Real Estate industry is all about being competitive. Digital renovation in the real estate sector has evolved as a necessity which enables the real estate organizations to be updated and relevant with the even evolving business trends. The industry of real estate development needs constant avenues to improvise and optimize their way of operations and sales to arrest ever increasing operations. To remain competitive in an increasingly competitive industry, the entrepreneurs of real estate industry repetitively need alternatives to improvise, smoothen and optimize operations which results in increasing ROI and minimize cost of attainment. Also, as they say – Time is the constant change and one never knows which hurdle or challenge will stop the prosperity of business in the coming days. The classic example of this is the Covid-19 pandemic which disrupted the global markets and every day living of almost every human being on the planet earth. But, in the pandemic all needed to go through a renovation and that’s when DIGITAL RENOVATION came to the rescue. Fortunately, in MMR – the real estate industry has already adopted this renovation wave at the most opportune moment and it has started showing results.
WHY DIGITAL RENOVATION:
No real estate developer can now afford to ignore the influence of digital transformation and digital marketing. Digital renovation enables a real estate organization to capture a majority of new age home buyers looking for their future purchases. The way people use to scout and search for desired properties is changing big time. The new age property buyers are prone to do online research and would starting shortlisting properties or homes based on their online search experiences. The ages old operandi of depending on traditional media or real estate brokers is fading by time. Due to this change in behavior of prospective customers – it becomes utmost important for any real estate organization to have a robust presence online to interact and make their presence felt amongst potential buyers.
KEY ASPECTS OF DIGITAL RENOVATION FOR REAL ESTATE INDUSTRY:
Revolution in the Marketing: The reach of conformist mediums like print and bill board has always been restricted. On the contrary, implication of online media has grown many folds. Real Estate developers must focus on erudite and embattled digital media rather then traditional ways of promotion and focus on platforms like Google, Instagram, Facebook, Twitter and also through messaging platforms like WhatsApp, iMessage and so on. These platforms offer pioneering options including but not limited to video conferencing, virtual viewing, virtual bookings and so on.
Change in Customer Demands: The new age home buyers do a comprehensive research online before taking the final call on purchasing the property. Such kind of customers are increasing every passing day due to internet outreach and they want to know everything so that they can take a calculative decision. Hence, having a strong online presence is very important for the real estate developers.
AI and Machine Learning: Artificial intelligence assists machines in completing complicated and sophisticated jobs. This may include everything from assessment, problem-solving and decision making to pattern identification and comprehension. Machine learning is frequently utilized as the AI’s primary method. For the industry of real estate development, artificial intelligence can be utilized to improve data management, which, in turn, will improve the marketing campaigns by scanning data and determining the most popular or required forms of real estate assets.
Distant Reservation Facilities: Due to the introduction and impact of the Covid-19 pandemic, CREDAI-MCHI and its members have witnessed a paradigm shift of customers to digital transformation. Hence, it is the need of the time for the real estate developers to provide all the booking friendly information online and give a use friendly interface to their online booking mediums to provide a strong option of booking properties online.
Chatbots: Chatbots are a form of digital renovation and automation where artificial intelligence plays a big role. This facility can also connect a human officer of sales or CRM at desirable times to convert queries into potential booking along with increase in the delightful experience of booking for the buyers. Such automated facilities also decrease the traditional paper works and increases tracking and reach to customers.
Blockchain: Executing a purchase or sale activity is till date somewhat fragmented process. Blockchain technology has the potential to improve this process by increasing transparency, eliminating paper work and removing the involvement of several third parties. It is one of the biggest digital trends in real estate since it automates, accelerates, makes transactions accessible and tracks them as well.
Virtual Reality: While moving on to digital platforms, usually real estate industry face a problem of showing off their products / projects to customers accessing them digitally. Also, many buyers have a feeling of booking only after visiting the site physically. Nevertheless, this phenomenon has already taken a turn and now real estate developers can include virtual reality and virtual tours of their projects / products.
Big Data: Big Data is a technology that automates the analysis of an enormous amount of data from multiple sources. This is considered to be a big thing which will positive impact the real estate development industry and can smoothen the sales / lease activities online. Big Data technology assist home buyers in comparing real estate objects based on variety of criteria and selecting the ideal one for the home buyers.
Technology has already made a significant impact on real estate industry and it is the need of the time that all the real estate companies must start taking advantage of the digital renovation. There are many industry leaders who have already accelerated their digital transformation and have also began to spend substantially in technology across their functions and departments. This digital renovation can make the property buying journey for any customer much easier and convenient. CREDAI-MCHI would recommend that all the real estate developers must aim at complete digital transformation to all customer centric aspects. Still, this will just be the beginning and exciting future is a step ahead.