Digital Transformation of Real Estate: 2019 and Beyond

By CIOReview | Tuesday, March 26, 2019

Industry 4.0 is digitally transforming the processes of the companies of the 21st century. The Internet of Things (IoT), virtual reality, robotics, Artificial intelligence (AI)), and big data play an important in the fourth industrial revolution. Industry 4.0 applies for every sector, including the real estate sector. Sales tools and Marketing are facilitating communication and giving access to new audiences, provide more excellent customer service and personalization, and provide data that can be analyzed and made use of later. The new scenario will positively transform real estate companies, promoters, and companies functioning in the real estate sector. The change will help provide excellent user experience, and it will allow the buyers to visualize, navigate, and set up their home even before building it.

The apparent change that the real estate sector is experiencing is a clear representation of the experiences that are shown by the new home buyers. Millennials are characterized by having an energetic, multifaceted, and in-depth digital personality. The new generation of buyer looks for immediacy and personalized purchase experience. There is a demand for a change in the sector because the new audience must be incorporated into the real estate market. The new set of clients has better economic resources and a greater capacity for financing.  Smartphones and internet culture have significantly enhanced the users’ ability to obtain information related to the real estate sector, launch of interactive apps or by reproducing visual elements. Social network, the internet, real estate portals and other platforms are becoming more powerful to sell more. Some of the important fundamentals of these platforms are the scope, direct interaction, availability and cost savings.

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Real estate is formed of a diverse group of companies who has their vision of the sector. Traditional entities depend on primitive methods, and conservative entities follow the industry instead of directing it. The approach followed by both the entities is too slow, considering the present state of maturity and it is the right time to offer disruptive products. The size of the project is tied with the increase in risk, however, if the technology is used to address this problem costs can be reduced, safety can be increased, and precision in execution can be achieved. Companies must have a clear strategy to implement technologies and must remain updated to speed up their sales.

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