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Real Estate Digital Transformation

November 1st, 2022
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Introduction

Digital transformation is essentially the big shift towards using digital technology for all aspects of a business. It is radically transforming a wide range of industries like education, travel, entertainment, and many more. There are 307.2 Million Internet users in the USA as of July 2022, which amounts to 91.8% penetration. There are also 282.48 million mobile Internet users in the USA. 

The real estate business is no exception, especially since the number of mobile phone and Internet users is on the rise.  It is one of the oldest industries in the world, but with a high percentage of users trusting the Internet for research, information and shopping, it is vital all businesses consider this change. This article provides extensive information on digital transformation in the real estate industry.

What Is Digital Transformation In Real Estate?

Digital transformation is associated with many things, like going paperless and going green. It can do a great deal for the real estate industry as well and can be in the form of a feature-rich website or a fancy mobile application. One can expect a basic real estate website to consist of features like the ability to browse through the various property options, find a specific home based on their search criteria along with various filter options, and many more.

However, it is more than just a simple website or app. Besides ensuring the customers have tons of features to simplify their search for the right property, it also incorporates several advanced technologies to help your firm gain the upper edge. This includes technologies like AR/VR, AI//ML and many more to make it more appealing to the users, and simplify all the processes.

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Real Estate Digital Transformation Examples

  • Ditching the brick-and-mortar office and adapting a remote workspace like a website or mobile app.

  • Implementing digital tools to analyze consumer behavior and optimize the property business.

  • Design an automated customer service feature (chatbots), re-skilling employees.

  • Using technologies like AR/VR, AI/ML to develop creative and innovative features for the users to allow previewing the property without actually visiting it.

  • Smart property search using apps with smart notifications of availability.

Why Real Estate Digital Transformation Matters

It can be considered a form of modernization and reaping the benefits of advanced technologies like AR/VR, IoT, etc. Real estate businesses are always on the lookout to ensure good and also to personalize customer expenses; consumers love a good experience as well. Digital transformation helps address this issue.

From a business point of view

This is the ideal method to gain a competitive advantage, increase revenue, improve customer experience and decrease operating costs. One can save a lot of time, money, and effort by implementing advanced technologies like AR/VR and AI on online platforms like websites & apps.

From a customer point of view

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Using a real estate website or mobile app allows one to browse through the properties faster using smart search options. It also allows them to preview the property in great detail (using virtual reality) and get to know the neighborhood; all from the comfort of their living room. Consumers can gain a more personalized user experience.

Develop a real estate website to better manage your business, gain more insights into your potential customers and offer them a better service.

Importance Of Real Estate Digital Transformation

Considering it is the digital era, and more consumers love to shop and conduct their research, digital transformation has becomes vital for all businesses, including real estate agencies. It makes it simple to analyze and target potential customers with more personalized service. It is the optimal method to reduce costs and gain the upper edge.

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Change In Customer Behavior And Expectations

More people are using their mobile devices for the purpose of research and shopping over the Internet. Hence, it is vital a real estate firm also maintains an online presence in the form or a well-designed mobile application or website.

Consumers also prefer a more personalized experience and good customer service. Develop an app of your own to take advantage of the increasing number of people using the Internet and offer such a service.

Technology Shift

The advances in technology have deeply impacted the real estate industry, with consumers expecting more from the average real estate agent. Besides preferring to shop and research online, they also prefer to search for the ideal property online. The technological advancements like AR/VR, AI, and IoT can make this possible. Hiring a professional real estate website development company to develop a state-of-the-art app can do wonders to your business.

Getting ahead in the highly competitive real estate industry

With the Internet easily accessible via mobile devices, laptops and tablets, it is not uncommon for consumers to research online. They tend to spend only 3-5 seconds on a website or app while deciding whether or not it is useful for them. This makes it vital for businesses to design an appealing and feature-rich solution to grab the user’s attention.

