Amy Ringsdorf -Virtual Property Hunting- The New Normal for the Real Estate Sector

Although it has been a year since we started getting back to our ‘normal’ lives after the COVID-19 pandemic, there is no doubt that there is a significant impact on our day-to-day activities. There has been a notable change in the way we work or live, introducing the world to a ‘new normal’.

One such major change has been digitalization. Almost all sectors have gone the digital way and adopted digital techniques for their services. The real estate industry is also not behind in this trend. When it comes to buying and selling properties, real estate has also embraced digital solutions. From 3D views of apartments to drone shoots they are doing it all to remain in the race. Customers are now able to look for property virtually from the comfort of their own homes thanks to technological advancements.

As the Internet plays a critical role in the search for properties, traditional media tools for showcasing real estate products like print ads, or billboards are fast losing the dominance they always used to enjoy. Property tech entities foresaw the future and invested heavily in emerging tech like using drones for pictures and video walkthroughs of properties, etc. that helps property buyers make an informed choice faster.

So, is it really possible to buy a house digitally?

Digital media has numerous benefits. It gives a feel as close to the accurate feel of the project. It has a time-saving approach as well as a safe method for property buyers. The usage of latest analytics in co-occurrence with elegant user interfaces are helping developers not just attract new buyers but also understand their user behavior more precisely.

Digital media also brings a high degree of transparency into the system through real time payment transactions. The new age payment gateways & real time transaction engines have enabled discerning buyers to identify & purchase real estate projects on the web itself, without the strenuous requirement of repetitive physical rounds.

Although virtual tours are up and rising, it is just the first step in the buying process. Final decisions are often taken after at least a couple of physical visits to the property. It is always advised that customers should still make at least one visit to the property before finalizing the sale, even though most aspects of the real estate buying process may now be handled online. The documentation and registration of the property must also be signed in person.

Conclusion

It has been established that digital media will continue to play a crucial role in the overall real estate transaction cycle ranging from search & discovery to the final transaction process. This lures a large number of developers & marketers to spend more on digital marketing & technological solutions. In times to come, a stronger emphasis will be given to various marketing platforms such as SEO, display ads, content rich websites, social media contents & advertisements, virtual tours / digital walkthroughs, & much more.