Last Updated on 22nd January 2021 by Shreya

IT’S NO LONGER THE BIG BEATING THE SMALL,
BUT THE FAST BEATING THE SLOW.
-ERIC PEARSON

WHY THEIR IS A NEED OF DIGITAL TRANSFORMATION IN REAL ESTATE?

Since 2020 has changed people to think digital. No business can get away from the digital transformation and so is real estate which needs to adapt. The real estate has to adapt and make best use of innovations and latest technologies. Leading companies use modern technology to improve sales, efficacy and consumer experience. Yet some real estate firms have been slow to keep pace with technology, new tools to transform their companies.
Studies suggests “Real estate market will grow by $650 billion by 2040”. But it is entirely possible to undergo digital transformation.

4 steps to Digitally transform:

• Employ AI-Powered Data Analytics: Real estate can leverage from Artificial Intelligence algorithms to find the market trends.Also it can use construction automation, property management and machine-learning techniques to control expenses, increase investment returns and manage risks.

• Embrace Building Information Modelling: BIM is brilliantly results in more effective planning, design, construct and manage buildings/ properties with 3D model process that provides architecture, engineering and construction (ACE). This software helps to manage design phases, allow owners and investors to track operations and also engineers to use it for modelling systems.

• Rich Media Visualisation: Multimedia content is taking up on real state.However, agencies can offer virtual tours and virtual reality experiences to their clients instead depending solely on images and meta descriptions.As interactive media is a win-win for consumers.

• Internet of Things Devices: It helps to collect digital property data.This system provides older and commercial properties or residences with newly powerful automation features and also cut operational expenses with proactive maintenance, utility and energy optimisations strategies Digital Image Classification:

This function can digitally automate image selection by using machine learning and networks to tag and categorise images in seconds .Also this software will classify image, exterior, feature ,chosen categories etc especially when a firm has a lot of properties to sell.
Basically, combining image-specific- image-recognition API with marketing softwares van help agencies to get better website traffic, consumer engagement with led generations.

Real Estate need to keep up with digital transformation in order to reach heights..