Aug 13, 2020
Digitalization is not a new phenomenon. Ever since the programming languages were introduced in the mid-20th century, humans have been marching steadily towards a future where almost everything is digitalized.
It has since then benefited many industries through the transformation of their core values. And the real estate industry is not an exception. Real estate has started integrating digital technology in their day to day operations. With almost everybody moving from the conventional methods of doing things, towards the convenient digital world, real estate digital transformation is happening at a rapid pace.
Most of the real estate customers will make their decision on whether to buy a property or not after seeing it in person. But before visiting the site, investors carry a lot of research. This calls for a robust online presence for the real estate dealers.
To have the required information on their fingerprints, consumers tend to browse about the property they ought to buy, rent, or sell through google or other convenient apps. So, real estates are increasingly aware of the digitalization needs, even though most of them aren't sure where to start from.
That's why we are here to show you why and how to digitize your real estate.
What is the Importance of Real Estate Digitalization?
There are various reasons why real estate experts are going the digitalization way. From keeping all the tabs in one go to providing access for everyone everywhere, real estate digitalization is the way to go for the realtors. Read on to understand why it is important to head into this current trend.
Simple Digital Documentation
Ever bought a property during the manual error? If yes, did you notice the long cumbersome process that was involved? Imagine there were errors and the building that is being transferred to you is in a different country, city, or state. It could be a real hustle?
These days are long gone. With the current digitalized world, the automated tools and software offer digital purchase or lease agreements that can be validated by the authorities with no time.
Customers are Going for What they See
Today, people have made it a trend of searching for the property they want to buy online before they make a decision. Real estate applications and websites connect buyers with sellers through the property they are searching for.
Real estate digitalization helps to reinforce your real estate firm through constant communication with your prospects. As most people prefer communicating with real estate online, your increased online presence will make your customers feel more appreciated.
You can use likes, comments, and shares to analyze the content and pictures that your customers prefer.
Digitalization and Interactive Modelling
Without an iota of doubt, Building Information Modelling (BIM) has transformed how building projects are carried. It has helped to make real estate houses safe, healthier, and futuristic. Some realtors opted for digital technology—BIM, where you can complete the whole project from optimization to design through managing all the building process life cycle digitally, hence minimizing the margins of error.
Virtual Reality and Augmented Reality
These two current technologies—Virtual Reality along with Augmented Reality are changing the real estate sector by providing an unmatched experience to the sellers, agents, and buyers. With these technologies, you can virtually take a tour to the property you ought to buy without physically being at the site.
With their 3D rendering that gives a 360-degree tour of the property from your computers, phones, tablets, or any other accessory it saves you a lot of time and money.
How Can You Digitize Your Real Estate?
Real estate digitalization means collecting all the data that characterizes an asset during its various life cycles to make it available in a collaborative digital solution.
Apart from enabling you to operate your firm in the right manner, digitalization also makes it easier for you to carry out some voluntary initiatives like Global Real Estate Sustainability Benchmark (GRESB) to enhance your financial performance.
To effectively digitize all your real estate assets, you need to be in a position of collecting all of your data regardless of its sources, formats, or actors who hold it. This will help you to easily manage a building or apartment when the software that was used no longer exists or a certain building has been sold off.
Steps of Digitizing Your Real Estate
You may not recognize it, but your real estate is partially digitized! Certainly, a lot of data is already available in your different business software as well as your service providers. Here are the four main steps if you want to digitize your real estate.
- Conglomerate all your existing data and record the missing data. In doing so, you will know how and where you will retrieve the lost data. For example, you can recover your missing consumption data from your supplier's accounts.
- Collect and harmonize your data in one solution to simplify access to information and as well save time during their exploitation.
- Assess the quality of your available data to ascertain its reliability before embarking on using it.
- Cross-check your existing data using the appropriate digital tools that will help you meet your objectives.
This data can be integrated into your real estate portal. Remember, if you can't carry this process on your own, let professionals do it.
Leveraging the Social Media
Today, your real estate potential customers, as well as the real customers, are on social media and other digital channels trying to learn about the current trends in real estate. Some tools are provided by social media to help you filter your audience to the most appropriate ones—Artificial Intelligence tools.
You can leverage these tools that are sometimes more accurate than real humans to improve your areas of business, financé, marketing, and many more.
To Sum Up,
The real estate industry is among the fastest-growing industries in the globe. So, during this digital era when everybody is searching the web for anything they want, you must consider digitizing your real estate firm.
Hence, if you're one of the real estate players, you should consider designing your real estate portal for your business awareness.