Lori Gary, Economic Development Director, City...
Chris Madsen, Head of Global Underwriting...
Chris Kusel, CFPS, CDT, Director of...
Enterprise Technology Review | Wednesday, September 25, 2019
People are already witnessing an inevitable change in the behavior of the real estate agents today who are welcoming digital technology through the value chain with open arms.
FREMONT, CA: The real estate sector, like every other industry, has an array of operational activities and methodologies that can be developed and altered along with digital technology for better productivity and revenue. With the alterations, the surge of information is being collected and harnessed from the beginning of the construction until its purchase. The data collected from the technology helps the agents to sell the property better with deep customer insights and after extensive research to make the appropriate decision.
After the advent of digital technology, the buyer experience became a crucial aspect as they expected to follow a seamless process starting from the property discovery to after-sale maintenance. There was a rise in demand for visibility, responsibility, and sincerity in every operation and business dealing because of the significant financial transactions and investments. Moreover, due to the vast amounts involved, the real estate industry has always been kept under a constant watch of government agencies. It makes conformity a big concern, and the introduction of digital technology has come to its aid.
Explore and Purchase:
It is an open secret now that people are using the internet to buy and sell properties every year. Nearly every business needs to have its foot on the digital platform to sell the properties to the customers, preferably with their websites and investments in digital marketing tactics like SEO, online promotions, etc.
Digital Real Estate Agent:
These days it is easy to approach a real estate agent without a middle-man via the digital platforms. The social media has also been an unexpected medium of sharing and searching sellers as well as buying a property. Nonetheless, adopting digital marketing and providing personalized services by using analytics, sellers can understand the buyer needs better.
Advanced Location Visits:
The technology provides a bilateral approach concerning the location visits that include operational aspects. During the process, agents can use websites or software to plan site inspection and settle pre-visit formalities like fees, online forms, ID proofs, and financial references. Apart from that, it involves a more radical change, where VR and AR applications give a 360-degree experience of the location online, from any place if the buyer is unavailable to see the area. It can display the property virtually and show the entire design of the house that is to-be-built along with its neighborhood.
It often takes long hours to prepare the documents of a rental or purchase of a property irrespective of being residential or for commercial purposes. There are chances that the report can be prone to manual errors when performed by a human. In cases where the property is in a different country, the exchange of paper documents can be a hassle with laws and regulations. Unlike old times, today there are plenty of websites and automated tools available for the real estate sellers and buyers to complete the documentation within seconds. The portals also permit direct authentication of credentials with government authorities, carry out digital verification of documents, and aid them with complex legal requirements. Indeed, it brings transparency in taxation and pricing as well as in legal transactions without involving any potential fraud.
Insights from Analytics:
AI is being used by real estate investors, which helps them in better decision-making processes. The tech is helping them to gain valuable insights into the marketplace, encounter new opportunities, and plan realistic revenue and growth strategies. With the combination of BIM and estate management, AI-drawn insights help the real estate investors to successfully control expenses, improve investment returns, and eliminate risks.
Digital Image Classification:
In the present scenario, the real estate agents can utilize digital image classification to automate photo selection by leveraging ML to label site pictures and tag them within a few seconds. The technology also helps in convenient sorting of images based on numerous characteristics like the number of rooms and its type, special features, designs, and so on. By merging the tool with their marketing software, agents can indulge in better email campaigns and location-based advertisements.