Impact of Digital Transformation on the Real Estate Market
E-Commerce unlocked a wide portal for goods & services that redefined consumerism. The main advantage of this was that people were exposed to more options. Similarly, house hunting needs organised and regulated platforms that can present more options, help in the formalities and maintain transparency between homebuyers and developers.
The first trace of the real estate market on the digital platform started with housing listing websites that helped buyers to explore many options. With the E-commerce boom, these websites slowly overtook the real estate agencies that would otherwise charge high brokerage.
Within the past five years, developers and builders have incorporated virtual and digital formats for their projects. By 2019, many developers have reported high transactions and enquiry rates only through their websites. The pandemic only facilitated this requirement further, and by now, the entire real estate industry has leapt to a new generation:
Artificial Intelligence and Virtual Reality
With AI technology, many real estate developers have found creative ways to present their projects. The Virtual/Augmented Reality (AR/VR) technology has eased the site visit feature amidst the lockdown guidelines. Moreover, this saves ample time and resources required for house hunting.
Immersive filming, drone shots, panoramic videos, 360-degree virtual tours provide an interactive medium for buyers to envision their dream home.
Data mining, IoT(Internet of Things) and machine learning further helped in the analysis of real estate trends, making it favourable for builders to construct projects based on popular demands.
Optimising Customer Service
Digital transformation in real estate directly impacted client-dealer relationship management. Earlier, homebuyers could only avail information about the project through real estate agents. Plus, the vague transparency between the developer and the buyer would often lead to withdrawals from deals.
Digitalization techniques such as chatbots, quick access to sales representatives and frequent updates have cemented a trust value among the buyers. Aurobindo Realty is considered the best real estate company in Hyderabad that has adapted this latest technology for a customer-centric and user-friendly website.
Purchasing a house can be a daunting task with heaps of paperwork, verifications, and formalities. Furthermore, the lockdown made it seem impossible to book a home. But then real estate companies changed their approach and conducted virtual transactions instead. This allowed people to purchase a home, from their comfort.
Protocols were followed digitally with safe and regulated payment options. Digital transactions fast-tracked the booking process, also restricting the “black-money” transactions.
Here, the Real Estate Regulatory Authority (RERA) played an important role as an intermediary to make sure that the legalities are bound and verify the authenticity of the real estate company.
Pro tip: Always make sure that the project is RERA certified– this ensures that the project is in compliance with all the regulations.
Speaking of which, another advantage of digital transformation in real estate industry is that people can access all the updates of an under-construction project on the RERA website. For eg: since The Regent is located in Hyderabad, one can access all information from the Telangana RERA website.
Beneficial for Foreign and NRI Investments
Digitalisation has definitely helped people from beyond the boundaries to explore investment opportunities in India.
In a market of the “upgrade-or-lose” principle, many real estate developers have quickly adapted robust technology to make sure that foreign clients and NRIs can access their projects without much hassle.
These companies arrange special protocols for such investors so that much of the interactions and transactions are carried through the digital forum. From the foreign exchange provisions to customised contracts for these investments, tax obligations, everything is managed by real estate companies.
You can find a separate section for such NRI support on the Aurobindo Realty website where all information regarding real estate investment is explained.
Digital transformation has made accessibility easier for homebuyers. Moreover, an array of options is available before choosing your dream home, and also the heavy-brokerage system seems to be dissipating.