Digital transformation in Real Estate, providing Property Digital Solutions, has been going on for quit sometime at a slow adoption pace.
Even though Real Estate has always been, by far, the largest world’s asset class, the outdated mindset of most stakeholders has been looking at digital transformation mostly as a threat to their businesses. Additionally, the RE industry itself has been since ever the best example of “brick & mortar” business model.
Since the early years of the new millennium RE stakeholders approached digital transformation to resolve growing challenges in their marketing process. Creating awareness, building brands, reaching a much wider audience with lower marketing costs were all attractive plus points offered since 2002/2005 by the fast growing online property portals.
From Rightmove (UK in 2000) to Trulia (US 2005) in the west to iProperty and PropertyGuru here in Malaysia and Singapore, online portals showed to all players the usefulness of “digital tools” in the promotion of RE products to accelerate leads’ generation while improving the conversion ratio.
Ten years later, thanks to the even deeper market penetration of internet and the spread use of reasonably priced mobile devices, the RE digital transformation wave brought over user-friendly web and app-based Property Digital Solutions that, besides waiving the burden sales and presentation processes, also addressed many other painful challenges within the RE ecosystem.
When compared to other industries such as banking & finance, retail, and healthcare, real estate has been a rather “last kid in the block” in terms of digital adoption.
Then, in 2020, the world met Covid-19, a not yet defeated pandemic, which has accelerated the adoption speed of property digital solutions and raised the efficiency of all processes while reducing costs and keeping everyone safe in an efficient, virtual and contactless manner.
By looking at the main verticals in which the built environment is divided, Planning – Constructing – Transacting – Managing – Financing we should be easily able to fully understand the huge benefits offered by a faster digital transformation adoption.
Planning could be looked at as the Where | What | When | Why | for Whom | How Much that all stakeholders need to make wise and profitable decisions.
Land surveyors and planners, through the use of drones and geo-spatial mapping, have been providing faster and more precise definition of the where with a complete analysis of all possible challenges related to land configuration, sloops, accessibility and more. Best is, the greatest part of this tasks could be easily conducted from the comfort of an office or even from home.
Construction, since ever the most challenges ridden industry cluster in the built environment, has been partially using BIM (Building Information Modelling) not only to prevent problems during construction such as clashes and design issues but also redefining quantity surveying.
Communication, reporting, sharing of documents and, above all, much higher transparency will be easily enforced through the use of property digital solutions making the construction timeline easier to be respected and avoiding most of the current litigations and hidden costs that every day are cursing the lives of consultants, contractors and property developers.
Quality could also be easily raised to new heights making the final users of the building more satisfied and the developers able to realise substantial reduction of costs related to property defect management.
A very good example of how most of the above could be looked at through a property digital solution is offered by two applications part of the ProSales Solution, ProHouse and ProBuilder. These Property Digital Solutions are available in multiple languages allowing even the less educated players to access and use them.
The advantage of using them comes from the provided shared platform where all players in the construction process will be able to interact leaving proof of what has been discussed and decided, share a common database of designs, specifications and all the needed information to make the “building process” smooth and very transparent.
Last but not least, data are being collected during the whole process allowing all parties to make much better and faster decisions for future cases and projects.
The RE market, when it comes to sell, buy and rent can be divided in two main segments: primary, or the development market where new projects are offered and transacted, and the secondary market or the already built and pre-used properties which need to be sold, rented and managed raising the need for a variety of property digital solutions.
This vertical, as the first starting the RE digital transformation adoption, it is the one offering most advanced property digital solutions. However, the past two years have showed how, not integrated processes are only helping to resolve one step of the whole process and, once completed, and the “process” needs to be handed over to the next “in-charge” plenty of issues still arise.
One integrated Property Digital Solution with all steps integrated would be the perfect solution!
ProSales Solutions is precisely this, a Digital Solution creating a complete Property Buying Journey on one fully automated platform. An All-in-One Property Digital Solution spanning from leads generation campaigns (Pro360), to immersive and interactive virtual experiences (ProCRM), a full flagged booking & sales process, the virtual signing of SPA, Loan Agreement (ProSales) and finally billing for progressive stage (ProBilling). The final step, starting the day in which the developer is ready to deliver the keys of the brand new properties to all purchasers (ProFix).
With ProFix this painful moment and the whole burden related to the Property Defect Management has become a walk-in-the-park experience where all parties, developer team, buyer and contractors, are dealing on a unified platform. No misunderstanding or mistakes as everything is clearly spelled into the system! Developer and contractors will have a perfect tally of all defect cases and analytic reports are always available at your fingertips from any mobile device!
A great deal of data is collected by this All-in-One Property Digital Solution during each step of the whole process. Data are then analysed and segregated to be presented in a dashboard which becomes the digital logbook of the project. Beside controlling all stages in real-time, this data collection gives clear readings of purchasers’ behavioural trends, issues raised during the process and much more, allowing better decision making for future projects.
Furthermore, the secondary market and all its processes such as auto-matching apartment feature, virtual property viewing, tenants/landlords portals, and contactless solutions such as home loans, payments, and insurance services have totally changed! Digital transformation has re-engineered the way real estate is purchased, sold, leased, and managed.
Plenty of property digital solutions have been developed to help property owners, from a single property to whole office towers. Centralised data dashboards allow property management companies to obtain real-time insights into the managed property data, such as gas, water, heating, and energy use. Often, these centralised databases are designed to work together with smart devices.
Internet of Things (IoT) is information technology enabling a system of interconnected computing devices embedded into the property devices. Predictive maintenance, energy efficiency, and a convenient lifestyle are just few of the many advantages IoT brings every day to the management of properties. A smart use of IoT can boost the property value, generating substantial savings to the OPEX of the building and maintaining good relationship between all parties.
As we write the pandemic is lifting its “stress-test” from the world and our lives are slowly moving towards a new normal where digital transformation, through multiple property digital solutions, will keep impacting our relationship with buildings.
ProSales strives to keep providing seamless property digital solutions easing the pressure that the past 2 years have been placing on business and people. During these exciting and at the same time threatening times, ProSales has been getting ready for a future growth that goes beyond Malaysia.
Very soon our brand will grow its market share in Singapore, Indonesia, Philippines and Vietnam, just to start with! Exciting years are ahead, the digital transformation process which through its acceleration has been and is helping to construct a more liveable and sustainable world. ProSales and its All-in-One Property Digital Solution will keep on being an active player of this process.
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