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The Digital Property Boom

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On January 7, 2022,January 7, 2022 , In Business

Since the beginning of the Covid-19 pandemic, there has been a significant acceleration in the digital transformation of the property industry. There are several instances where digital has enhanced the house-buying experience by making it more efficient.

The way real estate is acquired, sold, leased, and maintained is evolving thanks to digital solutions such as automatic apartment matching, virtual home tours, renter portals, site management, and contactless solutions across home loans, payments, and insurance services. Similar trends are growing in commercial real estate, where property owners can take control of their assets with centralised dashboards that provide insights into electricity, gas, and water usage, as well as track maintenance and more.

Buying A Home

There is an ever-increasing number of digital solutions available to consumers looking for a new home that substantially ease the process of finding properties that meet their wants and needs. These apps frequently feature a two-sided marketplace where sellers can easily list their property for sale and buyers may quickly browse properties depending on their criteria. Mortgage calculators, which frequently include the option to contact mortgage providers, are another notable piece of technology for home purchasers. In the real estate market, these all-in-one applications are becoming increasingly popular, making the process of searching for and purchasing a home a lot easier.

Selling Property

Selling a home may be a time-consuming process; consider the time and effort required to create a pleasing portfolio of photos that not only display but also sell the property. The house imagery is one of the most important parts of advertising property for rent or sale. For a small firm, manually going through images and selecting the finest ones for a property portfolio might work. When a corporation has hundreds of properties to sell the manual procedure becomes too time-consuming and error-prone. Companies can tag and categorise photographs in seconds using machine learning and neural networks, resulting in a digital image library. Agencies may quickly categorise images by room type, feature, exterior style, or any other category they desire with these tags.

Aside from APIs that quickly select the right photos for your portfolio, extended reality technologies are increasingly being used in the real estate market. The use of virtual reality house tours is a relatively new application of these technologies. This allows buyers to get a complete house tour without having to physically visit the property. This proved to be a useful solution for both house sellers and buyers, especially during the COVID-19 pandemic.

See our infographic below to learn more about the rise of online home shopping and the changing role of digital media in the property market.

The Digital Property Boom
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