For a real estate business to benefit from digital transformation, it is necessary they develop a feature-rich website with Laravel or cross-platform mobile application (using Flutter or React Native). It is also vital to include several other special features by taking advantage of technologies like VR/AR, AI, etc.

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Digital Transformation Technologies In Real Estate

Big Data / Data Analytics

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Digital transformation is vital to address the exponential rise in the use of the Internet. This is the same reason why it is also essential to analyze the data since consumers & businesses tend to generate a lot of data online.

In fact, as per the studies conducted by Statista, the global data analysts market is expected to cross $68 billion by the year 2025. The real estate industry can benefit in many ways by incorporating this in its digital transformation solution.

Virtual Property View And Online Walk-through

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Virtual reality is a technology that is now widely implemented in various industries. It is highly popular in the gaming, travel, and entertainment industries. This technology can also be very useful in the real estate industry, where users can perform breakthroughs on their shortlisted properties.

It is the ideal way to speed up the process of acquiring a property, and consumers can also save time and money in the process. This technology is appealing to both the younger and older generation.

In fact, there is a percentage of users who will refuse to use an app or website that does not offer such a service. Including this feature can thus give you an upper edge.

Real-time Tracking

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Implementing a solution like this also ensures better communication and tracking of transactions in real time. It also helps introduce several other features like eSignatures and smart contracts.

Real estate transactions generate a lot of documents, and it is often hard to keep track of them or keep them secure. This is the perfect solution for your documents and to keep track of eSignatures.

Smart contracts help establish a set of rules and agreements for a transaction. It cannot be tampered with, is highly secure, removes the middle man, and is cost-effective. Besides this, developing a system like this will make it easily traceable as well.

Blockchain

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Incorporating the Blockchain technology supports the change in consumer behavior further. It enables the consumers to rely more on technology and eliminates the frequent need for face-to-face interaction.

Developing a system with this technology assures the consumers of fast and safe transactions that cannot be altered, making it ideal for record-keeping, ownership, certification, and more.

Intelligent Chatbots

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All consumers rate the importance of customer service very highly. By developing a solution that incorporates AI technology in the form of Chatbots it is possible to achieve this.

Chatbots are essentially AI-driven chat sessions that ensure the users get answers to their questions at any time of the day. It is possible to make it available 24x7, and it does not cost a great deal to implement it.

A solution that involves the use of Chatbots, useful FAQs as well as an operator-assisted chat service can do wonders for your real estate business.

Real Estate Crowdfunding

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Crowdfunding is a good method to attract investment from several potential investors. Real Estate crowdfunding opens doors to using various platforms like social media, newsletters, etc.

Although crowdfunding is not a new concept, the advancement in technologies like Blockchain has helped increase the benefits of digital transformation.

Personalized Customer Experience

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Consumers love when they get a personalized service; this applies to just about every field, especially eCommerce. It is equally appreciated by consumers of the real estate industry.

Implementing a digital transformation solution that involves analyzing data and studying consumer behavior is usually quite popular with users. It can be optimized to suit consumer preferences, thus helping your business gain an upper edge.

Space as a Service (SPaaS)

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Businesses tend to start in the strangest places, like a garage, home, etc. However, they eventually require some office space to grow and expand their operations. Buying office space can be expensive, and one of the main issues is ensuring there is sufficient space is available for expansion as well.

We have just the solution for this, Space as a Service (SPaaS). This allows businesses to find a property that implements SPaaS thus, allowing them to take up only as much space as they currently require at a minimal cost with the ability to expand as and when necessary.

It implements the co-working space model to help reduce costs for a business. It is the ideal way to make your real estate business appealing to a wider range of compactness.

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6 Real Estate Digital Transformation Elements

Digital transformation is essential for every real estate business to remain competitive due to the exponential rise in the use of electronic devices by consumers. It involves using various technologies like smart contracts, CRMs, etc. to cut costs. It also helps in making it more appealing for investors, simplify the process for employees and also offer consumers a better consumer experience.

