Here, we talk about digital transformation in real estate and how technologies help real estate companies stay competitive and thrive in a world of always-changing customer expectations.
Highlights:
- Real estate digitalization addresses many challenges of today’s real estate businesses.
- In the coming years, 80% of real estate businesses intend to increase their spending on technology.
- Digital solutions like property management software, real estate marketplaces, and others can help you with digital transformation.
Right now, real estate is undergoing a massive transformation. While modern consumers are looking for a more seamless yet personalized experience, competition is becoming more intense by the day. At the same time, technologies are rewriting the way businesses used to operate, thus making digital transformation imperative for anyone who wants to stay afloat.
Therefore, the question for you is: Are you and your company prepared to keep up with the digital revolution?
For more than a decade, Mind Studios has been helping real estate companies like yours overcome digital challenges and streamline operational efficiency. For example, our successful cooperation with one of our clients led to the development of Mulki, a property management app designed to help users navigate the complex world of real estate in the MENA region.
The potential of real estate digital transformation is truly limitless, but taking immediate action is key. Want to know where to start so that your business won’t stay behind? Contact us, and our tech team will consult you on how to begin your digital transformation journey.
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The real estate digital shift: Stay ahead or get left behind
It is fair to say that commercial real estate has always been a tough, competitive arena. However, the competition has escalated to a new level with the emergence of multiple online marketplaces and platforms.
So, today, relying solely on traditional methods is no longer an option. What is more, companies that resist transformation risk being left behind because they have to employ digital assets and strategies not only to streamline efficiency but also to deliver more personalized and exceptional customer service — something that modern customers not just desire but demand.
In an industry as dynamic as real estate, digital transformation allows companies not just to keep up with the competition, it fully redefines the standard of service. By harnessing data coupled with digital solutions for real estate businesses, companies can make much smarter decisions, enhance their transparency, and, what’s more important, build trust with their clients — and those are the benefits that are increasingly valuable in today’s real estate market.
— states Dmytro Dobrytskyi, CEO of Mind Studios, on this matter.
Let’s take a look at examples of digital transformation in real estate and how the three real estate giants have shaped the real estate industry by employing cutting-edge technologies:
Zillow
About the company |
Achievements |
Interesting fact |
|---|---|---|
Zillow is a popular American online real estate platform. It features services such as buying, selling, renting, and financing homes. |
The platform had 226 million unique monthly users in 2023. |
Zillow has created the Zestimate tool, which is an AI feature that provides estimated home values. Currently, it covers more than 100 million properties across the US. |
Zillow is well-known within the real estate industry for taking commercial property management to the next level with the help of big data analytics, AI-powered pricing models, and immersive virtual tours. Such a comprehensive approach makes property browsing much easier for users and provides more accurate valuations.
Realtor.com
About the company |
Achievements |
Interesting fact |
|---|---|---|
Realtor.com is an online real estate website that offers both rental and sale listings for houses. It also offers various tools for sellers, buyers, and visitors. |
Realtor.com is the second most visited real estate platform in the United States. There are about 100 million active users on this platform. |
Realtor.com is the official website of the National Association of Realtors (NAR). It uses listings directly from multiple listing services (MLS) and updates them every 15 minutes. |
Realtor.com, another well-known real estate company, is renowned for its data-driven approach. This became possible by adding AI-powered algorithms to their property recommendations and predicting pricing trends. As of today, their success with virtual tours and personalized user experience has attracted millions of users.
Redfin
About the company |
Achievements |
Interesting fact |
|---|---|---|
Redfin is a tech-powered real estate brokerage. It offers a full-service experience for both buying and selling homes and a combo of online tools and real estate agents. |
52 million monthly users used Redfin's website and mobile app in 2023. |
The company employs real estate agents and offers a unique commission refund to buyers that potentially can save them thousands of dollars compared to traditional brokerage. |
Redfin real estate company set a new standard in the housing market by employing virtual home tours and AI-powered valuations combined with digital agent services. Such a tech arsenal significantly speeds up their service, cuts translation costs, as well as creates a seamless experience for both sellers and buyers.
Mind Studios’ insight: Digital transformation is not only about adding new technologies to your tech arsenal, it is also about upgrading the existing systems so that they are equally impactful and meet modern digital requirements.
Essential digital tools every real estate business needs to employ
Now, let’s move on to which digital tools you have to employ. With so many of them on the market, you can easily get lost. But fear not, as our tech experts have chosen the most value-adding ones for you. So, here are the examples of digital real estate solutions that can transform your real estate operations for the better:
Custom relationship management systems (CRM)
CRM systems within real estate help to centralize all the clients’ information. This way, real estate agents are able to provide more personalized services to their clients, track interactions, as well as manage leads more effectively.
When our team was developing Mulki, we went beyond creating a typical CRM system and customized the app so it fit the needs of our client and users better.
Virtual tour software
With more and more buyers and renters searching for viewing options, virtual tours provide highly immersive experiences that allow the property to be brought to life in any location. This gives a more in-depth look at the property without the need to step inside.
AI-powered chatbots
AI chatbots serve as automated assistants that can handle clients’ queries all day long. This translates into improved response times and freeing up real agents so that they can focus on more strategic tasks. For clients, such real estate digital transformation technologies mean quick responses, as well as improved engagement and satisfaction.
