Jeffery Gray, the new chief commercial officer of Dexar Group, the use of big data is increasing consumer expectations.
A consumer scrolls through their social media feed and comes across a Laing+Simmons listing. Then, years down the track, just as they happen to be considering selling their home, Laing+Simmons gets in touch with an anticipated, tailored solution to get the best possible result.
This type of proactive possibility is just one of a multitude of opportunities that 'digital transformation' will bring to real estate, according to Jeffery Gray, the new Chief Commercial Officer of Dexar Group – the parent company of Laing+Simmons.
Gray joins Dexar on the back of a CV unlike anyone else’s in the property industry.
With a Masters in Business Administration, Gray has held positions with Domain Group, Aristocrat and Lexis Nexis, and has consulted with QANTAS and Hutchison Telecom. He’s driven transformational change across various organisations and industries, recognising the power of big data and technology to personalise, automate and understand how best to engage with consumers.
It has given him a unique insight to the power of data, and it opens up a new realm of competitive advantages for all agents in the Dexar family.
“Technological trends powered by big data like artificial intelligence are coinciding with – and driving – increases in consumer expectations, shaping the future of every industry. Real estate is a services industry, so harnessing these global trends to improve the services we offer is a natural and necessary focus,” Gray says.
“Investment focused on optimising the use of data is at record levels globally, and it’s no exaggeration to say there’s tens of billions of capital being targeted at the Proptech and Realtech industries,” he says.
Gray’s appointment signals Dexar’s intention to move into this space. But what will it mean for agents and business owners?
First and foremost, Gray says, it will enable agents to understand more about consumers, down to a fine granular detail. It means they can personalise the consumer experience en masse and develop new, scalable service offerings and business models that deliver a highly valuable, frictionless service to their customers.
“The more we understand consumers and their needs, the better we’ll be able to predict what they want and need from us. Then we can create services around this insight,” Gray says.
“In this way, we’ll flip real estate around from being primarily a services industry to a data industry, one that monetises data through the delivery of products and services around property transactions.”
He offers this example:
“Today, when someone sees a property they’re interested in, they typically send an enquiry via email or make a phone call,” Gray says.
“But what if, the moment the customer clicks on a link, a bot powered by complex algorithms is able to provide an immediate response, completely personalised to their situation?
“The system could then open the door for an agent to contact that customer at the very moment – and in the very manner - they want. Harnessing the power of data could unlock innovations like this, and countless others.
“Consumers expect immediacy and it’s incumbent on industries like ours to innovate to meet and exceed these expectations. If someone makes an enquiry, they want a response straight away in the channel they choose. A phone call the next day is an opportunity lost,” Gray says.
Laing+Simmons Managing Director and REINSW President Leanne Pilkington says the real estate industry can’t shy away from the challenges and opportunities presented by new technology such as the onset of artificial intelligence.
“We must innovate in a way that’s smart and bold, to embrace change and move with global trends. And as a franchisor, it’s our responsibility to ensure we bring our franchisees and partners on the journey with us. Jeffery’s appointment recognises this,” Ms Pilkington says.
“Harnessing data has limitless possibilities for the real estate industry. Our objective is to create a platform - or ecosystem - that triggers into action as soon as someone touches the Laing+Simmons brand, regardless of how they do so.
“It will take some time to perfect and we’re not afraid to fail as we go along. But the journey – and opportunity – is too important to ignore,” she says.
So where to from here? Gray has hinted at a significant new integrated Data and CRM project to be rolled out later this year across the group.
“Integral to this project is the ability for our agents to access a single client view across all major business units, from sales to property management and the rapidly expanding project marketing space,” he says.
“This will enable them to meet someone at an open or through an enquiry, immediately know their existing relationship or prior contact with the brand, so they can provide an engaging experience that adds immediate value.
“Just as importantly, they will be able to access all this information, and all the resources they’ll need to provide this value, immediately from their phone,” he says.
Read more about using data in real estate:
Digital disruption set to lower costs of selling property
Agent 2020: How to remain relevant in the age of digital disruption