No business can escape the digital transformation taking place across the global economy, and the real estate sector is no exception. Leading real estate companies are using modern technology to improve customer experiences, boost sales and increase operational efficiencies. Yet many real estate firms have been slow to keep up with adopting new tools and technologies to transform their companies.
Below are five steps that real estate companies can take to embrace digital transformation for long-term success:
Use Rich Media Visualization to Improve Customer Experiences
Multimedia content is rapidly transforming the way real estate agencies market their homes for sale or rent. Instead of relying solely on images and written descriptions, they can offer virtual tours to their clients using photo-realistic renderings and even virtual reality experiences. Interactive media is a win-win for customers as well. They can learn more about a property without having to leave their home and experience properties as if they were at the property itself.
Collect Property Data with Internet of Things (IOT) Devices
The rise of internet-connected smart devices is already causing disruption across many industry sectors, particularly the real estate market, and especially when it comes to commercial property management. Internet of Things (IOT) devices can provide older residences and commercial properties with powerful new automation features that also cut operational expenses. Because every activity now generates digital data, building managers are now using the information collected for proactive maintenance, utility and energy optimizations strategies.
Embrace Building Information Modelling
Building Information Modelling (BIM) is an intelligent 3D model-based process that provides architecture, engineering, and construction (AEC) professionals the insight and tools they need to more efficiently plan, design, construct, and manage buildings and properties. BIM is used to reduce construction costs, and improve workflows, communication, and collaboration. BIM software benefits architects by enabling them to manage design phases, lets property owners and investors use it to keep track of operations, and allows engineers to use it for modelling systems such as HVAC and energy systems.
Employ AI-Powered Data Analytics for Transformative Insights
Real estate investors who use data as a foundation for their decision making are leveraging artificial intelligence (AI) algorithms to find insights into market trends, establish realistic growth goals and seek out lucrative new opportunities. AI is also transforming the real estate industry with construction automation (BIM software), streamlining property management, deal-matching and even predicting loan defaults. Looking forward, we can expect the real estate sector to continue to improve the way it uses machine-learning to control expenses, increase investment returns and manage risk.
Streamline Workflows with Digital Image Classification
Posting pictures is one of the most important parts advertising a property for rent or sale. For a smaller agency, manually sorting through images and selecting the best ones for a property portfolio might work. But when a firm has hundreds of properties for sale, this manual process quickly becomes overwhelming. Digital image classification can automate image selection by using machine learning and neural networks to tag and categorize images in seconds. Using software, agencies can quickly classify images by room type, feature, exterior style, or any category they choose. By integrating an industry-specific image-recognition API with their marketing software systems, real estate agents can better drive website traffic, engage visitors and cut down on lengthy manual processes.