Every industry worldwide is seeing a fresh wave of opportunity due to the Covid-19 pandemic. The application of digital solutions across the real estate value chain is becoming apparent as digital acceleration continues to disrupt every industry.
Real estate entered the digital space somewhat later than the banking, retail, and healthcare industries. But, since the start of the health crisis, when real estate players were obliged to pivot to quickly overcome the hurdles posed by the lockdown, tremendous progress has been made. As a result, the industry is adopting digital as the only way forward in the irreparably altered terrain of the “new normal”:
What is Proptech
The term “protect,” which stands for “property technology,” describes the application of technology to the real estate industry’s operations, sales, and marketing efforts. With the help of prop-tech, UAE real estate organizations can optimize business processes, manage sales pipelines, and create marketing strategies all from a single platform.
Benefits of technological advancements in Real estate
Due to several advantages, using technology in real estate has grown in popularity in the UAE. In the UAE, using technical breakthroughs in real estate is advantageous for the following reasons:
- Improved efficiency: The real estate sector can become more efficient by using technology to speed up procedures and reduce the time needed to perform operations. For instance, virtual reality and 3D modeling can help buyers remotely view houses, saving buyers and real estate agents time and effort.
- Improved customer experience: Customer experience is improved through technology, which offers more effective communication channels and individualized advice in the real estate sector. Real estate organizations may provide 24/7 customer care and improve customer experience using chatbots and AI-powered customer service technologies.
- Better data analysis: Real estate organizations can use data analytics technologies to monitor market trends and client behavior and make wise judgments. They will better assess prospective risks and opportunities and make investment decisions.
- Cost saving: Printing and sending documents are two typical real estate operations that might be cheaper because of technology. Systems that use the cloud can assist in cutting back on the requirement for physical storage and paper records, saving money.
- Improved marketing: Using social media marketing and targeted advertising technology may assist real estate companies in marketing their homes more successfully. They can reach a larger audience and provide more leads as a result.
- Digital disruption: Despite property prices being at an all-time high, the UAE real estate industry has reported sales totaling AED 204.5 billion today, a vast 77.8% higher than the previous year. These ground-breaking sales numbers are primarily attributable to the industry’s digital transition.
Technological improvements in UAE real estate can improve customer experience, streamline processes, provide better data analysis, save costs, and strengthen marketing initiatives. Hence, embracing and incorporating these developments into operations is advantageous for real estate organizations.
In conclusion, real estate marketers must keep their marketing strategies flexible and adaptable. Every area of our everyday life has been impacted by technology. We relate to brands, nevertheless, because of the ideals and narratives they stand for. Your branding should reflect this while utilizing the newest technologies to stay relevant to your target demographic in the digital age.