Driving the change in any aspect of life is not easy. Today we live in the age of technology with almost everything around us relying on innovation. Old things become obsolete not in decades but in mere years. With innovation being the face driving the change in the world, there are some sectors that still haven’t fully accepted the situational dilemma. Real Estate is one of these sectors that is expected to be affected greatly from continued innovation.
The Real Estate Sector
The Real Estate sector is one of the oldest trading sectors in the world. This sector is made up of the companies that are actively engaged in real-estate development and construction. These firms deal with active and passive aspects of an industry involving both construction and sale-purchase aspects of the market. The Real Estate sector holds immense investments and unprecedented growth potential. This is evident from a study conducted in 2020, which indicates that the global real estate investment market increased from $9.6 Trillion in 2019 to $10.5 Trillion in 2020. These numbers are only expected to rise due to the rising economy and market evaluation factors.
The Hurdles for Digitization
There is truth in the statement that the real estate sector is one of the least accepting sectors for innovation. There are still realtors who are reluctant to digitize their systems due to a variety of reasons, but the major hurdle is usually the legal aspects associated with buying and purchasing property. The impact of historic players, real estate tycoons and conventional mentality also takes a heavy toll on the delayed digitization of the sector.
During the early days of the innovation drive, identity theft was considered a major nuisance for any sector that shares information online. Since the real estate sector relies heavily on information exchange, realtors chose to stick to conventional methods and kept the solid paper approach for their dealings. Today, technology has however, evolved with end-to-end encryption providing secure and safe internet access. This has paved the way for the eventual shift of the real estate sector to the computing world. It is expected that most of the real estate dealings will turn to cloud servers, with two professors from Oxford claiming that the job of real estate agents will likely disappear in the coming decade as 90% of house purchasing would shift to online realty portals.
How Digitization Is Driving This Change?
Digitization is truly transforming the real estate sector by creating out of the box solutions to many of the real estate hassles. There are many aspects of the industry that have benefitted greatly from digitization. Let’s take a look at some of these changes.
· Virtual Property Tours
One of the simplest examples of change in the sector is the feature of virtual property tours. Interested in a property in a different city or say the suburbs? Don’t have the time to visit? No need to worry, you can now view the entire property through an online portal or even virtual reality. Many realtors have combined the use of 3D Immersive Technology and Real Estate to provide clients with a virtual tour of the property. The virtual immersive tour market was valued at about $15.82 Billion as of 2020, and has benefitted and expanded greatly during the global pandemic phase. This is a unique take that pairs the best of both the IT and Real Estate sector providing a one of a kind experience.
· Real Estate e-Listings
Another major change is the true digitization or the eventual shifting of property sales to the virtual world. More and more realtors are shifting their property listings to online portals and platforms. Web corridors for sale-purchase of realty are becoming more and more common as people can rate, review, comment, bid and even buy the property from the comfort of their computers. According to a study, 6 million homes were sold in the US during 2021, and 97% of these buyers found their dream homes through online listings. Unreal Estate is a pioneer in property listings with thousands of satisfied customers using their services on a routine basis. Unreal Estate offers buyers and sellers a flat-fee service saving the clients thousands (or tens of thousands) of dollars on commission fees.
· e-Property Management
The Property Management business is also deeply rooted in the digitization of the real estate sector. Many real estate agents hire these companies for the management of their properties and estates. These companies can be hired by both owners or buyers and act as a mediator between the two parties for a smooth and secure deal, ensuring economic deal considering the value of the property and market trends. Most of these companies operate and rely on the listings of properties on online internet portals so the client is always kept in the loop about their listings. Hemlane and Lincoln PC are some of the renowned property management companies with hundreds of clients around the US.
Driving the change is a hard and slow process. There are many hurdles in the path to innovation but once it is achieved, change can be truly transformative. The Real Estate sector is a novel profession that holds its conventional practices sacred. This sector is slowly but gradually shifting towards digital solutions pioneered by companies such as UnrealEstate.com and Hemlane.com by accepting change in order to provide its clients with ease and the commitment to offer the best service and technologies.
Name: Unreal Estate
Phone: (866) 534-3726
Email: [email protected]
Press Release Distributed by The Express Wire
To view the original version on The Express Wire visit Driving the Change by Digitizing the Real-Estate Sector