The National Broadband Network in Australia will come as a shot in the arm for
the real estate industry. Currently, the real estate sector is yet to fully
realize the potential of digital transformation. There are pockets and factions
of real estate community yet to be fully covered under the digital umbrella. In
the post-NBN era there would be very few, if any, parts of the Australian
landmass outside the connectivity paradigm and therefore usher in complete
digital transformation.
Some of the key benefits to accrue for the real
estate sector, in the post-NBN era can be enumerated as given below:
Improvement in Consumer Connect: NBN will allow
for consumers to remain connected with their real estate agents irrespective of
where they are. Agencies can ensure that agents out in the field are still
connected to the clients and vice versa. This creates a seamless consumer
connect and improves consumer rapport.
Improvement in Information Dissemination: NBN will
allow for high speed transmission of data (voice, audio & video) thereby
allowing for better virtual tours and visual depiction of properties. Visual
information has a much better impact on consumers and aids increased conversion
rates.
Improvement in Transaction Closures: RealEstate transactions are now increasing being closed online. The NBN-era will give further
fuel to this trend as consumers no longer need to physically visit properties
before giving their nod. As more and more transactions move online, there is an
improving trend in transaction closures.
Improvement in Customer Confidence: The NBN-era
will usher in a phase where all land records, property documents and ownership
information is available and exchanged online. This eliminates the risk of
fraudulent transactions and thereby helps improve consumer confidence.
Improvement in Industry Outlook: Overall, the NBN
era will help the real estate industry as a whole by improving bottom-lines,
increasing sales and decreasing the cost of sale. With digital impetus agencies
can deploy online advertising that is more cost effective, achieves better
returns on investments, and has a lower entry-barrier even for smaller real
estate firms to enter and compete with the more established firms.
Looking much further ahead, the NBN will bring
about a new phase of virtual reality and wearable technologies. While the
immediate impact of these might not be huge in the real estate space,
developers are already looking at some exciting possibilities in the not so distant
future.
In the words of Jon Brouchoud, founder of Arch
Virtual, specialists in creating 3D environments for virtual and augmented
reality, “It is absolutely mind boggling to visit these spaces virtually. It
gives you a sense of presence, and a deep understanding of what that space is
really like in a way that photos or a website simply cannot convey. I think
we’ll start to see a rapidly increasing number of agencies adopting this
technology in the next 2 to 3 years, we’re already seeing a lot of early
innovation today and in 5 years, it will be commonplace.”
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