The real estate sector was ruling the realm for many decades now. For the past few years, it is in a sluggish mode, due to factors like changes in regulations, the introduction of RERA, economic crisis, and topping all this is the pandemic. One wonders with so many challenges; how is the real estate sector still holding its ground steady? The answer is ‘Adaptation.’ Real Estate transformation happened because it was open to the concepts of Digitalization and Digitization of real estate. The realtors took the new marketing trends on their stride by digitizing their brands and services through social media, online marketing, and other digital channels. At the same time, Digitization of real estate involved transferring details of all the projects, building details, construction status, and every minute detail into soft copies that are easily understandable and available to the customers.
This blog gives you a sneak peek on how real estate transformation resulted in better future of real estate:
1. Online Real Estate:
The concept of Online real estate is spreading faster in various forms like e-commerce platforms, social media, listings, websites, and more. They play a significant role in the online real estate growth graph as they list out both residential and commercial properties available across the country for sale, rent, lease, and so on. Realtors have adapted to this format to reach a vast customer spectrum.
2. Digitization of Real Estate:
Real estate transformation is apparent in many ways, one of which is the many benefits incurred due to the Digitization of real estate. It has given more transparency and reliability, ease of business, speedy processes, efficiency in the leasing procedures, sustenance of the brands, availability of real-time data, and more. It has been more of a boon to the sector for adapting this model and creating new trends in real estate.
3. Digitalization of Real Estate:
The real estate industry quickly adapted to different concepts of digitalization. It helped in transforming the face of real estate. Right from virtual property tours to real-time construction status, from live chats to secured online payments, the sector successfully embraced all the verticals of digitalization, which helped the realtors to stay connected with their loyal clients and prospects during the pandemic. As mentioned in the first point, access to real estate information through e-commerce portals, applications, has helped the sector to keep its customers informed.
4. Future of Real Estate:
The most evident change the future of real estate is going to witness is the shift from family-run businesses to professionally managed organizations. The realtors or real estate developers efficiently and successfully can meet the growing demands of the customers and the need to manage multiple projects at different locations in different cities. The realtors are now concentrating on centralizing the processes and going in for a more organized workforce by bringing in professionals in areas like architecture, engineering, and project management.
Although, the onset of COVID-19 has dampened the spirits of the real estate sector and has paved ways for many new models like working from home and so forth. Market gurus believe that the industry can come back to its glory days if it efficiently embraces the technology to reach its customers.