Impact of Digital Transformation in the Real Estate Industry
Digital transformation or DX is a popular digital trend in the present time. It helps organizations grow and develop digital-wise by switching from old, traditional ways into new, innovative strategies. DX also allows organizations to go paperless, which makes life and work so much easier. Today, digital transformation is everywhere. Softwares continue to develop, and businesses adapt to new technology. This article will discuss more on the impact of digital transformation in the real estate industry.
In almost every industry, you can find a variety of digital transformation examples. In this article, you can further gain knowledge about how DX can make an impact in the real estate industry. The world is ever-changing, and businesses need to adapt to new technology in order to meet customer standards, and real estate businesses should be one of the first to implement DX within the industry.
Digital transformation is known to keep records of data. This is what’s very convenient about new technology. You can easily access information just by one click. Monitoring real-time data has helped businesses, especially real estate businesses, to become more transparent. Through digital transformation, you can access property legality permits, tax records, mortgage rates, and so much more.
Not only that, through digital transformation and by having access to real-time data, you can also keep track of the latest trends or customer standards. This allows you to assess whether or not customers are most likely to buy a property at a specific time, which types of properties do your target markets prefer, and a lot more. It’s an advantage having access to real-time data because from there, you can proceed to strategic planning and marketing.
Online Video Tours
Time is precious. Not everyone has enough time to make an actual visit at a property they’d like to tour in. But since digital transformation is present in the world today, you can now produce and have online video tours of the properties you are selling, which saves so much time. Instead of trying to book for a viewing appointment, VR experiences and 3D videos allow clients to visit the entirety of the home, and feel as if they are really touring the property in person.
Not only that, if VR experiences and 3D videos are not available, clients can always ask for a virtual tour through social media applications like Facebook Messenger, Facetime, or Skype. This does not only allow clients to virtually visit the area but also lets you interact with them and address their concerns and inquiries if there are any.
However, it’s not only the finished product that clients can tour. In fact, through Augmented Reality or AR, clients can view a digital blueprint of the property while it’s being built. This allows clients also to gain knowledge about what type of materials are being used in constructing the property.
Data is a fundamental asset in the real estate industry. You have to present legal documents of the property, the land, its mortgage, and such. Blockchain refers to stored up data from multiple transactions of different people. It helps real estate industries keep records of land registries, payments, and other important documents. Not only that, but it also helps in cutting company expenses and reducing fraud because you have all the information that you will be needing stored up in a blockchain.
Real Estate Apps and Portals
Applications and portals are essential contributors in making both the realtor and the client’s lives easier. Real estate apps are made available for clients to view several real estate properties and communities. Instead of driving around trying to find a real estate property that suits best for you and your family, you can use real estate apps to locate where are the nearest places you can go to for open houses and examine the area yourself.
On the other hand, real estate portals can help match a real estate agent and a client. You can specifically type in what you look for in a property, and what kind of real estate agent you think can help you out in the whole process.
To sum it all up, digital transformation has indeed made a very positive impact, especially in the real estate industry. Since the world is ever-changing and becoming more dependent or reliant on technology, real estate businesses should continue to adapt to this change in order to accelerate both their strategies and overall performance or sales. Not only that but, to also become more globally-competent, since a lot of competitors continue to rise in the present time.