Changes in digital technology have been happening across industries for years now, and real estate is no exception. Last month, we gave an overview of digital transformation as well as real-life applications as they apply to marketing. This month, we’re discussing what digital transformation means specifically for real estate companies. When it comes to digital transformation, there are plenty of digital applications real estate agents can use in the home-buying process.
Augmented Reality (AR)/Virtual Reality (VR)
Thanks in part to the COVID-19 pandemic, many processes were forced to go digital, including the buying and selling of homes. While photos of a home’s interior and exterior are great for showcasing it, we now have technology available to us that allows buyers thousands of miles away to take a virtual tour of the home.
Another cool feature of AR is the ability for buyers to fill the space in the home. AR tools allow buyers to envision how they might use the space, from furniture layouts to experimenting with light fixtures. Many smartphone apps like Amazon and Target now allow buyers to “try out” furniture in their spaces through the use of AR.
Digital Contracts
DocuSign and eSignatures are old news, but they can make the home-buying process easier for both the buyer and the seller, particularly if they aren’t in the same place. Since eSignatures are legally binding, potential buyers can review contracts on their phones and sign digitally without interrupting their workday with a drive to an office.
To keep up with the times and the hot real estate market, many offices are switching to integrated customer relationship management (CRM) software or real estate transaction tools that allow teams to edit forms, eSign, and collaborate in one place. Long gone are the days of chasing down signatures on paper when you have software that will do the heavy lifting for you.
Analytics
Most real estate companies are already using data analytics as a tool for property information, determining listing price, and identifying potential buyers and sellers. As artificial intelligence (AI) continues to grow and expand its reach, digital analytics will continue to be an important tool for predictive analysis.
AI allows companies to be better prepared with the information needed to serve their customers. As an extension of AI, machine learning can process huge amounts of data and provide insight into consumer behavior that real estate agents can use to offer targeted services.
If you’re a late adopter of the digital transformation age, all of this may sound a bit overwhelming compared to how you’ve been doing things. If you’re looking for a team that can assist you with this digital transformation and get your real estate business into the 21st century, look no further than us here at PRIME. We’re experts in the real estate industry. For more information, check out our case study on the subject.
If you enjoyed this edition of PRIME Pulse, take a look at some of our other related articles:
- 5 Digital Marketing Goals to Set for the New Year
- The Ultimate Digital Marketing Dictionary
- 3 Questions to Ask When Courting a Marketing Agency
