Compared to other industries, companies in the real estate sector have not really explored the opportunities digital transformation brings. However, changing consumer behavior and technology has forced real estate agencies and brokers to embrace a number of new technologies to keep up with the growing industry demands.
But the covid 19 pandemic has accelerated the digital transformation in the real estate industry as they do not have many options to deal with the challenges that the latest world will soon dominate the market.
The importance of digital transformation in the real estate industry
Changing consumer behavior
Today, buyers and sellers prefer to meet with real estate agents online rather than in person. Furthermore, they conduct original research online to find the best brokers for their needs. The digital world gives them all the information they need, including valuations, feedback and other relevant data to choose the ideal real estate agent.
The shift in consumer behavior and expectations means that companies in the real estate sector need to invest heavily in their digital presence; otherwise, they may lose the opportunity to connect with potential sellers and buyers.
Technology change
Consumers have embraced the new digital world and the ease of the services they provide. Although the real estate industry is a latecomer to the world of technology, now is the time to transform their traditional working model to a digital one.
Online real estate websites and apps are gaining popularity due to the outstanding features they offer. From providing virtual walk-in related home search, these platforms have the power to take the customer experience to the next level and provide a competitive edge.
Digital transformation trends in the real estate industry
Augmented Reality (AR)/Virtual Reality (VR)
Augmented reality has opened up an endless array of opportunities for brokers in providing a unique buying experience to their clients. Using AR, potential buyers can take a virtual tour of the apartment or property in 3D before traveling to the actual location. Augmented reality empowers consumers to walk virtual through their new backyard or basement from the comfort of their sofa
Building Information Modeling (BIM)
The construction industry has made significant savings with building information modeling (BIM). This is a process by which the entire project team shares all data related to a project, including 3D graphical models and non-graphical data, all of which are then linked together to form a project. a 3D model with BIM.
This 3D model allows the user to access information such as what material it is made of, who made it, how much it costs, how long it takes to complete it and more advanced information with a single click. click. Combining BIM with augmented reality, real estate companies can provide an in-depth analysis of properties never seen before.
CRM software
If you're still using Excel spreadsheets to organize your data, it's time to move on to the most important asset the top brokers use to stay organized and close sales on their accounts. produce. CRM plays an integral part in the customer-agent relationship.
Artificial intelligence (AI) and machine learning (ML)
Artificial intelligence and machine learning have revolutionized the real estate industry, from enhancing processes like home searches to refining transactional processes. Artificial intelligence can help real estate agents in identifying quality leads who visit their website. ML algorithm saves time by identifying potential customers with the most potential to become genuine buyers
By combining CRM and market data, AI can help real estate agents and brokers predict the future value of a property in a particular market. This way, AI can give you a competitive edge in the real estate market without the extra cost of your company's infrastructure or resources.
Blockchain
One of the most useful blockchain applications in the real estate market is the use of smart contacts. This solution can eliminate the time-consuming paperwork process. Blockchain allows an agreement to be made between indistinguishable parties without the need for a mediator to resolve a dispute.
Real estate agencies can use blockchain to streamline transactions by eliminating intermediaries and associated costs such as brokerage fees, loan fees, closing costs, and legal fees.
Cloud technology
Since real estate agents are always on the go, it's important to access essential files and data from their mobile devices. Cloud computing allows you to access your files from any device, no matter where you are. Cloud technology provides real estate market companies to store and access all business data and documents in one place.
About 80% of the top real estate developers are already using various cloud services for marketing, sales, property management and customer relationship management. Furthermore, processes and data stored in the cloud can be accessed and modified much faster and more efficiently, making business growth remarkably easy.
End
As we all know, the covid 19 pandemic is going nowhere in the short term and it will continue to change consumer behavior around the world. Customers are becoming addicted to the latest technology of the day. Real estate businesses that adopt digital transformation will see a significant boost in their business growth and have a competitive edge. At the same time, brokers that do not adapt to the new changes will go through an arduous journey to survive in this highly competitive industry.