Digital Transformation of the Real Estate Industry

New technology is swiftly transforming almost every sector of the professional world, streamlining numerous elements and automating processes.

The real estate industry is just one of a number of different fields that have seen significant changes brought about by these developments.

In this article, we’ll explore the ways in which property sales, purchases, management and other activities have reaped the benefits of digital additions and adjustments.

Communication

One of the key duties of estate agents and property managers is to communicate with prospective buyers, sellers, colleagues and other stakeholders.

Over the years, face-to-face meetings and phone calls have gradually been replaced by email interactions, reducing the amount of time and the range of resources required to discuss certain matters.

The simpler queries often do not need any interpersonal contact whatsoever - they can now be answered by “chatbots” on a property company’s website. This frees up agents considerably, enabling them to achieve more in a day. It also requires less effort on the part of the client.

Some property specialists, including auctioneers and quick home buying organisations, are able to complete an entire transaction without once meeting their clients in person.

According to Ruban Selvanayagam from Property Solvers, “the coronavirus has taught us that we need to be more flexible in our approach. Although nothing beats seeing properties ‘in the flesh’ but virtual viewings like those offered by the likes of Matterport, Kuula and EyeSpy360 have helped a lot in this regard.”

This adjustment in approaches to communication can affect paperwork too. Many official documents can now be digitized, with e-signatures replacing handwriting to expedite the process and reduce the likelihood of misplacement.

Property Profiles

While the estate agents’ window is still a useful feature for individuals browsing for properties, it is now a great deal more common to search online listings in order to create a shortlist of potential homes, buy-to-let opportunities or commercial premises.

Property search applications are now used to collate listings from numerous different agencies, enabling prospective buyers to enter specific terms and criteria to create a shortlist and make searching quicker and easier.

There is also the potential for property listings on an agency’s site to be made more thorough, with links to 3D street views, interactive maps and floor plans included.

Viewings

While viewings are still a vital part of most property transactions, and a sale without a property visit remains a rare thing, certain developments within PropTech (property technology) are capable of reducing the likelihood of an unsuccessful trip.

By including 3D “tours” of certain properties online, an estate agency’s clients can get a stronger feel of the size, feel and layout of each room in a building without having to visit.

This way, they do not have to select their property shortlist using a handful of still images. This makes it easier to decide which locations are worth pursuing further without having to pay a visit or requesting the presence of an agent.

Management and Maintenance

Landlords and property management companies have a considerable workload to undertake - and the larger their portfolio, the more tasks they have to complete.

However, certain applications can be used to significantly streamline their duties, help them stick to deadlines and manage their paperwork with very little effort.

There are portfolio management tools now available that can keep track of expenses in real time and synchronise landlord and tenant diaries to provide reminders for rent or insurance payments, equipment and appliance testing, maintenance visits and other important events.

They can also be set up to keep track of warranties, make and receive payments, create checklists for inspections, enable the reporting of maintenance problems and book certain services.

Multiple properties can be managed under one account, enabling any property manager to keep track of everything at the same time - thus saving themselves time, money and stress.

Advertising and Marketing

Significant advances in data analysis have enabled property companies to reach their perfect audiences, ensuring greater success for their marketing ventures.

For example, potential buyers who have browsed a company’s roster of homes for sale may choose to allow that organisation to retain their data so that they can be contacted if a property becomes available that better suits their specific criteria.

Furthermore, there are now a huge number of opportunities for estate agencies and other property sales specialists to build their online profile.

From a strong social media presence to a well-optimised website and good performance on review sites, improving customer trust and interacting in a positive manner with potential clients has never been easier to achieve.

Furthermore, search engine optimisation (SEO) techniques are growing ever more sophisticated, so companies that properly invest in this resource can quickly find themselves at the top of the search results.

The internet has also provided innumerable opportunities for individuals to improve the chances of their own property being sold for a good price.

From sharing its estate agency profile on social media with well-chosen hashtags to adding its information to local listings, individuals can now have a greater impact on the success of the sale of their own property than has ever been possible before.