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How will digital transformation bolster the real estate industry?

Most sectors have benefited greatly from
their processes being dismantled and reconstructed by digital transformation. However,
to date the real estate industry has only undergone very minor improvements,
such as housing adverts moving online. Read through our guide below, which
helps to outline the changes we can expect to see in the near future.

Virtual Reality

70 per cent of all today’s property buyers
conduct their searches online. This provides a significant reduction the amount
of time that would have been spent 20 years ago, saving them from trooping from
one estate agent to another, picking up copious amounts of brochures. Despite
this, the experience can be extended even further thanks to what’s on offer
from the internet. Once you’ve shortlisted a variety of properties which match
your taste, you then have to organise a viewing which suits both you and the
seller.

If you’re moving a large distance, this can
be particularly inconvenient. With developments in relation to virtual reality
however, potential buyers can walk around a property with the help of
holography, getting a real feel for the place without having to visit it. Not
only does this save the time and money of the buyer and the seller, it also
means an estate agent doesn’t have to attend the property either — further
reducing costs.

Cloud

One of the main stress-inducing aspects of
real estate is the sheer quantity of paperwork, all of which is of grave
importance. One of the most valuable pieces of paper you will ever lay your
hands on is the deeds for your house. However, taking advantage of the likes of
Cloud will support the process in a digital fashion — offering a place to house
the variety off documents. Meanwhile, the development of blockchain in securing
details will make for a more simplistic transaction.

Although there still exist hurdles in
regard to binding digital signatures, the HM Land Registry are continually
analysing its rules on how to implement such technologies into its processes,
knowing how cost-effective and time efficient it would be.

App-purchasing

The app generation has taken over and with
the growth of the likes of Purple Bricks, the property industry isn’t much
different. Book a valuation using the app, have your property promoted online
through the Purple Bricks website and companies such as Zoopla, control
viewings online on 24/7 basis, and finally, manage all the incoming offers.
Unlike going through an estate agent, where, if a bid rolls in, you have to
wait on the estate agent contacting you to inform you, with Purple Bricks’
handy concept, you can view your offers at all times, and even accept them
using the app —the only non-digitalised aspect of the entire process is the
company calling round to put up the estate agent boards.

Communication

The popularity of the humble text message
has increased tenfold over the past number of years, particularly amongst
millennials. Jill Hussar, a Florida based realtor, describes
the current situation within the housing market as: “millennials prefer the
majority of communication to be via text message.

She goes on to note how they: “use texts to
express their interest in a property, schedule appointments and ask questions
while phone calls are usually reserved for more urgent or pressing concerns”. On
the side of the agent, 90 per cent are communicating through text, 94 per cent
through email, while 36 per cent are using instant messaging.

With an increased dependency on
cost-cutting and efficiency in 2019, every sector is placing an emphasis on
their use of technologies and the real estate industry is no different, with
everything become significantly more aligned with digitilisation. Who knows what is yet to
come, but it will certainly be intriguing?

Bio:

Where
The Trade Buys is a commercial print business and
business card designer, with bases in
London, Sunderland and Surrey.

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