The Impact of Digitalization in the Real Estate Market
The pandemic had brought the world to a halt, casting a spell of stillness across industries. The real estate market was no exception; there was a big question looming over day-to-day real estate operations. However, the human ability to adapt to changes never ceases to surprise. The pandemic set digital transformation in motion and catalysed digital acceptance in businesses.
Today, the real estate industry continues to move forward with modern-day solutions at its disposal. From seamless communication and streamlined processes to better results, digitalization has reshaped how business in real estate is done. For example, while conventional lead conversion tactics such as site visits were a lost cause, most real estate companies thrived on virtual tours, 3D walkthroughs and online bookings.
With changing consumer behaviour, developers are introducing technology-led infrastructure changes, such as digital management tools, biometric security systems, smart parking, and more. Digital-led amenities are playing a crucial role in piquing the interest of potential consumers by offering more value.
The accelerated pace of technology adoption in the Indian real estate market minimises overall operational costs and speeds up project deliveries. Digitalization has brought about a paradigm shift in the entire process of searching and buying homes. Recent developments such as search engine optimisation, virtual tours, chatbots and automation have found a home in the real estate market. Moreover, detailed jobs such as property registrations have also been digitalized.
The lockdown and restrictions due to the pandemic had put the real estate market in a precarious position. It had become challenging for homebuyers to plan site visits until real estate companies began utilising digital technologies to offer critical assets such as area mapping, virtual sessions, layout agendas and more. The first step towards the purchase of a real estate property is a site visit. The real estate market took essential decisions, including virtual reality, into their digital marketing program to address this issue. 3D renders of the project also go a long way in conversion as it gives you a clearer picture of how a customer’s home will look once the project is completed.
Digitalization is also crucial for people to realise the indispensable role played by media. Digital media is growing exponentially, and as more people spend time on the internet, developers are revamping their marketing strategies to include digital platforms. For example, real estate developers are conveying messages over social media channels like Facebook, WhatsApp, LinkedIn and Instagram to reach their potential target audience.
Digital transformation has radically altered the way business is done across the globe. The real estate sector is catching up at an incredible pace, and digital marketing in real estate is expected to grow by $1 billion in a few years. Digital marketing has a significant influence on homebuyers.
Name: Rajeev Dhall
Designation: Head of sales & marketing
Ambience Group