The world is embracing digital tools like never. Digitization is the magic bullet that is metamorphosing the core processes and structures of various businesses across the world, helping businesses stay relevant in a volatile world.
Businesses are dumping conventional business methodologies and answering the clarion call of digitization with a zealous intent for their own convenience.
And this switch to digital has paid off well for businesses, especially the real estate sector in critical times such as the recent outbreak of coronavirus pandemic.
The real estate was a laggard at wearing the digital garb. It kept stalling the trend till the time it realized that it had to play catch up to match the digital revolution. Basically, fintech colluded with real estate to become proptech, sparking a technological movement.
Proptech aims at reengineering the business processes of real estate by injecting new layers of tech to existing physical assets and powering them with data & analytics, AI and IoT to take on the expectations of the digital world.
Many nations still are coming to terms with this snazzy technology but are keen on adopting it to save their real estate business from slipping into oblivion. And with a crisis like coronavirus taking the world under its grip, real estate businesses will have to take the online route to keep their engines running.
The show must go on. You cannot turn back a home buyer or an investor showing interest in a property just because a virus is keeping you indoors. People may be afraid to travel but they are still willing to close their property purchases.
The coronavirus pandemic is a wake-up call for millions of real estate companies that the future is digital. When such events lead to mass hysteria, technological and behavioural evolutions are bound to happen. And real estate will turn from a purely physical asset to a digitally behaving one, not at a sedate pace but in an accelerating fashion.
Look around you. Every piece of daily life and business activity has been converted into a digital format. Money has already become digital. Even the stock market has donned the digital hat. And high-value assets such as cars, yachts, venture investments and even real estate have started to behave digitally.
Are you getting the drift??
In the near future, it will take just some digital records to sell a home or say a car. It won’t matter who is using the car or the home. With Big Data spreading its tentacles across tech circles, just a piece of code will determine who the legal owner of the possession is.
And real estate is charting that path. It is behaving like a digital asset where paperwork for homeownership transfer will be stored on the cloud. So, no wading through endless documentation now.
Imagine a future where the entire real estate market is accessible and at the same time tradable online. Homebuyers or commercial investors will be able to access properties online just like any other e-commerce portal and purchases and sales will be conducted seamlessly through digitized platforms.
AI will help real estate businesses filter customer preferences better by analyzing data that will help in zeroing in on the right homes for them. Investors will leverage AI algorithms to gain insights into real estate market trends and make fruitful decisions in their business.
And this will become a norm soon. Online sales are easy as they minimize transaction costs, save time and close deals in a jiffy. They are transparent and come with bulletproof wire payment gateways privacy protection for secure, faster and cheaper transfers.
Blockchain software is steadily getting adopted by the real estate sector which is allowing them not only to make customer information secure but also to work remotely from home. During times of crisis where avoidance of physical contact is a necessity to keep a virus from spreading, such tech can keep the wheel rolling.
In such a situation, homebuyers and agents now are forced to close deals online and work remotely to avoid physical contact. Well, maybe in the coming years’ Gen X and Gen Y will get used to this online fad of buying homes.
Who can forget VR and AR in this coronavirus crisis! Well, these two tech hotshots have arrived big time on the proptech scene and their prowess is milked by real estate companies to reduce the need for physical site visits of a property. This cutting-edge technology is helping potential buyers to virtually take a tour of the properties without being physically there. Coronavirus…Who?
3D renderings are providing a 360-degree tour of properties from a customer’s phone anytime and anywhere. These futuristic experiences are adding a new dimension to the pedigree of real estate.
Coming to the brokerage scene now. Real estate brokers are steadily moving away from being a shady middleman to becoming tech-savvy conduits using advanced technologies to interact with customers. They are leveraging proptech models to generate leads and pushing the real estate sector to pioneer new inventions.
On a concluding note, the real estate sector is on the path of a remarkable renaissance and is one of the fastest-growing industries worldwide. In a world, where most people are tech-savvy and surf the internet for meeting every need under the sun, the real estate sector has to act fast and adopt technology wholeheartedly to become a sunshine sector again.