Digital Transformation in the Real Estate Sector has evolved as a necessity, in order to be relevant and updated with the changing market and business Trends.
No company can avoid the digital transformation that is taking place across the globe to sustain the future of digitalization.
If you’re seeking to understand all about a digital transformation in the Real estate sector, then this blog is a great place to start with.
In this blog, you’ll learn about what digital transformation stands for, what it comprises, and what are the needs and importance of digital transformation in the real estate sector.
You’ll also learn about how real estate can go digital with the help of the digital trends prevailing in the real estate sector.
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So, without further ado, let’s begin by understanding what a digital transformation is.
What is a Digital Transformation?
A digital transformation is the up-gradation of existing processes or the introduction of new ways of carrying out business activities using digital technologies that enhance a customer’s experience and leads to higher conversion rates for the company.
Digital transformation means redefining business processes in this new digital era.
The four main areas of digital transformation are process, technology, data, and organizational change.
Whereas the 3 main components of digital transformation are rebuilding the operations, rebuilding relations with customers, and rebuilding procedures.
Now that we know what digital transformation basically means, let’s see what are the needs and importance of digital transformation in the real estate sector.
Needs & Importance of Digital Transformation in the Real Estate Sector
To remain ahead of the competition, it is necessary for real estate companies to explore new structuring options, improve operational efficiency, and balance portfolios to get maximum return on investment – all while mastering digital disruption and learning the customer preferences.
The real estate sector in India has robust demand, attractive opportunities, government policy support, and increasing investments.
However, to make the best use of all this, the housing companies have to adapt to the innovations and latest technologies.
Check This Out: Why Every Company Needs A Digital Transformation
Here are a few reasons why a digital transformation is important.
1. Change in how customers search for housing
If you are a real estate developer, you should not ignore the power of Digital Marketing. One of the benefits of Digital Transformation is that your business will have a strong and powerful digital marketing strategy to capture a majority of potential homeowners using the Internet to search for their future purchases and that’s what will help you move ahead of the competition.
2. Change in customer demands
It has also been noticed that a majority of property sellers and buyers carry out comprehensive research online before ultimately selling or purchasing the property offline.
The customers want to know everything so that they can take a calculative decision. So, if you do not have a strong online presence, you are losing out on the chance to connect with a significant number of interested buyers and sellers.
3. Change in Technology
The nature of the conventional real estate business model is changing thanks to the rise of online real estate websites. These sites are providing platforms that offer interested buyers a lot of home listings, complete with pictures and even virtual walk-through.
These services are also offering research tools, which enable the users to not only filter their property search but compare prices, identify street locations, and more, without leaving the comfort of their home.
If you want to reach out to these customers, you need to adapt to all these technological changes.
Now that you are aware of the needs and importance of digital transformation in the real estate industry, let’s take a look at some of the digital trends which can be used as a part of digital transformation in the real estate sector.
Digital Trends for Real Estate Sector
To remain ahead of the competition, it is necessary for real estate companies to explore new structuring options, improve operational efficiency, and adapt new digital trends to get maximum return on investment – all while mastering digital disruption and learning the customer preferences.
Bonus Read: Top 25 Digital Marketing Trends for the Future
Given below are some digital trends that the real estate sector can adapt in the process of transformation of the industry digitally.
Big Data is a technology that automates the analysis of an enormous amount of data from multiple sources.
For example, if you’re looking to rent or buy an apartment, and you have a couple of options. Big Data technologies will assist you in comparing those real estate objects based on a variety of criteria and selecting the ideal one for you. It helps you save time when looking for a new home.
This will enhance your customer’s experience.
AI & Machine Learning
Artificial intelligence (AI) assists machines in completing complicated and sophisticated jobs. This includes everything from assessment, problem-solving, and decision-making to pattern identification and comprehension. Machine learning is frequently utilized as the AI’s primary method.
In the real estate industry, Artificial Intelligence can be utilized to improve data management and it will improve the advertising campaigns by scanning data and determining the most popular or required forms of real estate assets.
Predictive analytics evaluates and forecasts market trends using Big Data and machine learning techniques.
Predictive Analytics can help you in generating more leads by understanding the buyer’s journey over time and the Customers who are interested in buying or renting can be identified by real estate managers.
Purchasing, selling, and estimating real estate is a somewhat hazy and fragmented process. Blockchain technology has the potential to improve this process by increasing transparency, eliminating paperwork, and removing the involvement of several third parties.
Blockchain is one of the digital trends in real estate since it automates, accelerates, makes transactions accessible, and tracks them.
Calculations in the cloud are referred to as cloud computing. The cloud is where SaaS software and services work and store data, allowing for easy and quick access.
It will improve customer relationships and quick response to queries and requests and will reduce IT maintenance costs on server hosting.
80 % of top real estate performers use cloud services, for marketing, sales, customer relationship management, property administration, shared storage, data mining, and other tasks.
A virtual tour is a 3-D walkthrough that allows potential buyers to see an apartment or property that is for sale. The potential buyer can decide which section and from which angle they want to look at, like Street View on Google Maps.
Customers can receive a more accurate sense of your home by using virtual tours. This digital trend has picked up tremendously because of the ongoing covid-19 pandemic.
Also Read: Growth of Digital Marketing during Covid-19
A website is similar to a company brochure or product catalog. Furthermore, the average customer searches for houses online using a mobile device. They look at the images, home listings, and information about the home-buying process on websites.
The website will assist in generating qualified leads and will allow for the use of extra advertising tools such as SEO, PPC, affiliate marketing, and content marketing.
As a result, several of the digital trends listed above could be applied to the real estate industry as part of its digital transformation.
Let’s see how you can start integrating a digital transformation in the real estate industry today.
How can you bring a Digital Transformation in the Real Estate Sector?
Digital transformation in the real estate sector in India has accelerated from being the talk of the hour to the need of the hour. Not only has it managed to rapidly change the business environment but has also disrupted the traditional way in which business was done.
By 2030, the real estate sector of India is estimated to reach a $1 Trillion market size. This will be possible only if the entire industry undergoes a digital transformation.
Now, if you’ve read our blog on top digital marketing trends, you’ll know that any industry or company can use a variety of strategies to accomplish digital transformation.
You can get started on your own, but you’ll need to employ a professional if you want a more comprehensive or advanced strategy.
This is when IIDE comes into the picture. IIDE offers comprehensive and customized digital marketing corporate training built by industry experts to provide them a 360-degree picture of the digital world.
The corporate training is conducted for all kinds of companies including real estate. It is customized on the company type, their needs, and their goals.
Our corporate training program has helped companies like Volkswagen, Abbott, Asian Paints, L&K Saatchi & Saatchi, Mahindra & Mahindra, Cipla, and others accomplish flawless digital transformation.
Write to us for a tailored demo if you’re looking to digitally alter your organization.
We hope that this blog has provided you with a better understanding of the importance and necessity of digital transformation in the Real Estate Sector.
Let us know your thoughts about this in the comments section below. We would love to hear back from you.