Whether in how real estate agents work, properties' marketing, or buildings themselves, digital transformation has long since reached the real estate industry. Next to ESG, digitization is causing the most significant change in the real estate industry. A benchmarking study by PwC shows that virtual reality (VR), augmented reality (AR), the Internet of Things (IoT), the use of artificial intelligence (AI), drones, and robotics are the essential technologies for digital let transformation be identified. What can you expect today and in the future?
Digital transformation and digitization in the real estate industry bring challenges and offer great opportunities. And many real estate agents recognize the potential. According to another PwC study, many expect an improvement and optimization in data management, data quality, and simplification through automated processes. Customer management and marketing are also in focus.
The fields of action of the digital transformation include.
Building information modeling, called BIM for short, plays a central role in digitization. With BIM, real estate projects can be accompanied by a digital process over the entire life cycle. This starts with the first draft, continues with the construction, and ends with the optimization of the operation.
All actors involved in the project can work together intelligently using the cloud. With an extended BIM, tenant or consumption data are also part of the BIM, which different interest groups can use for intelligent property management.
The digital transformation in the real estate sector implies changes in different areas, from design and production to management and promotion.
For example, in the case of the design and construction of the house, these can benefit from systems such as BIM and blockchain. In addition, good work can increasingly include home automation and the Internet of Things.
On the other hand, when we talk about the management and promotion of real estate by real estate agencies or developers, this adaptation to technologies means more than robust Digital Marketing and the digitization of documents or operations. In reality, the digital transformation process entails an investment to improve processes, train people, and include technological tools in their operations. Some of them are.
CRM relationship and management systems to add different platforms with customer, property, and developer data.
Although the world is increasingly technological and the real estate sector, like everyone else, is experiencing a moment of transformation, this does not mean we should completely abandon traditional processes. Thus, technological advances help increase opportunities in the sector, from expanding the public to lowering costs and even discovering better working methods.
The main advantages for companies are.
Likewise, digital transformation offers the following benefits for the client.
Digitization is undeniably the present and the future in all sectors. In addition to being essential for companies to remain relevant, current, and competitive, they can ensure customer satisfaction and loyalty.
Artificial intelligence and machine learning Artificial intelligence and machine learning have entirely transformed the real estate industry, from improving processes like finding relevant homes to adjusting transaction records.
Real estate companies can use artificial intelligence to recognize qualified leads from their website and mobile app development. The Ml model saves a lot of time by recognizing potential customers who are most likely to become legitimate buyers. AI can help real estate agents and brokers predict the final value of a property in a given market. In this way, AI can give you a competitive advantage in the digital real estate market without incurring additional costs on your company's infrastructure or assets.
Digitization only happens after some time. On the contrary, before making a business-hindering technology transformation, you first need to understand your audience, demand, and industry from the ground up.
As a sector that has only recently been introduced to the enormous potential of digital evolution, it is only a short period before the market completely reconfigures itself.
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