The real estate sector has remained unorganized for a long time with deals being often sealed over personal relationships, networking and knowledge. Given the fact that buying or renting a place was one of the major decisions one made in life, it suited everyone to have the transactions based on personal knowledge and relationship with the broker and/or the owner himself. In the last five years, however, the paradigm of real estate transactions has gone through a major change with digital transformation of our societies being at the heart of this change.
Every aspect of our lives has changed
drastically in the last two decades and much of the change has been fuelled,
catalysed and necessitated by the increasing digital awareness and ubiquity.
The RealEstate industry,
although, much slower to adapt to this change has since picked up pace and is
now at the forefront of some of the cutting edge innovations.
As our lives are more connected, and
there is greater financial freedom with easier movement possible, a greater
value has now been found in attempting and executing real estate transactions
online. There is less apprehension and greater confidence being shown by
buyers, sellers, brokers, lessors in deploying digital mediums to conduct their
real estate business.
The National BroadbandNetwork
in Australia is set to take this transformation into a much higher terrain as
improving connectivity and access will bring about better transmission of data,
improved transparency and a much larger populace into the online real estate
fold. Consumers will be able to view and evaluate properties from far and wide,
while developers will be in a position to pitch them to a more varied audience.
The brokers will find themselves being able to create unified platform for the
interaction of both buyers and sellers.
Digital transformation in the real
estate sector also means that there is an improved coordination and liaison
amongst the various parties involved. Virtual meetings, conference calls and
video conferencing means that physical presence is no longer the clinching
requirement to close a deal. Digitization also moves the land records and
ownership documents to the online sphere, this reduces fraudulent transactions
and improves confidence amongst buyers.
Thus, we see that the actual
transformation brought in by increasing digital presence in the real estate
industry is to increase transparency and improve confidence amongst buyers.
This has in turn allowed for a greater organization of the sector. Real estate
brokers are now no longer regional players but can scale their operations with
considerably decreased costs. For the buyers, there is a greater sense of
security in real estate transaction. They have greater access to information
which in turn provides them a clearer picture of the property in question and
the sellers on hand. For the sellers, the new digital age has opened up new
market avenues hereto non-existent. Wider scope, better targeting and improved
conversions have helped bottom lines.
In conclusion, digital transformation
has been a holistic and all-encompassing phenomenon that has helped each one of
the stakeholders in the real estate chain.
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