Technology has disrupted lives in so many ways, impacting industries at an accelerating speed and pushing companies to rethink every aspect of their businesses.
The key goals of the industry transformation map for many industries is to automate processes in order to scale the business. For the real estate industry, it is to fully digitalise property transactions. We take a look at how technology has changed the way real estate business is done.
For the buyers
The internet has made things a lot more transparent and information more easily accessible. Consumers can easily search for the latest transaction prices, read up on the potential development of a particular estate, or calculate the expected rental yield of a development through a search engine.
As an investor, one can subscribe to notifications on the latest trend affecting the property market and receive updates through a preferred messaging platform, like electronic mail or messages.
For those who are looking to venture overseas for a holiday home or tap on an opportunity that opened up, it has become easier to obtain information. People can buy into overseas properties in the comfort of their homes after doing their research online instead of making a trip to survey the market. Information such as the country's regulations on foreign investment to applicable taxes and financing requirements, will come in handy before one makes the move.
For the sellers
With a digital device on hand, it has become so simple to do-it-yourself. One can simply take photos of his/ her home and list them on property portals and get the property exposed to thousands of eyeballs. However, please note that you will need to be certified by the Council for Estate Agencies to broker a real estate deal in Singapore.
Home staging before putting a property on the market is now also possible through augmented reality. Home staging is an important aspect of selling your property, as it enables the potential buyer to imagine living his or her desired life. Instead of the traditional way of staging a home with props before putting it on the market, it is now possible for sellers to let buyers visualise how an empty room will look like fully furnished with Curate, a mobile app by Sotheby's International Realty. In essence, Curate allows potential buyers to have a preview of how their ideal home can look like, thereby curating the entire homebuying and selling experience.
For the companies
Real estate companies have also found new ways to connect with the consumers in a highly personalised manner, through social channels that have learnt buyer's behaviours, reaching out to them based on their preferences. On a more advanced level, PropTech is the latest buzz word in the industry. PropTech startups offer tools for every stage of the consumer journey, from listing to selling and offering projection based on proprietary algorithm driven by big data. It is to be lauded that the industry has transformed to provide transparent information in a fast and efficient manner, benefiting various stakeholders, including the end consumers.
As the real estate industry continues to streamline the transaction process between buyers, sellers and agents, it will be worthwhile to note that the real estate business will still require a human touch to it. Ultimately, relationship-building is at the core of the real estate business. Only through knowing our customers and their needs, will we be able to provide high value and impeccable services to clients.