digital transformation in real estate
TRANSCRIPT
Call us 1300SYSTEM (1300 797 836)
Address: Level 2, 144 Marsden St, Parramatta, NSW 2150 Phone: 1300SYSTEM (1300 797 836) FAX: 02 9635 4215 Email: [email protected] Website: www.rentaphonesystem.com.au
Digital Transformation in Real Estate
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 Real Estate 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 Broadband Network 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
Call us 1300SYSTEM (1300 797 836)
Address: Level 2, 144 Marsden St, Parramatta, NSW 2150 Phone: 1300SYSTEM (1300 797 836) FAX: 02 9635 4215 Email: [email protected] Website: www.rentaphonesystem.com.au
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.
For More information:
http://www.rentaphonesystem.com.au/connected/july-2015/
http://www.rentaphonesystem.com.au/small-business-phone-system/avaya-
ip-office-phone-system
Level 2, 144 Marsden St, Parramatta NSW 2150
1300SYSTEM (1300 797 836)
02 9635 4215
www.rentaphonesystem.com.au