1. Enhance Consumer Experience

It helps ensure your consumers have a smooth and hassle-free experience while finding a property to either rent or purchase. Shifting into a new house or office is an exciting moment however the same cannot be said for the amount of effort it takes to find the perfect place. You can change this with the help of technology and implementing the perfect digital transformation solution.

2. Relationships

It allows a real estate business to do more than simply provides the users with a good platform to find the best property. It is also an opportunity to develop a long-term relationship by offering other services like a digital concierge service. (housekeeping, groceries, handyman, etc.)

3. Empowered Employees

There is more to a real estate business than meets the eye; it involves a great deal of documentation, research, and legwork. However, it is possible to make life easier for this type of business by opting for a digital solution. The advanced technologies can help reduce the amount of effort spent on documentation and other tasks, thus making your firm more productive.

4. Data-Based Decisions

Data is the heart of almost any organization, including a real estate business. The advancements in technologies allow businesses to make better decisions based on reports generated. A business intelligence tool is the perfect example of a data-driven tool to ensure one makes accurate business decisions to gain the upper edge.

5. Additional Services

The process of digital transformation opens the doors to various other features and services. Some of the popular services include incorporating a parking management platform and implementing SPaaS (Space As a Service), which allows businesses to save on the amount they spend on business property.

6. Implementing Advanced Technologies

It is a good opportunity to implement several advanced technologies like AR, VR, AI, ML, IoT, Blockchain, Big Data, and many more. These technologies allow users to get a detailed preview of any property without leaving the comfort of their living room, ensure more secure transactions, and introduce automation.

Real Estate Digital Transformation Benefits and Drawbacks

The decision to go ahead with digital transformation is a big one. However, at the end of the day, advanced technologies are creating an impact across all industries, and it is vital for every business to adapt to these changes to remain competitive.

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Advantages of Real Estate Digital Transformation

  • Low Cost: This type of solution helps reduce documentation, leg work, and also save time, making it the best method to reduce cost.

  • Automation Processes: Implementing automation is key to reducing human error and increasing the productivity.

  • Better Data Security: This makes it possible to implement several advanced technologies to increase level of security, like Blockchain.

  • Improved Customer Experience: One of the best ways to attract more consumers is to offer them a better and more personalized service.

  • Faster Response Time and Deal Closing: The use of technology helps speed up the process for the real estate agency as well as the customer.

  • Immediate Evaluation and Analysis: It streamlines the process of providing details after evaluation and analysis.

Digital transformation is making its impact felt in the real estate industry, and considering the rising use of mobile devices for a wide range of activities, it works in favor of a business to implement it.

Potential Disadvantages of Real Estate Digital Transformation

  • Loss of Job: Not everyone can adapt to using new systems besides, which, it can also make several positions redundant.

  • Slow Technology Adoption: Employees are often slow to adapt to new systems which can affect the operation of a firm.

The bottom line being new technologies continue to evolve; hence businesses that opt out of it are likely to lose their edge.

Digital Transformation in Real Estate: Acquaint Softtech Case Study

Acquaint Softtech is all about making the latest technologies and creative minds accessible to all businesses and ensuring it does burn your pockets. We have successfully helped several real estate companies, and a few of our projects are listed here.

Great Colorado homes

We developed a simple website for Great Colorado Homes, one that is easy to navigate and easy for visitors to spot what they are looking for. We developed a feature-rich website using technologies like PHP & Laravel. Besides allowing users to browse and search for properties, we also incorporated several other features like a zip code map and school district map. Our client was highly impressed with the website, and it has helped his business too.

Up Homes

The developers at Acquaint Softtech spent a great deal of time on research and development to come up with a visually stunning website using Laravel with optimal features. We made an extra effort to ensure to make the process of finding the perfect home was as easy as possible. Our client was happy with the response from potential buyers and thanked us for our effort.

Raleigh Realty

Our creative team of professionals developed a stunning website using Laravel to ensure visitors can buy or sell real estate properties with ease. We also include several tools and resources to make the process simpler for them. We implemented several advanced technologies and our client was highly pleased with how it turned out.

