Any industry can greatly advantage from a digital transformation. COVID-19 has increased digitalization in real estate industry. The industry is changing significantly under these influences and realtors must have to adapt to new requirements. This affects not only the real estate portfolio itself, but also real estate management systems and technology. Compared to other industries like retail, banking and healthcare, the real estate industry has been slow to embrace digitalization. However, digital technology has greatly enhance the efficiency of real estate agents by improving the quality of the home buying experience.
Importance And Need For Digitization
Digitization of real estate is the collection and aggregation of all data characterizing an asset at various stages of its life cycle, and providing it in the form of a general digital solution. Digital technology is changing the process of property dealings through automatic apartment matching, virtual tours, tenant portals and renting home with payment and insurance. Through digitalization realtors have complete control over their assets and they can handle them on their own using a central dashboard that provides information regarding energy and water usage and tracks maintenance requirements. Digitization is critical to making information more accessible as data is shared across multiple actors, business software, and building lifecycle stages.
Following are the steps to digitalize your real estate corporation:
Advertising Your Assets On Internet For Connecting With Customers
The first step to digitalizing real estate business is to make a detailed view of every activity of your business from advertising, property listings, project management to accounting, email marketing and closing procedures. Customers usually search on internet to explore different properties. Real estate apps and websites allow buyers and sellers to interact directly with each other. Digital transformation is a great way to empower the real estate industry by connecting with potential clients. Most people prefer to connect with companies on the Internet and they find value in increasing the responsiveness of their interactions with customers. Likes, reposts and comments help us analyze and understand what content is liked and what your customers expects.
Building Property Through Interactive Modeling
Building Information Modeling (BIM) is changing the way of running real estate projects. Digital technology manages the lifecycle of each building to help complete the entire project from design to optimization. BIM is a smart 3D model-based software that provides information and tools to constructors, engineers, and architects how plan design and build a property. It also optimizes the best way to use free space and find connected devices. BIM is used to reduce the cost of construction projects by streamlining work processes, improving communication and facilitating collaboration. Architects can use BIM software to control the planning phase, property owners and investors can use it to monitor operations, and engineers can use it to model systems such as heating, ventilation, air conditioning and power systems.
Using Virtual Reality In Displaying Real Estate Assets
If a property is fully and beautifully displayed to buyers that will certainly consider buying it. Virtual reality through virtual offices has been proved extremely helpful in real estate industry. It provides convenience to sellers by creating fully furnished images and videos of their properties through virtual staging. In virtual staging photo of the properties are edited using a graphic designer. This program removes unnecessary clutter and allows you to add furniture, decorations and accessories to the property. The final images and videos are then posted on virtual tour websites of the virtual office where buyers can easily explore each and every corner of the property without being physically there. Virtual tours allows 360° tour of the property on client’s phone anytime and anywhere allowing them to enjoy the final product. Realtors can greatly take advantage of these tours offered by virtual offices in their business.
Introducing Smart Contract Management System
Buying and selling a home is a multi-stakeholder process so it has many distortions and inadequate. Introducing smart contract management system into real estate business is the best way to digitalize and remove property dealings distortions. In addition to being able to digitize real estate assets as tokens in blockchain ledgers, smart contract developers can use external data and traditional accounting results to apply logic to the chain to automate various transactions with real estate, products and markets. Smart contracts eliminate the need for verification by banks and other real estate intermediaries. As the real estate business has a lot of important transactions, smart contracts greatly speed up this process and also provide protection against fraud, and reduce overall costs. You can learn more about smart contracts, in particular about our contract chain project, in our article on digital transformation of financial services.
Digitalizing the real estate business not only fulfills its requirements but also change its management. Hence it is fundamental for realtors to brought new technology into their business. In real estate, digital marketing is a key strategy for attracting customers and earning commissions from selling homes at higher prices. The importance of digital marketing should not be overlooked when trying to sell a home for a higher price. It would be very beneficial to advertise the characteristics of your home in the most appealing way possible in order to attract a large number of clients. The more potential customers come to your home to make a purchase, the more likely it will be sold at a higher price. To stay one step ahead of the competition, real estate companies must explore new structuring options, improve operational efficiency, and adapt to emerging digital trends to maximize return on investment while addressing digital transformation and learning customer preferences.
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