In less than one year, Covid-19 has transformed the way we live and work. And these changes in habits have also suddenly arrived in the real estate sector.
The report entitled Trends in the real estate market in Europe 2021, drawn up by PwC and the Urban Land Institute (ULI), shows a sector in the throes of transformation. It also reveals how the pandemic has stepped up the use of technology and the implementation of trends like remote work and the digitalization of processes.
Experts claim that these trends were expected to develop within the next 5-10 years. But the pandemic, the lockdown and mobility restrictions have moved up their implementation earlier than expected, and they have spread exponentially during this crisis.
The digital transformation in the real estate sector
For years now there has been talk of the digitalization of the real estate market. But that meant the use of digital platforms to promote properties as a way to gain better visibility.
However, in this past year, real estate technology has accelerated considerably, and experts claim that it will emerge stronger after the coronavirus crisis. Clients’ perceptions have evolved, and they are demanding the use of tools like virtual 360º tours and digital signatures, which are now quite common and are “here to stay”.
Rendering of spaces
Digitalization in client relations
Real estate agents’ use of technology in their dealings with clients makes arrangements easier and speeds up some processes.
They include digital tools like:
- Professional photographs of properties.
- Virtual tours, 360º tours and professional videos to see the homes and offices without having to actually go there.
- Renderings or virtual decoration projects to see a space’s possibilities.
- Online presentation of services.
- Video tours of the properties online with an agent.
- Online reservations and digital signatures to sign contracts via platforms that speed up the signature process.
Many of our clients used to be wary of these remote tools, but with the exceptional circumstances in the past few months they have adapted to these new scenarios after seeing how efficient they are, and now they are even requesting them.
Personalized attention with clients face-to-face will remain extremely important. But the use of the new technologies enables us to optimize arrangements with clients and the time spent managing contacts and tours, with a positive net result for both the agency and the clients.
See virtual tour
Digitalization of agencies’ internal processes
A digital transformation process has to come hand-in-hand with a change in the business culture, which should have a global vision focused on redesigning the organization and all its processes.
This is a project that requires resources, both economic and time. However, companies have to adapt to the needs of the demand in a commercial environment that is evolving quickly.
The solid implementation of technological advances will improve the efficiency of processes and lead to cost savings and increased productivity.
The main measures could include:
- Document digitalization.
- Data management and storage in the cloud.
- Adaptation of programs.
- Implementation of customized applications.
- Adaptation of workflows.
- Automation of processes.
- Job flexibility with remote work.
- Meetings via video calls.
- Use of digital platforms to manage documents.
With all of this, companies can boost their efficiency and offer new services as a way to stand out over their competitors. Therefore, properly implementing these processes saves time and spares mistakes.
Plus, every year it entails major cost savings and increased overall productivity for the company.
This new scenario, which has been accelerated by Covid-19, is bringing major changes, and it remains to be seen how companies adapt their business models.