Compared to other industries, the companies in the real estate sector haven’t really explored the opportunities for digital transformation in real estate conduct. However, changes in consumer mandatory and technology have forced real estate agencies and brokers to embrace several new technologies to keep up with the industry’s growing demands. 

But the COVID-19 pandemic has accelerated the process of digital transformation in the real estate industry since they don’t have much of a choice to survive with the challenges that the new post-pandemic world offers. This article will discuss the importance of digital transformation in the real estate zone and the latest trends that will dominate the market soon. 

Importance of Digital Transformations in the Real Estate Industry: 

Change in Consumer Behavior 

Nowadays, buyers and sellers prefer to meet real estate agents online rather than in person. Moreover, they conduct beginning research online to find the best realtors for their needs. The digital world provides them with all the information they need, including reviews, feedback, and other applicable data to choose the ideal real estate agency. 

Change in Technology 

Purchasers have to cuddle the new digital world and the ease of services that they offer. Even so, the real estate industry was a latecomer to the world of technology, now it’s time to shift from its traditional working model into a digital one. 

Online real-estate websites and supplications are becoming popular due to the outstanding features that they provide. From providing applicable home searches to virtual walk-throughs, these platforms have the power to increase the customer experience to the next level and offer a competitive extremity. 

Digital Transformation Trends in Real Estate Industry 

Augmented Reality (AR) / Virtual Reality (VR) 

Augmented Reality (AR) opened has an endless assemblage of opportunities for realtors in providing a special buying experience for their customers. Using AR, prospective buyers can do a virtual tour of the apartment or property in 3D before traveling to the authentic location. Augmented reality empowers consumers to go on a virtual walk-through of their new backyard or basement from the consolation of their sofa. 

Building Information Modelling (BIM) 

The construction industry is previously making substantial amounts of savings through Building Information Modeling (BIM). It is a process where the entire project team shares all the data concerning a project, including graphical 3D models and non-graphical data, which are then all linked together to form a 3D model with BIM. 

This 3D model permits users to access information such as what material it’s made of, who created it, how much it will cost, how much time it will take to complete it, and more progressive information with just a click of their mouse. By combining BIM with augmented reality, real estate companies can supply an in-depth analysis of the property that has never been seen before. 

CRM Software 

A CRM software helps real estate businesses interact with new leads, prospects, and even existing customers while keeping all the information about them from their buying history, communications to email trails on a file. A CRM automates monotonous tasks and enhances processes such as data import, digital real estate property and its features, transaction management across sales funnels, and real-time reporting. 

Artificial Intelligence (AI) and Machine Learning (ML) 

Artificial intelligence and Machine Learning have revolutionized the real estate industry, from increasing processes such as applicable home searches to refining transaction processes. Artificial intelligence can help real estate agents in recognize quality leads that visit their websites. ML algorithm saves time by identifying those leads with the most potential in becoming actual buyers. 

Blockchain 

One of the most useful blockchain requests in the real estate market is the use of smart contacts. This solution can remove the time-consuming process of paperwork. Blockchain allows a deal to be done via a smart contract, which is would allow transactions to be carried out among indistinguishable parties without the need for a middleman to settle down disputes. 

Real estate agencies can use blockchain to streamline transactions by eliminating intermediaries and affiliate costs such as brokerage fees, lender charges, closing costs, and legal fees. 

Cloud Technology 

Since real estate agents are always on the move, accessing necessary files and data on their mobile devices is vital. Cloud computing allows you to enter your files from any device, no matter where you are. Cloud technology gives companies in the real estate market to store and enter all business data and documentation in one place. 

Around 80 percent of the top real estate performers previously use various cloud services for marketing, sales, property management, and customer relationship management. Moreover, all the processes and data stored in the cloud can be accessed and modified much faster and efficiently, making business growth considerably effortless. 

Conclusion 

As we all know, the COVID-19 pandemic is not going anywhere shortly, and it will keep changing consumer conduct worldwide. Customers are getting attached to the latest technology by the day. Real estate businesses that adopt digital transformation will see an important boost in their business growth and have a competitive advantage. At the same time, realtors that don’t modify the new changes will go through an arduous journey to survive in this highly competitive industry. 

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