Innovation and Change have always been at the forefront, particularly in creating and utilizing new measures to better serve the needs of the company and its customers. Technology continues to be a catalyst for change in all business sectors and industry, and real estate market is no exception. Gone are the days when you had to search amidst thousands of properties, for buying your dream home. Using cutting-edge technology and digital marketing, the process of buying a home has changed monumentally over the past few years. Although the argument still remains that word-to-mouth advertising is the best way to sell anything, it is proved by the studies that in the year 2010 alone the number of real estate transactions carried out online was a whopping 85% of the total market. Unbelievable but true!
Digital Marketing has played a vital role in branding and advertising of an organization, over the past few years. Going digital not only helps in uplifting the brand image but also helps in reaching the targeted audience which, in turn, aids in promoting sales and generating leads. Real Estate is one such industry that has tried, tested and achieved significant business growth with Digital Marketing and there is definitely more to come in 2018. A lot of real estate activity in the online space has been witnessed in the last decade. Property buyers and sellers do a vigorous research online before making the purchase or selling their property offline. Hence, it is of utmost importance to have a strong online presence to make your brand name stand out in the Realty Sector.
According to research by National Association of Realtors (2016), 44 percent of Home Buyers do a thorough online research before looking in person. The statistics clearly depict if you are not using technology for your real estate business, then you are behind the curve.
The advent of technology and digital marketing has had an immense impact on the Real Estate Industry. It is a situation to which you either adapt or simply be left behind. Here are a few ways in which technology has shaped the Real Estate Industry.
- Transparency – With various websites providing information to anyone surfing the internet for free, the greatest impact seen is the proliferation of the public aggregation of information. We are all well past the point where the information and data could be hidden behind the subscription models/paywalls. Numerous websites are now curating the data, pricing, availability and much more for the entire sector to search.
- Online Marketing – Broadcasting your company marketing message, getting property visibility or even marketing yourself has never been easier and more cost-effective. So many sites help developers and broker to get their property and messages out to the marketplace in seconds. With Pinpoint marketing and targeting using big data coming into existence simply means that the days of “spraying and praying” are over in a marketing sense.
- Artificial Intelligence – Technology today performs tasks that require higher forms of intelligence. Artificial Intelligence tools allow machines and computers to function more intelligently. The increased use of machine learning techniques and deep learning in the Realty Sector will boost the quantity of information available, as well as the efficient processing of this information.The digitizing of data assets is becoming pocket-friendly and labor intensive with the help of Artificial Intelligence technologies.
- Drones to enhance Human Experience –Various advancements in the artificial intelligence have contributed the most to the increasing use of drones. These drones are helpful in capturing 3D images and videos of buildings and commercial spaces which helps the buyer to narrow down on property options. Drones can be used efficiently for highlighting property amenities like backyards, pool, landscaping and a lot more to generate a sense of awe which cannot be achieved through normal photography.
- 3D Virtual Tools – Real Estate Industry is going beyond photos. Virtual Realty has enabled users to get a real-time experience of living in their yet to be house. Using the 3D glasses, customers can experience a 3D view of the property/apartment they are interested in. This technology helps buyers to shortlist properties before making their final choice. This is one of the most expensive technologies used for marketing and is currently used only for hi-end projects targeting the NRI audience. However, a drop in price is expected in this technology for faster adoption and mass production.