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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.