DIGITIZATION- KEY TO QUICK TURN AROUND OF REAL ESTATE
We live in a digitized world and it’s almost impossible to stay away from this spell of technology. In the last decade, many industries jumped this bandwagon thereby bringing a transformation in their core processes and real estate was also one of them. As COVID brought the world economy to a halt, several businesses took a major hit. It’s a no brainer that even the real estate sector had to face unprecedented challenges.
It was difficult to stay in touch with clients or have visits to the developing site. For the ones who had already booked clients, the transaction became a problem because of the complex paperwork. It became essential to have a quick and efficient solution. And, switching to digital technology was the only viable option. The lockdown initiated the process of digitization among the realtors hitherto untouched by technology wave, thus enhancing business, ensuring stability and continuity.
During the lockdown, there was a tremendous boost in e-commerce and online purchasing. Even before the pandemic, customers were used to running a quick online search before buying any properties. Hence, the use of virtual tours, interactive modelling helped in drawing the attention of buyers.
Digitization makes it easier for customers to get the information at their fingertips. It has been estimated that with digitization, real estate business along with real estate marketing and complex transactions, all of it will be smoother and more efficient. Even for buyers, online search makes it easier to compare prices and take a look at what they are getting into before committing.
Digitization is the need of the hour given to the pandemic and the new norms of social distancing which need to be adhered to. One can hardly predict what holds in the near future and how long it will take it to get things back to normal. In order to stay relevant and in touch with their customers, it is important that developers get accustomed to digital tools and digital marketing.
Several realtors have already taken the digital leap during the lockdown, invested in online sales to and have gained decent traction to their business. The use of conversational AI such as chatbots, digital marketing, building strong networks through the use of social media platforms, video conferencing, virtual tours and walkthroughs, etc are some of the strategies used by developers in adapting the new normal and giving their customers a more personalized experience.
Comment on this article