From disrupters and disrupting technology to a pandemic, political unrest, and real estate, the winning future depends on adaptation. To survive and thrive in the current digital scenario, every business needs to determine how to maintain a competitive advantage in the industry. They also need to find ways to win in a way that doesn’t just withstand transformation but also embraces it to generate new strategic possibilities.
We live in the 21st century, and an adaptive business in this era is typically digitally powered. Technological advancement has also transformed the conventional real estate industry as real estate businesses are demanding efficiency while clients are looking for more intelligent solutions. The gamut of technologies like Salesforce real estate solutions, ERP for real estate, etc., comes under the label of PropTech.
It is important to know that transformations have mostly failed to deliver tangible results in the real estate business. Cross-functional change, using multiple technologies that lack sync, or applying strategies that fail to adapt as technology advances are some reasons behind tech breakdown in real estate. A single, strategically linked solution for digital transformation could be the answer to achieving digital adaptability and advantage in the real estate niche.
Why Does Real Estate Need A Technology Overhaul?
Whether it is buying or selling, renting or leasing, or property management, how buyers connect with realtors for different property purposes is revolutionizing. Technology has always influenced the real estate industry, but it has recently witnessed several notable improvements. Whether you are a property manager, property owner, or tenant, new technologies affect the real estate business and ultimately influence your life, regardless of your role. Below are some reasons why you should adopt the digital approach in your real estate business.
Get Better Evaluation: Property managers and owners know well how to estimate the value of any property. Sometimes their evaluation could be correct, but sometimes they could make wrong evaluations. But with the help of technology like Artificial Intelligence (AI), it has become easy to come up with realistic pricing. With AI-featured residential and commercial real estate software, they can determine the correct rates of their property through evaluation using a “predictive analysis” algorithm. This will help them gauge the growth of the property value. Besides comparing property prices, they can also evaluate possible future risks.
To Leverage Virtual Reality: People think VR is beneficial only for playing games and entertainment. However, its use in real estate has increased over the past few years. With VR-enabled virtual property tours, potential buyers and renters may check the property from anywhere, providing an immersive experience compared to images and videos. There are several ways to integrate AR and VR into the real estate business. These include:
- Virtual tours of properties with the most advanced views.
- Using VR & AR for immersive property marketing amongst potential buyers and renters.
- Make mobile and web app accessibility possible.
- Save the time of your prospects but still give them ease of thoroughly checking every aspect of the property.
Though VR has been in use even before the pandemic, after COVID, VR has become the need of several sectors, including real estate. Property Managers and real estate agents can now safely buy or rent properties using VR & AR worldwide.
Effective Marketing: Virtual Reality and 3D tours have made it easy for buyers and renters to feel the property without setting their foot on the premises. Using the latest technologies for your real estate business provides convenience to those who wish to buy or rent a house. This may further help Property Managers to explore additional ways to engage through technology-based marketing. You can target your potential customers through tailored advertisements using machine learning and AI advance to drive conversions. Also, you can leverage multiple social media channels and understand their targeting algorithms to establish your brand effectively. Also, using CRM for property management may help you generate more qualified leads at a much lesser cost.
Automate Real Estate Processes: If you really want to flourish and survive in the competitive real estate market, you need to focus more on customer satisfaction. Real estate Automation can help you effectively track your customer’s life cycle. You can smoothly handle your lead from beginning to end and other back office operations with automation. You can use many market real estate project management software available to manage appointments, your real estate portfolio, and other important tasks.
In A Nutshell!
Many real estate businesses in the United States have already adopted new technologies and are becoming technologically sound. They are enjoying industry-wide growth. From a startup to an established organization, business automation can help you collect more data and implement business analytics according to consumer behavior and interests. You can target your buyers or renters with the right properties and tailor your marketing efforts accordingly.
- About the Author
Alex Grigoryan is a Professional Home Improvement and Lifestyle Writer. He has been in the industry for over 6 years and has been writing for Chique Home Living since 2019. His work has been featured in prestigious blogs such as Spruce Home, Better Homes & Garden, and more.