Digital Transformation in Real Estate Industry

None of the business areas can afford to ignore technological changes taking place in the modern world and altering the usual ways of economic interactions. It is also true for the real estate sector, which also needs to be transformed and to adapt to the call of the times.

Why does the real estate sector need a digital transformation? There are several answers to this question:

• Search methods have changed for tenants and home buyers. You cannot ignore the power of digital marketing channels, or else, your competitors will leave you behind.
• Platforms connecting sellers and buyers have emerged. Their role as an additional channel complementing the usual sales model is growing.
• Requirements for information relevance. Customers want to get information about the condition of the property, in which they have invested, promptly and with minimal delays.
• The necessity to control the property and employees. The real estate sector has to comprehensively monitor the condition of the property, managed by the company, and track employee performance.

Besides the arguments mentioned above, we can name many others, like transaction history storage, contract monitoring, data analytics, etc. Introducing a unified IT system at the company, you will have an opportunity to efficiently solve all the recollected problems.
In the article below, we will list several basic ways of implementing digital transformation in the real estate industry.

Search for the Relevant Property

Before making a decision of buying a particular product, people look for reviews, feedback, and other relevant data online. Real estate property is no different in this regard. When looking for property to buy or rent, people search for information about it on the Internet.

A company can provide information on its property, using its own website, aggregate platforms, and other resources like these. Taking advantage of them, people can see property features and send messages to owners if they want to know more detail.

The number of views, as well as other types of interaction with the content, for instance, comments, the number of likes or messages sent, allows getting an idea of what customers like and what they expect.

3D Models and Visualization

Using dedicated software, you can create photorealistic visualizations of an eventual apartment or office center and allow clients to see what everything will look like long before the construction stage. You can even arrange a virtual tour of the premises, which can have a decisive influence on the purchase decision and conversion rate.

Multimedia content and 3D models are a win-win situation for attracting user attention. Moreover, introducing virtual and augmented reality technologies in this segment, you can revolutionize the user experience.

CRM System Implementation

We have already written about CRM advantages for business in our blog. The system is as relevant for the real estate industry as for any other economic sector. This is especially relevant because of the large amount of data used:

• real estate property and its features;
• transactions at different stages of the sales funnel;
• data on companies, realtors, customers, etc.

Studying all this analytic data is extremely necessary when it comes to building a successful business. It will be very difficult to do without dedicated software solutions like CRM and ERP. Using them, you will be able to store all the data in one place, lose nothing, and generate human-friendly reports.

Automatic Data Updates

Adding data to a database and keeping it up-to-date are the most time-consuming tasks for any business operating using various important data. For instance, the real estate industry uses the following data:

• the number of currently free property units;
• their current cost and other features;
• changes to various parameters if necessary;
• adding photos, texts, and other data.

Introducing a unified IT system into your business, you can minimize routine operations, synchronize changes in a real-time mode, increase employees’ work efficiency, and enhance business profitability as a whole.

Smartphone Apps

As an example, we can show several projects from our portfolio: Propertly, iMyra. The app can either target potential customers or be used internally by company employees or combine both mechanisms, providing access rights differentiation.

The possibility to remotely access the necessary data or quickly make changes to the database are the main arguments in favor of developing such a product. In our article “7 Reasons Why Your Business Needs a Mobile App” you can read about other advantages of a mobile app as a business tool in more detail.

Companies, working in the real estate sector, have to comprehend the full power of the digital transformation potential for their business and adopt digital technology as soon as possible. If you want to get your company to a new level, it is high time to start taking steps in this direction right now.

The Lvivity team has considerable experience in developing and implementing digital transformation products in various business areas. If you are looking for a reliable technology partner to help you implement such a project for your company, contact us to discuss the details.