Real estate sector and digitalization
Today technology is changing every industry and ofcourse the real estate market would not be left untouched. Real estate consultants are already beyond the conventional ways of operation with the internet introducing so many ways. According to experts 70 per cent of modern real estate consultancies’ prospects are acquired through digitally-obtained leads.
Looking at the bigger picture of use of technology in the real estate market, several new avenues of doing business are going to come up. Crowdfunding is one such example. This platform can be used to raise small amounts of money online from several donors to finance a developer’s project or venture. Through crowdfunding, buyers who are not able to complete their project may also take the consultancy’s help by setting up an escrow account. Blockchain is another example of technology in the real estate business that can bring the revolution in its own. The key here is the distribution of digital information in a secure manner, which can be accessed but not copied.
The advancement in financial technology will surely revolutionise most aspects of real estate business in the near future. It would slowly and gradually upgrade the entire transaction lifecycle of the residential real estate business. Though people are much unknown about it, this era is surely on its way!