Digital Transformation in Real Estate Industry
Published at November 08, 2022

If you’re looking to make the most out of digital transformation in the real estate industry, it’s essential to have a plan. And if you don’t have a plan, you might as well just roll with the punches and hope for the best.

First and foremost, digital transformation is essential for the real estate industry. With the rise of technology and its ability to connect people and businesses in various ways, the real estate industry has never been more related.

How can the real estate industry be more related to customers? Well, digital transformation can be the answer.

Digital transformation can help increase efficiency and boost sales by streamlining processes and facilitating interactions between involved parties.

In addition, with digital media becoming more prevalent in society, real estate professionals can now communicate with clients from anywhere in the world without having to leave their desks.

Then, as more people move into apartments and space through online searches or mobile apps, landlords and developers must also be able to cater to this trend by providing updated property information, images, and videos that are easy to access from any device.

What does digitisation mean in real estate?

Digitalisation in the real estate industry means shifting from offline to online with innovation.

Even though the real estate industry is generally thought of as conservative, innovation nonetheless plays a role by progressively altering current business structures. However, COVID-19 has an impact on boosting innovation in the real estate industry.

One study from the National Association of Realtors reveals that 97% of prospective homebuyers used the internet in 2020 to find a property.

In their search for a property, 76% of homebuyers used a mobile or tablet search device; millennials used mobile devices almost two times as frequently as the silent generation.

The benefits of digital transformation go beyond just selling properties. By connecting agents with customers on a local to a global scale, real estate professionals can find new opportunities for marketing their services worldwide.

Further, real estate professionals can use digital platforms such as web apps or mobile apps to target potential clients.

Hence, digital Transformation is an important step forward for the real estate industry because it will help the business become faster and more efficient while increasing the industry's reach worldwide.

How is technology transforming the real estate industry?

The latest technology improves the real estate industry to be more effective and efficient for involved parties. According to Forbes, here are the five most important technologies that are transforming the real estate industry.

1. Virtual Reality (VR)

Prospective buyers and sellers can view their homes anytime, anywhere with virtual reality. VR is incredibly real and detailed, not to mention totally interactive, but images and videos often lack the sensation of an authentic property tour.

Real estate professionals use virtual reality to give buyers an interactive view of available properties, and landlords use it to exhibit commercial spaces to potential buyers.

2. Eco-friendly Construction

Making buildings more eco-friendly is only one of the many ways technology has changed the industry.

For example, many people desire the installation of solar panels in their homes or places of business in order to become energy-independent. Energy-efficient appliances are nothing new, but their acceptance in the US is growing.

3. Automation Data Management

Traditional real estate data management has often been time-consuming and ineffective.

Technology solutions can help in doing these repetitive activities more effectively. To manage marketing and the real estate portfolio, there are various software alternatives available.

4. Smart Home Technology

Some of the popular smart home technologies include systems security, televisions, speakers systems, etc. Customers will be more likely to choose a facility with these features when they become standard for new constructions.

Many middle-aged buyers want to live in a home that has all the smart technologies they can possibly need to save time and lead more easy lives.

5. Cloud Integration

In the real estate industry, cloud integration is used in a wide range of processes, including lending and closing. Since the outbreak of the pandemic, remote closings and other previously in-person activities have been completed via cloud technology.

Whether the involved parties are handling internal business or renewing a contract with a client, it simplifies and simplifies processes.

Examples of digital real estate

The digital real estate industry can help involved parties make their business. Let's take a look at examples of digital real estate below:

1. Websites

Business owners can invest in real estate website features to get returns with a content and features strategy.

2. Mobile Apps

Most home buyers use mobile apps to search the property. So, it matters to build a real estate mobile app that can be accessed via iOs and Android.

3. eCommerce Websites

Ads of digital real estate on eCommerce websites can run the real estate business and make the buyers easily find the properties.

4. Social media platforms

Content strategy on social media platforms is also the best digital real estate option to run the business. For example, the sellers can optimise blogs, Instagram, or other related social media.

To sum up

Digital Transformation is essential to the Real Estate Industry. Creating a digital transformation strategy is also essential for any business, especially those who want to achieve great goals and make an online real estate business presence more relatable for buyers.

By developing a clear plan and establishing milestones, you’ll be able to track progress and make changes as needed.

If you're a business owner not prepared for it, you'll likely experience challenges that will impact your business. To overcome these challenges, you'll need to find a partner who is familiar with digital transformation and uses tools to improve performance.

Additionally, you should keep up with current developments in digital transformation so that you can stay aware of any new changes that may affect your practice.

So, how to save the cost and time for digital transformation in the real estate industry?

VirtualSpirit, as one of the best mobile app agencies in Malaysia, can help your business to develop its digital real estate business presence. Our experts will help you to build your digital real estate presence. Save your cost and time, discuss with our experts now.

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