How technological advancements impact the real estate market
Customers prefer searching for a house online rather than going to a real estate agency.
Previously, clients would visit a real estate agency or search for their desired property through traditional media. However, today, the dream of owning a house is just a few clicks away. This is because the internet has brought more convenience to the entire process, and the COVID-19 pandemic has accelerated the much-discussed (and necessary) digital transformation in the industry.
In the era of Society 5.0, where the consumer is the protagonist of their actions and decisions, investing in technology is no longer a differentiating factor; it has become a mandatory condition for even construction companies to increase efficiency, productivity, and, of course, achieve significant results in the face of fierce competition. Therefore, there is no point in denying the obvious: technological advancement is an irreversible path.
By the way, the construction sector has never been particularly inviting, both for consumers and entrepreneurs, precisely due to the bureaucracy involved throughout the chain, with slow and exhausting processes. Contrary to this scenario, innovations worldwide have emerged to optimize the entire journey.
Today, it can be said that virtually everything related to construction, buying, or renting a property receives massive support from technology. From the way properties are built to how they are advertised, technological advancements prevail, or at least should prevail. To summarize, here are some examples that have been having a significant impact in practice.
Online real estate search platforms:
Online real estate search platforms, such as Imovelweb, OLX, and VivaReal, are becoming increasingly popular. These platforms allow buyers and sellers to research and find available properties in real-time, enabling them to compare prices, features, and amenities of different properties.
AI and chatbots in initial assistance:
Welcome to the era where robots, or the acclaimed artificial intelligence, if you prefer, can spring into action via chat to provide more details about a property, answer questions, schedule conversations with real estate agents, among many other functions. Contrary to what one might imagine, with the right support, chatbots can facilitate quick, personalized, and highly efficient assistance.
Virtual reality and 360-degree images:
In addition to saving time and money, virtual tours and non-static images allow access to properties without the need for physical visits. These tools provide convenience to the process and attract potential clients quickly and accurately. To personalize the experience, incorporating furniture, pets, and people can make interested parties feel "at home."
Data analytics technology:
Data analytics technology is being used to predict price trends and demand, as well as to better understand buyer behavior. This can help inform investment decisions and marketing strategies.
Sending and signing real estate contracts in digital environments is already a reality. Effective and efficient, specific software handles negotiations in a simple and streamlined manner.
Customer Relationship Management (CRM):
Developed to automate and optimize the communication process between companies and their customers, CRM is a customer relationship management tool. The platform is essential for organizing work and each step of the buying journey. This makes it easier to provide efficient customer service, make informed decisions, define timelines, and manage everything in a much smarter way.
Incorporating services into developments that enhance residents' lives is a growing trend. Vending machines, autonomous markets, laundry facilities, shared bikes, and cars are some options already present in many condominiums that prioritize quality living. These conveniences can be accessed through applications, literally at the touch of a hand. Some, particularly those involving mobility, also promote sustainability.
When considering the advancements provided by these and many other innovations in the real estate market, it becomes clear that digital transformation opens up a range of possibilities for generating sustainable results while creating a differentiated experience for clients, partners, and stakeholders. The key today is to view technology as a solution and strategy to integrate all stages of the customer journey. After all, the market will continue to evolve, and it is up to each individual to keep up with the necessary changes for the growth of any business.