These tech mistakes are devastating businesses, and are setting many real estate companies and investors up for bankruptcy.
Be sure you aren’t copying these blunders that can cannibalize your venture.
Artificial Intelligence
Just as spell check and autocorrect tools still haven’t been perfected and create a lot of frustration some 20 years later, there is still a lot of intelligence lacking in AI tools.
It may be trendy, and we all have to adapt to the times, yet, poorly implemented this is destroying even large multi billion dollar companies rapidly.
The biggest and most devastating issue here is installing AI chatbots and doing away with human customer service. It is just alienating the best leads and long term customers and revenue sources.
Then there is ChatGPT, spinning out cheap low grade content which is no doubt burning years of work and investment in SEO rankings. It may be used for expanding your non SEO content, such as emails, as long as you manually review them word by word. Though overall, it is likely doing more harm than good to most real estate companies. Many may find it costs an enormous amount to recover from these mistakes, if they can escape Google penalties.
Automated AI based decision making tools, such as for credit, also bring more risk than most have thought through. They have not been tested in the courts yet to fully see the liability at stake.
Privacy & Data Protection
Especially when it comes to plugging in new tech tools and automation businesses are requesting more sensitive data than ever. Including IDs, facial recognition verification, and more.
These are an area of massive legal liability. Only collect what you need. Only hold onto what you need. Be sure you are in compliance with data laws, and have the legal team and finances to deal with any issues that arise from data breaches and hacks.
Not Testing From A Consumer Perspective
Do embrace new technology. Just make sure you are first testing it thoroughly from your customers’ perspective, and routinely test it again.
If it is not adding value to them, and making the experience better, it will cost you a lot more than you think the efficiency is making you.
Failing To Hire The Best Talent
The best team wins. You may not be able to afford to keep up with paying current rates of $390k to $900k a year for AI talent. Though you can, and must afford the best business development and marketing managers you can find. Those that can bring years of experience across all mediums, channels, and technologies, and help implement the right choices for your company with a refreshed and modernized strategy and plan.
Failing To Update Websites
If your website is so outdated that it burns teenagers’ and childrens’ eyes, it’s time for a makeover. Today, it’s not only about design in visuals, but also carefully crafting words that sell.
Not Using The Data That’s Available
The recipe for success is combining human expertise and hard data.
Don’t guess what is working in your business and marketing, or believe the mainstream media headlines for what’s happening in the economy or with inflation.
Use the most accurate data you can find. Make sure that it is interpreted accurately, with relevance to your industry and individual business and customers.
Not Prioritizing The Right Metrics
When you start digging into the data it is easy to get lost and distracted with so many metrics.
Focus on your NPS score and real profit.
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