The Future of the Real Estate Technology

The IT professionals are integrating digital technology across all sectors of a wide range of businesses. The aim of doing so is to raise the user experience level, reduce the efforts of the employees, and increase productivity and efficiency. Digital formalization is beneficial for a wide range of industries, including the real estate industry, and is the ideal method to increase profitability, serve the consumers better and help make smart decisions.

The field of technology is continuously evolving, with new technologies implemented every year. The changing consumer behavior suggests a greater dependence on technology in the real estate industry. It allows users to make smart propriety decisions with minimal face-to-face contact with an agency. Thus, digital transformation is beneficial not just for immediate gains but also as a part of your future business strategy.

Important industry statistics

There have been several surveys and research conducted by many firms online, which also suggest that the real estate industry can benefit from digital transformation and that it is the future.

  • 58% of real estate companies have already implemented a digital marketing strategy.

  • 95% of buyers in 2021 used the Internet to find a home in the USA.

  • VR market is expected to generate over $2.6 billion by 2025.

  • Real estate software market in 2018 was $2.3 Billion in USA and is expected to grow to 9.7% CAGR between 2021 and 2028.

  • 72% of Realtors use Facebook, and 51.55% use LinkedIn

  • 73% of homeowners are more likely to list their property with realtors using advanced technologies like videos to sell.

  • 92% of homes sold in the USA in 2021, was with the help of real estate agents.

  • Home buyers using print ads to find a house constitutes less than 1% of all home buyers in the USA.

Consider Acquaint Softtech, Your Trusted Partner in Real Estate Development

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Technology and property go hand in hand, in fact there is a special term for this "Proptech". It works in your favor to hire the best technology firm to help you gain a competitive advantage. There is no better online solution-providing firm than Acquaint Softtech to design the digital transformation solution for your real estate firm and help you strengthen your foothold in the property market.

We offer a wide range of services like:
  • Real Estate Website

  • Software and Website

  • Mobile application

  • Real Estate CRM software

  • Property rental management software

  • Property management software

  • Real Estate IDX technology integration

  • MLS software development services

  • Hoa software development services

  • SEO

  • Automation

  • Virtual Reality & Augmented reality tools for 3D tours and more.

  • Cloud integration

  • Custom solutions with UI/UX design

  • Testing

  • Support and maintenance.

Let’s Create a Real Estate Platform for your Needs

Our developers are highly skilled and well-trained to incorporate advanced technologies in your solution; this can be VR, AR, AI, ML, cloud computing, etc. We have had the good fortune of working with various industries, including the real estate industry.

At Acquaint Softtech, we have expertise in a wide range of technologies and offer a wide range of services like mobile app and website development. Listed here are some of the services we offer:

  • Custom booking list

  • Product management & design

  • Custom booking listing property management

  • Platform multiple listing services

  • Mobile app for real estate agents

  • Recommendations listings engine

  • AR/VR Virtual tour of the property

  • Smart maps

  • Push notifications

  • Property cost calculator

  • Automation of important tasks

  • Chatbots

  • Built-in CRM

Conclusion

There is a distinct change in consumer behavior with a shift towards using electronic devices for a wide range of activities. Businesses that fail to adapt to this change are likely to fail, especially due to advancements in technologies like AR/VR, automation, cloud computing, etc. Hire Acquaint Softtech as your real estate development partner who has the expertise to guide your real estate firm through the process of digital transformation.

What is the digitalization of real estate?

Digitalization in the real estate industry is the transition to the use of digital technologies and digital formats for all business processes. For example, it involves shifting to digital documents, images, and reports and tends to affect the business process, model and culture.

What does digital transformation mean?

Digital transformation is the implementation of advanced digital solutions for every aspect of a business. For a real estate agency, this would mean allowing users to browse, search and book or buy properties with the help of an online platform like a website or mobile application.

