Real Estate Digital Transformation - The Aftermath
Published: Oct 18, 2022
Digital disruption has impacted a lot of industries over the years. For some, it is a repeatable process. While the real estate industry is joining a bit late to the party, long after retail and finance, it is one of the sectors that has seen a lot of improvement because of digitalization.
The digital transformation of real estate did not happen overnight. It had been moving at a quiet, gradual pace up until 2020. But then we had to deal with the Covid-19 pandemic, which marked the moment that skyrocketed the digital revolution for the industry.
People had to deal with many problems during that time, which exposed more challenges for companies in the sector. Consumer behavior and expectations changed, and now technology is essential more than ever for real estate agents and brokers.
Where Did It Take Us?
Staying competitive in the market is no longer a game that businesses can play without the help of software. Redefining company processes and rethinking business strategies became the norm. It had to happen this way because it allowed the integration of online booking, data analysis, CRM tools, and IoT devices.
The transition from offline to online marketing for real estate business owners has not been straightforward. However, it was necessary. More than 50% of viewers do not even view listings if they do not have a 3D tour. That number will inevitably grow with more people becoming comfortable searching and buying or renting properties online.
Customer service departments in many industries are taking advantage of AI-powered chatbots to enhance the user experience with quick, personalized response messages. Real estate is no different. Software specialists can teach AI bots to serve customers by helping customers search for properties and answer common questions in a human-like conversation. Naturally, such a companion is available 24/7, which drastically reduces the number of lost leads. Also, integrating a chatbot on your company website contributes to cost optimization for around-the-clock personnel.
Apart from fancy chatbots, virtual tours, and augmented reality, marketing is still a factor that we cannot neglect. For an industry that is a few centuries old, real estate has witnessed many remarkable changes. Online marketing celebrated a new beginning in how agents and brokers do business. It has transformed advertising in a way nobody has ever imagined - targeted ads, multiple channels, audiences, niching, etc.
The effect internet marketing has on the sector is so significant that a consumer is more than twice more likely to buy or rent properties online. In a few years' time, real estate agencies that have not adopted a marketing strategy for the younger generations will fall behind. Business owners must respond to this digital shift and implement new tactics to straighten their marketing position before it is too late.
The digital transformation of the real estate industry is not something that is going to happen. In fact, it is an ongoing process that has already begun. Such a transition is not always about improvement but a way to gain better traction and fit into the new world's way. Delaying or missing the time to join will put your business further away from your customers. But before you jump on this journey, take some time to understand the main challenges of your business. Learn more about how software can help you solve them, enabling you to move forward.
- digital transformation