Many measures have been adopted to facilitate the transaction process and offer buyers and investors attractive and efficient alternatives.
For this, technology has become the centre of these developments and the launchpad for new tools that optimise transactions, contact with clients, and even visits to properties. According to information by Salesforce, 7 out of 10 companies have accelerated their digitalisation process to adapt to this new normal.
Indeed, despite the circumstances and decline observed in the real estate sector during the months of confinement, the latest forecasts indicate recovery. According to the General Council of Notaries, housing purchases and mortgage lending increased in September for the second consecutive month. Specifically, 45,583 transactions were concluded, representing a y-o-y increase of 5.4%.
Consequently, the pending issue in property deals seems to be the ability to process the total transaction through digital media, and at BidX1 we are close to achieving this, since our platform is able to conduct deals up to the moment of notary registration.
Right now, there are many emerging trends to optimise processes even further, currently providing a hybrid experience, such as the implementation of machine learning and artificial intelligence technologies, resulting in the exponential development of the property sector, to offer clients what they need, as well as a personalised experience.
CLIENT EMPOWERMENT
One thing that has emerged from this situation is to position clients at the centre of the strategy again and make them feel comfortable in a digital environment, which is even more fundamental in property purchase and sales. It is essential to build a relationship of trust and place the client at the centre.
At BidX1, we have developed a transparent process and made all documentation accessible to facilitate national and international transactions; we have simplified procedures, streamlined processes and used technology to reduce waiting times and improve selling points by providing comprehensive information to potential buyers, so they can make the best decisions.
SELLING THROUGH TECHNOLOGY
The rise of technology-based measures in the market aims to provide fast and flexible solutions when the time comes to sell, buy or lease an asset.
In line with the focus on personalisation and the client, Big Data helps us obtain a great deal of information on the sector, and understand the needs of clients and their behaviour in a situation like this, enabling the development of detailed analyses and creation of dedicated action plans.
In a real estate market that is increasingly precise and competitive, the emergence of Artificial Intelligence enables greater operating efficiency in marketing, advertising and customer service. According to the latest data by Accenture, investment in artificial intelligence and human-machine collaboration may increase companies’ revenue up to 38% by 2022.
At the moment, this technology has only shown a small part of its potential. The real estate sector has started using it in asset valuation, for automated monitoring of construction works, and managing or organising asset portfolios. Artificial intelligence is also taking its first steps as a risk management tool in certain sale or financing operations.
In terms of information management, blockchain enables the automated registration of properties and real time transaction monitoring, thereby reducing costs and potential frauds.
Although they are still in a development phase, it is clear that these tools increase transparency in the sector and provide all players with access to the same information on assets.
Another new focus is virtual visits. Thanks to virtual reality, this enables potential buyers to visit properties while avoiding unnecessary travel and saving time for all parties. Furthermore, in many cases, agents and clients are able to interact while the visit takes place.
Digitalisation in valuation is also a growing reality, enabling mass appraisals by applying algorithms that help optimise processes.
There is no doubt that it is also necessary to streamline various administrative processes that emerge subsequently, such as signing documents or submitting them to a variety of institutions and relevant authorities.
Nonetheless, a large majority of entities have their own mobile apps that enable a great amount of transactions and operations to be carried out from anywhere, at any time.
Therefore, it is fundamental that all players participating in an asset’s sale process are digitally aligned, in order to maintain greater transparency and security, and save time.
The potential for these technologies in the real estate sector is virtually unlimited. Information provides potential buyers with more knowledge on the asset they are planning to invest in. Insurance companies have a greater capacity to adjust and customise policies, while real estate firms can control, manage and promote all their assets from a cloud.
Throughout these months, the property sector has shown a great capacity to adapt and innovate in a short amount of time, enabling it to overcome complicated situations with more efficient solutions, to return the sector to normal as quickly as possible.