In 2019, the Covid-19 pandemic happened and the world’s economy took a downturn. Most companies have turned to apply advanced technology to transform their process, as statistics then have shown that 45% of companies optimizing digital transformation reported higher net revenue growth, even in a pandemic.
Let’s take a look at the real estate industry and its property buying process, and how technology transformed it for the better.
First Step: Search for Property
Let’s say Jasmine wants to buy a house. What is her first step?
She will probably search for houses on the Internet, and her search results will then show her property portal sites.
In this era of technology, people don’t need to physically visit houses on land to check them out anymore. We can just visit property portal sites to check out the property’s info.
How else can we utilize technology to significantly improve business, and attract potential property buyers like Jasmine?
Property platforms have now utilized technology like implementing filter functions for potential clients to easily find their dream house!
90% of the information absorbed by the human brain is visual, so virtual showrooms are definitely very persuasive.
Some property portals practice live or video recordings of properties for customers to view them during the Covid-19 lockdown.
Other property portals like IQI, use 360 VR technology to provide their clients a more realistic experience of home tours!
Second Step: Meeting a Professional
So after Jasmine has decided on a house, she will want to meet a professional real estate negotiator for a consultation to help her purchase the property.
Want to ensure you get the best-qualified negotiator for your property? You can check whether your negotiator is registered here.
How can she meet up with a professional with the pandemic going on?
Utilizing online tools such as Zoom and Google Meet can help companies solve that problem! People can discuss property investment plans with professionals sitting safely in their houses, from their phones or laptop.
Replacing traditional business cards with virtual business cards is the right move in this era. IQI has done just so, and it has considerably smoothened the process of clients getting in touch with a professional!
Third Step: Purchase/Invest a Property
After consulting with a real estate negotiator through Zoom, she has decided to purchase the property. How can she sign the required documents during a pandemic, with everyone in a lockdown?
This is where technology comes in! Being able to close deals online is absolutely necessary for real estate negotiators in this situation. Companies should utilize technology to bring the entire process online and implement zero contact, to ensure that their employees and clients receive the best possible service.
Bonus Step: Follow Up
Jasmine has now completed her property purchasing process and is the proud owner of her dream house. What else can real estate negotiators do?
Companies can utilize technology like live streams to gain customer loyalty. Real estate negotiators can send them these online links and build a good relationship.
Jasmine might find out through the live stream that currently Portugal has a Golden Visa Program, which allows her to become a permanent resident in 5 years. That sparked her interest, and will then contact her real estate negotiator again, to enquire about investing in foreign property.
Just like that, companies can gain multiple revenues from the same client, just by utilizing technology!
Covid-19 has impacted us in many ways, but in the middle of difficulty, lies opportunity. By utilizing technology to optimize and better your business process, you can ultimately transform the real estate industry.
Be a part of the PropTech pioneer in Asia, and join us as a property negotiator to unleash your full potential! Let us conquer the property market, with transformative technology. Sign up now!