The real estate industry is one of the oldest in the world, with the origins of mortgage contracts dating back to ancient Rome! Even with such a storied past, real estate is currently experiencing foundational changes due to what is popularly known as digital transformation.
During this shift from analog to digital business processes, you need a strategy that addresses current trends and customer needs. Read on to learn how real estate companies are formulating digital transformation strategies to adapt to the times.
What Is Digital Transformation in Real Estate?
Due to rising populations and desires for personal space, real estate is growing rapidly and undergoing major changes. More and more, people who are interested in purchasing a home want to learn about a house before visiting through digital means, including virtual tours, property dimensions, smart contracts and more.
Digital transformation illustrates both the digitization of business processes and customer needs.
The Business Perspective
From a business perspective, digital transformation is necessary to survive in the market. Consider the following stats:
- 58% of real estate companies already have a digital strategy.
- 41% of real estate companies are already using digital assets to redefine processes.
As these numbers continue to grow, don’t get left behind! Implementing smart contracts, customer relationship management (CRM) systems and other digital solutions can improve operational processes, cut costs and make your business more attractive to investors, employees and homebuyers.
The Buyer Perspective
The internet has changed the way buyers shop. And household items or goods aren’t the only products they’re shopping for — they begin their home searches online too! In fact, the majority of potential buyers research online before setting foot in a house. They want as much information as possible, including a “feel” for the home, which can be gained through digital means (i.e., virtual tours).
Top Technologies for Digital Transformation in Real Estate
Digital transformation strategies outline the steps a business must take to leverage emerging technologies that boost customer satisfaction, improve productivity and ensure consistent connectivity.
Here are the top technologies for real estate agents as they undergo a digital transformation:
Hosted Unified Communications
Hosted Unified Communications (UC) is a cloud-based phone system that boosts productivity and delivers more functionality than a traditional phone system.
With UC, you’ll get powerful features such as auto attendant, unified messaging, find-me follow-me and call center functions. It’s a great option for agents on the go or mobilized workforces.
These days, people are very familiar with video conferencing. Virtual meetings are efficient and practical, so you need to provide this option to your clients.
Virtual tours of a home are also becoming more popular. Whether they’re conducted by someone onsite or through a recording, virtual tours are an immersive experience that provide a different approach to face-to-face meetings and property visits.
Your company is only as effective as the teams that run it. Using a productivity suite, you can maximize collaboration with tools that allow your teams to hold real-time online meetings and calls, access cloud storage and business integrations and harness advanced security.
Many real estate companies use DocuSign more often than physical documents because of the convenience of signing all paperwork online.
Fixed Wireless Internet
Fixed wireless internet provides a powerful, wireless connection to high-speed internet that helps companies save on deployment costs and operation. With smart device connections, your real estate agents can stay connected while on the go.
Execute a Digital Transformation Strategy with DOCOMO PACIFIC
At DOCOMO PACIFIC, we make digital transformation easy for real estate agents with our full suite of communication, collaboration, and productivity tools.
Want to take the next steps toward digital transformation? Contact us today or download our (FREE) checklist for implementing digital transformation in your business.
About the Author
A wholly owned subsidiary of NTT Docomo in Japan, DOCOMO PACIFIC offers business internet, phone, cable and mobile services to Guam and the CNMI.