As an industry that resisted technological change for a long time, new digital capabilities are now leading the way to greater profitability through data analytics and automation of back-office processes. This has led to disruptive changes in the way real estate businesses interact with customers, tenants, investors, developers, operators, suppliers, employees, and other stakeholders. With analytics, real estate businesses can enhance operational efficiency, improve customer service, optimize marketing campaigns, and respond faster to emerging market trends.
Economic Contraction
The sector which had earlier on achieved remarkable growth rapidly declined with the occurrence of the global financial crisis resulting in depreciating values of property. Going forward, success for firms will be less about just winning projects and chasing opportunities but more about how quickly they can adapt to new technological changes.
Market Correction
The market has seen a continuing price-correction and piling inventory. However, this correction in prices could also lead to a series of benefits for buyers. Modern home buyers want a rich and frictionless real estate experience at their fingertips. A cleverly marketed property can yield its owner a massive ROI.
Regulatory requirement
With the ever changing regulatory requirements and always present financial risks, the real estate industry needs new technology platforms to address these challenge. With the right platform to manage risk & compliance, firms can cut hundreds of hours out of audit cycles and easily meet changing regulatory requirements.