow-up and the builder’s fast “one stop shop” kind of service, searching thousands of mortgages to match them with the most suitable lender.

Jen knows that Ownest will work with these clients to identify solutions to their complex credit situation. She also knows that she may be in a position to help them find the home that is a better fit for them. Although the young couple loves the layout and finishes of a higher end home, Jen is able to identify a different model with a similar layout in a less expensive community, one more appropriate for their financial situation.

The couple are grateful. She now has their loyalty because they feel like “Jen is looking out for us.” Jen lands the sale because Pront-O gave her insight into their creditworthiness, allowing her to sell them on a property that fit their situation.Two weeks later, Mike follows up with Ron and Sharon. Unfortunately for him, in the interim they have identified a similar home through a realtor friend who has a mortgage broker connection. Mike lost that sale and the potential for several others, because he doesn’t have the credit information required to focus on the strongest leads, or the ability to respond in real time with appropriate options.

With Pront-O intelligently screening your potential customers’ credit, you’ll have all the information you need to manage leads, customer and the sales process – including valuable insights for up-selling and cross-selling.  Isn’t it time Pront-O joined your sales team?

 

Meet the Team – Ray Yip, CTO

Meet the Team

 

We’d like to introduce you to some of the great people who work behind the scenes at Ownest.
We recently spoke to Ray Yip, Chief Technology Officer.

 

Ray Yip, Chief Technology Officer at Ownest
Ray Yip, CTO ziplining at Whitefish Resort

Tell us about your role at Ownest.

I joined Ownest in May 2019. I call myself a technologist. My job is to understand the vision of the company and figure out the technology strategy to turn the vision into reality.

What did you do before you joined Ownest? What interested you in Ownest?

I had created many software, web and mobile applications across multiple domains and industries, in past 20+ years. Ownest gives me yet another opportunity to create a disruptive technology. How can I resist that?

What do you like most about working here?

The people, the fun, the trust, and the respect among the team.

What excites you most about the future of Ownest?

We are disrupting the financial industry through technological advancement and artificial intelligence. We are changing the way how people borrow and lend money.

Tell us about your life outside of Ownest.

I’ve been married for 21 years and I have a 20 year-old son and 17 year-old daughter with my beautiful wife. I still have to explain to people that I wasn’t 10 years old when my son was born but I’m glad that I’m not getting ID’ed at a bar anymore ?

As for hobbies, I like playing badminton and enjoy spending time gardening with my wife.

Any hidden talents?

I often do things in random order and still manage to get a few things done. If you are going through a list with me, you will find me start at the second or third item and then go up from the bottom of list. I hope that you know which item I’m talking about at the moment.

Who inspires you or which company do you admire (and why)?

The person inspired me the most is Zig Ziglar. I listened to his audio series every day when I went through tough times in my life. His life story, his value and every lesson in his speeches have motivated me and affects how I do things every day.

What piece of technology can you NOT live without?

It would have to be the high-speed Internet. Must be high-speed, not dial-up.

If you had a superpower, what would it be?

I want to have power to travel back in time. I don’t want to travel to the future because it would ruin my excitement about the future, but I want to travel back in time to correct my mistake and change the choices I made.

Anything else you’d like to share?

I’m still waiting for new technologies to upgrade my body after I torn all my knee ligaments and went through four eye surgeries just because I played too much badminton.