What are the eight core elements of digital transformation?

Several elements contribute to the success of a digital transformation strategy for a real estate business, as listed here:

I.       Customer experience

II.     Manage change in organization culture

III.    Technologies

IV.   Data

V.     Objective

VI.   Process

VII.  Innovation

VIII.    Modernization

What Proptech trends will be booming this year?

There are several Proptech trends booming in 2022; some of the main ones are listed here:

  • Virtual home tours developed using VR technology

  • The use of cloud-based solutions and Blockchain technology is on the rise with the implementation of eSigning, Smart contracts, etc.

  • Automation to increase the degree of personalization using AI.

  • Increase in the number of online buyers

  • Increased dependence on Blockchain, Big data, and IoT.

How is technology changing the real estate industry?

Several technologies have influenced the real estate industry. New technologies are invented every year, and they are having a big impact on all industries including, the real estate industry. Listed here is how it is influencing this industry:

  • More people are now turning to online listings like real estate websites and mobile apps.

  • Real estate firms are now offering 3D virtual tours to make it possible for the buyers to preview property without having to visit it.

  • There is an increased use of Blockchain technology for the purpose of eSigning and smart contracts.

  • There is a rise in the usage of automated systems (AI technology).

  • Cloud computing technology is being implemented for the purpose of property management, letting management, project development, and financing.

How to implement upcoming technology trends in the real estate industry?

There are several technologies currency trending, like Big data, Blockchain, AI/ML, IoT, VR/AR. There are many ways they can be implemented in the real estate industry. Big data can be implemented to gain vital insight into consumer behavior and offer them a more personalized experience. The Blockchain technology can be implemented for the purpose of smart contracts and eSigning to reduce the effort for documentation. The AI/NL technology helps play a vital role in identifying patterns to predict future trends, analyze consumer preferences, reduce human error and increase productivity. IoT and AR/VR technologies are also making a big impact and can be implemented to automate a common task in the house like heating, cooling, etc; while AR/VR can be used to provide 3D virtual tours to customers.

Should you develop a mobile version of the application right away?

It is vital real estate businesses hire a mobile app and website developer to assist them with the digital transformation. Developing a mobile app will help your business gain the upper edge.

What are the time and costs of developing a real estate mobile app?

An app like this is developed with the expertise of several teams, design, development, and QA. The cost of developing an app like this depends a great deal on the type of features you wish to include in it. The more features the more time it takes to complete and higher the cost.

What technology stack is usually used for digital transformation in real estate industry?
  • AI/ML

  • IoT

  • Big Data

  • Blockchain

  • React Native

  • Flutter

  • Laravel

  • Python

  • AR/VR

How to choose a reliable the real estate software development company?

There are several factors to consider prior to hiring a software development company. The first step is to identify the main purpose of developing the software. It is also necessary to analyze your business objectives, a good software development firm will help with this process. It is a good idea to discuss the list of features with the development firm and request the cost. It is also a good practice to request quotes from several development companies. Setting aside a budget for this from the start might work in your favor. It is not a good idea to make a decision based solely on the cost; consider several other factors like relevance and benefits to your business.

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Mukesh Ram

Founder and CEO, Acquaint Softtech

I love to make a difference. Thus, I started Acquaint Softtech with the vision of making developers easily accessible and affordable to all. Me and my beloved team have been fulfilling this vision for over 15 years now and will continue to get even bigger and better.

Table of Content
  • Introduction

  • What Is Digital Transformation In Real Estate?

  • Importance Of Real Estate Digital Transformation

  • Digital Transformation Technologies In Real Estate

  • 6 Real Estate Digital Transformation Elements

  • Real Estate Digital Transformation Benefits and Drawbacks

  • Real Estate Acquaint Softtech Case Study

  • The Future of the Real Estate Technology

  • Consider Acquaint Softtech, Your Trusted Partner in Real Estate Development

  • Let’s Create a Real Estate Platform for your Needs

  • Conclusion

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