Technology is moving in every sector and showing positive results as well. But in the real estate sector, complete digitalization was not visible before 2020. Every business in the whole world due to COVID-19 is now running digitally using suitable technology.
COVID-19 caused various restrictions on travel; even coming out of home without much important work is also dangerous. So how can one run a business? The answer is using technology.
As per the current situation, it is true to say that the longer the pandemic stays, the longer we have to rely on digitalization. The same case applies in real estate industries also. To run a real estate industry, a real estate app development company is essential because one cannot adopt the digitization process of business.
The pandemic occurred so that it became necessary to find a path of operating businesses that were contactless and technologically rich. The next-gen technologies like Blockchain, AI, AR/VR, and more will benefit real estate industries to smoothen work and operational processes.
Some of the most glaring technologies helping the sector sail through the coronavirus crisis are here:
Business Practices Automation
Automation in the real estate industry is one of the most crucial and common examples of technology that has arrived. Technological automation in the fields like marketing, business processes, and engagement practices is hugely helping real estate industries. Some of the areas where automation in the real estate industry is popular during the pandemic:
- Use of the website for lead generation
- Leads syncing using omnichannel
- Task and transaction management
- Accounts and finance management
- Use of Spectra using property inspection
- Lead parenting through drip emails or automated workflows
Virtual Home Tours
Virtual home tours are the most demanding and beneficial pandemic-driven technologies for the real estate industry. It also helps potential customers have a clear look at the property they want to buy. This technology is beyond 2D photographs and video conferencing tools and gives a real-time site viewing experience.
According to the experts of AppFolio, “71% of property management companies said their priority of virtual showings has increased,” and “64% believe they’re here to stay.”
The use of virtual home tours offers greater flexibility in the apartment hunting process. It is close to observing that the virtual home touring system will stay once after COVID-19 also because it gives conveniences like scheduling, visiting far-away houses in no time, and maintaining such property from far away.
One of the most disturbing problems that real estate industries are trying to overcome is the reliance on papers. The greatest step that businesses can take to serve buyers/sellers through stay-at-home orders is streamlining real estate procedures with the help of digitalization. A real estate app development company can help you adopt cloud technology to advance your real estate business operations.
The benefits of this disruptive technology in property are here:
- Trustworthy security and storage
- Reducing the operational costs
- Provides real-time sharing and accessibility feasibility
Streamline paperwork with Blockchain
In a traditionally running real estate industry where there are multiple stakeholders, property management becomes highly complex. The property management work can either be done offline through manual paperwork or online using a real estate app development company. The result of using the online process of managing properties data is completely secured and properly maintained data.
The future of real estate can change with the increasing role and use of Blockchain for property transactions. The Blockchain can also help in deed management for a smooth work environment. Various startup companies can also grow in a pandemic with the use of highly advanced software.
The lease agreements, contracts, and maintaining data with the help of real estate mobile apps can streamline the whole business process and is a one-time investment that helps to minimize operational costs in the long run.
Shutting down businesses is not possible for more than a while, and these have to operate in every situation.
The COVID brings a new trend of working: work-from-home, where employees work for you from their homes. The process of delegating work, data, and other work essentials becomes difficult in the early stages of work-from-home. Communication faces various hassles and gaps, due to which work slows down.
For overcoming the communication gaps, remote communication should be adopted so that the managers or heads of the businesses can communicate and get work done efficiently without facing problems like communication gaps.
Technology advancements will continue to grow and restructure the whole working of this industry, thanks to COVID-19. One crucial factor which COVID-9 also cannot affect is the need for personal relationships between investors, agents, lenders, and brokers. These parties should continue to develop their sphere. But the use of technology in this sector is proven to be a boon even today.