Covid-19 Impact: How Real Estate Digitalization Becoming the New Normal

real estate software development

July 8, 2020

Reading time about 6 minutes

From the past few years, many technological solutions have been introduced that enable real estate companies to enhance resilience, maintain stability, and ensure continuity.  However, the adoption of digital tools has been slow in a few companies as they didn’t find the immediate need to transform their on-going operations. The COVID-19 outbreak becomes a genuine catalyst to adopt real estate software solutions at an unprecedented pace. Many investors believe digitalization will increasingly shape the industry including marketing strategies and even handle complex real estate transactions with ease.

Also Read: How’s Technology helping Real Estate Industry in the times of COVID 19 Crisis

Real estate requirements are changing rapidly. Thus, real estate companies are leveraging the potential of technology to bring customers, developers, and agents closer to each other while breaking the barriers of time and geographical location. Look at 5 top most influential technologies that can reshape the future of the real estate sector.

Say hello to a New Beginning with Smart Technologies

  1. Virtual Real Estate Tours Becoming Mainstream

Before COVID-19, virtual tours were only dominant in the residential letting sector. But now virtual tours were starting to get traction in the commercial industry, especially for investors who reside overseas or corporates who are seeking to shortlist space.

Real estate virtual technology solutions bridge the gap wherein buyers can enhance their online experience and give them a better understanding of their space. Unlike the traditional approach, it reduces on-site visits and helps agents to entertain only interested buyers that save both time and effort.

There are multiple ways to use virtual reality on an online platform. The first and foremost way to use technology is by offering virtual tours. The virtual tours provide a complete 3D walkthrough of a property like the way they want if they were present physically.

It has become an innovative technology that drives the real estate market forward, support buyers in decision-making, and improves transparency.

Besides the virtual tour, the technology helps buyers to visualize and decorate a virtual space. It is a fun tool that lets property owners play with styles and furniture groupings before showcasing their properties, giving an incredible experience to buyers, investors, and agents.

  1. Gearing Up your Business Efficiencies with Automation

It’s no secret that automation and real estate technology can be overwhelming. Whether you own one or a dozen, managing properties can be grueling at times.  A seemingly endless set of tasks like rent payments log, organize maintenance repairs, documents to create and sign, list of properties under inspection, and much more.

The real estate industry has been gradual to turn towards technological advancements. However, the pandemic has a tremendous role in bringing a drastic change in everybody’s lives. Everything from automation of inventory stock management to streamlining business processes with property management software, several benefits of technology are becoming abundantly clear to the real estate industry.

Automation unlocks opportunities for commercial real estate brokers/ sellers and makes them more productive while reducing the amount of time taken for completing repetitive or manual tasks. Investing in software like sales management, property management, or inventory management helps you put all the data in one place and is accessible anywhere and anytime.

  1. Accelerate with Robust, Secure, and Scalable Cloud Strategy

During this critical period, technology has immensely supported the interests and aided in retaining business continuity. Now, buying and selling processes have moved online. Digital platforms have become a savior for the real estate market.

Businesses are looking forward to cloud solutions where they store their data on external servers and access from anywhere in the world. It will simplify the process of searching, viewing, and buying properties while keeping the information safe. It helps real estate agents to serve clients better and close deals faster with programmed data in place.

  1. Making Tailored and Informed Decisions with Big Data Analytics

Being slow to identify subtle trends means leaving opportunities on the competitor’s shelf. It’s time to implement big data and harness its power for quick and actionable insights. By accessing application program interfaces (APIs) and connecting various databases, you can stitch the data together to extract patterns and forecasts for new market-entry strategies.

With an advanced data-driven approach, yield powerful insights and create value from data received. Evaluating and investing in real estate opportunities require extensive research. Gathering quick information of location, allows real estate investment companies to understand the potential of the neighborhood before jumping into the competition. With advanced analytics, you can get answers to various significant questions like,

  • Is the area worth investment?
  • Will you get good prospects from the neighborhood areas?
  • How to understand geographical risks?

By understanding location data, you can verify both the geographical nature of the real estate and determine the value of property basis on surrounding areas.

Turning Massive Challenges into Meaningful Change

Before the crisis, the real estate sector was moving towards digitizing processes. But with the overnight implication like physical distancing and the lockdown have magnified the importance of digitization.  Adopting the technology you can,

Deepen Engagement

The main reason to adopt digital technologies is that now buyers are interacting online while avoiding constant visits to the sites or commercial properties. The experience has created certain maturity in the real estate digital platforms that have now expanded into multiple touchpoints. Developing a reliable real estate platform is a smart way to transform an exhausting exercise. It enables online customer interaction and virtual walkthroughs with just one click. Thus, digital platforms enabled with the latest technologies helps in closing deals quickly by offering a sense of flexibility and engagement to customers.

Improve Efficiency 

Business efficiency is a primary goal for every real estate industry. Implementing the right technology at the right time helps to handle some of the workloads which streamline your company’s operations in a way that benefits everyone.

Keep Operational Costs Low 

There’s a cost to technology. But think it as an investment, not just a price. Investing in smart and reliable technologies can save you enormous money and can give you remarkable ROI in the long run.

Rethinking the Future of your Real Estate Business, Now

Post Covid-19, the world will have a New Normal. By embracing these technologies, the real estate companies demonstrate prudence and future-readiness. Hire a reliable real estate software development company to adopt the new yet permanent changes efficiently. Most real estate players have been smart who are already making decisions that will alter their strategy and protect their real estate landscape. Be the smartest, strengthen your position through this crisis, and make bold decisions to enhance experiences and deepen relationships between investors & brokers.