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How the Real Estate Industry Has Embraced the Digital Era

Real Estate

Digital tech has had a transformative effect on myriad industries, and real estate is one area in which the emergence of modern software solutions has allowed for some significant improvements for businesses and their clients alike.

To demonstrate just how impactful the current era has been, here is a look at the types of technology that are now commonplace in real estate organizations and the benefits they bring to the table.

Transaction management can be automated

Real estate transactions are unavoidably multifaceted and undeniably difficult to wrangle, yet with the help of transaction management software, it is comparatively simple for agents to orchestrate every element of this process.

Such software can help juggle lots of transactions simultaneously, making sure that deadlines are met, calculating commissions, auditing the outcomes and doing much more.

With automated alerts and the integration of other services to create a unified approach to transaction management, such software is a blessing for busy real estate businesses where time and money are inextricably intertwined.

The real and the virtual go hand in hand

The real estate industry has been on the cutting edge when it comes to adopting software solutions for 3D modeling for decades, and today it has moved beyond the more simplistic and limited systems of the past to provide clients with advanced experiences that help when buying or selling property.

For example, it is now possible to create virtual tours of real world premises very affordably, so that these can be included alongside digital listings. This allows buyers to explore a property without having to visit it, giving them a better sense of the space and the layout than could be achieved with photographs or 2D floor plans alone.

Social media holds sway over brand exposure

With the vast majority of adults counting themselves as regular users of social media, it is no surprise that this particular trend has been especially influential not only over real estate but in almost every other commercial context you might consider.

From a marketing perspective, real estate firms are now expected to have a presence on social media and to use this to connect with customers, clients and the wider public. The savviest organizations are leveraging their social presence to build their brand identities, generate leads and also appeal to a target audience that is increasingly mobile-focused.

IoT integration enables data collection

The Internet of Things (IoT) is emerging as a potent part of the digital era, allowing devices to harvest data and transmit it via the web to achieve a variety of goals.

In real estate, IoT hardware is being used to record information relating to how properties are used in real time, making it possible to analyze large quantities of data and deliver actionable conclusions that can lead to efficiency improvements, amongst other things.

This is particularly important for the management and marketing of commercial premises, but also has applications in a domestic context as well. Most of all, it speaks to the flexibility and adaptability of the real estate industry in the face of widespread digital transformation.

Read next: How fintech has reshaped the business lending process

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