Automated document management
With digital document management systems, you will be able to fully streamline your paperwork, from lease agreements to sales contracts. By employing automated processes, you will also be able to significantly reduce errors, save time, plus enhance compliance.
For example, in Saudi Arabia, all real estate contracts follow a standardized legal template, which inspired our tech team to fully automate data transfer from contracts directly into the app. As a result, we significantly reduced the processing time and administrative errors, as well as made a more seamless experience for managing property portfolios.
Predictive analytics
It is a powerful tool that makes it possible to analyze past market trends and data. Equipped with such software, you will be able to forecast property values, rental prices as well as market demand, which, in turn, will help you make better pricing and investment choices.
Mind Studios’ insight: Effective digital marketing strategies in real estate must be data-driven. That is why you just have to use analytics to understand your customers’ preferences, engagement levels, as well as trends. Plus, analysis of data from your marketing campaigns will allow you to easily identify high-value leads, tailor your messaging, and, thus, optimize your marketing spending.
Tenant screening software
The automated process of checking credit scores, criminal history, and rental background of your potential tenants is yet another digital innovation in real estate that helps property managers and landlords make more informed and much faster decisions on tenant applications.
For the development of our Rentorr project, we integrated a robust tenant verification mechanism in partnership with a South African bank. Here’s how it worked: a tenant would upload their personal information, and then the bank would analyze all the data to assess their solvency. In the end, it would give a credibility score for each of the applicants, which allowed property managers and landlords to gauge their reliability.
At Mind Studios, we have extensive experience in digital transformations for real estate businesses. For years, we have helped real estate businesses choose and implement digital tools, always ensuring that each of our solutions perfectly aligns with their business goals and brings measurable value. Ready to upgrade your toolkit? Contact us, and we will help you choose the right fit for you.
Our step-by-step guide to digital transformation for real estate
Of course, the digitalization of real estate is a complex process. However, it is easily achievable if broken down into manageable steps. Here, we have created a simple roadmap on how you should start your digital transformation with confidence.
Step #1: Thoroughly assess your digital needs
The first step to a successful real estate digital transformation for customers is conducting a detailed analysis of your current systems and digital requirements. You should also collect feedback from your target customers and study your competitors to identify your weak points and ways to improve them.
At Mind Studios, it is a common practice to perform a comprehensive audit that helps identify areas that should be improved, namely customer interaction, data management, operational efficiency, etc. A detailed audit can give you a full picture and highlight the gaps in your processes and areas where digital tools can have the greatest impact.
Step #2: Identify key areas that need improvement
After you understand your needs, you should then prioritize your focus areas. During this stage, you need to identify which solutions can bring immediate benefits to your business. For example, a CRM will improve customer engagement or workflow automation tools will streamline your operations.
Step #3: Choose flexible and scalable technologies
Choosing the right technology is vital to future-proof your business. At Mind Studios, we highly recommend opting for scalable and flexible technologies, as they can handle the increasing volume of data and grow alongside your business. Plus, you won't need constant replacements, and thus, it means no additional spending.
Step #4: Train your team on the new tools
Any digital transformation journey should be accompanied by the training of your employees. This step ensures that every team member is capable and confident of using the added technologies to their full potential, which means better outcomes for you. Organize workshops and support sessions, and provide resources to develop digital skills for your team.
Our team is here to guide you through every step of the way to build a future-proof real estate business. Reach out to us to get a consultation on how to start your digital transformation.
Overcoming major challenges in real estate with digital solutions
The modern real estate industry is facing numerous challenges that, if left unaddressed, can negatively affect both growth and success. Plus, they hurt your customers, too. Let's take a look at the common challenges, and we'll provide actionable solutions on how you can overcome them.
Challenge #1: Slow technology adoption
As we already mentioned, many real estate businesses still rely on old and traditional methods, thus missing opportunities for growth. Why does this happen? For many people, adopting new technology may feel daunting since it requires them to step out of their comfort zone. Not to mention the numerous organizational changes that the digital transformation in commercial real estate will bring about.
Mind Studios’ solution
The best way out of this situation is to start with a strategic tech audit. It will help you identify which high-impact areas digital tools can make a real difference in. Plus, a gradual implementation of solutions will help you adopt the needed technologies without disrupting your current processes.
Challenge #2: Lack of data management system
Suppose you don't have a centralized system for managing all customer data. In that case, you probably won't deliver personalized service to your customers, as it is very difficult to work with fragmented data.
Mind Studios’ solution
Adopting a CRM would be your go-to option here, as it allows you to store all your customer data in one place. This means you can easily track customer interactions, spot trends, and improve the overall relation-building efforts.
If you want to broaden your efficiency even further, you can go for an Enterprise Resource Planning(ERP) system, which helps with data centralization even better. Such a system allows you to consolidate all the data across departments — digital marketing, finance, property management, and others — to get a holistic view of your operations.
Challenge #3: Inefficient processes and manual workflows
Manual workflows are oftentimes a synonym for errors, delays, and increased labor costs. This is especially true for such processes as documentation, communication with customers, and lead management.
Mind Studios’ solution
Automation of repetitive working processes is key here. It helps reduce human errors, allows your employees and you to focus on strategic tasks, and speeds up response times.
Challenge #4: Outdated UX/UI and poor customer experience
Today, customers expect to receive a seamless experience online, so outdated user interfaces and not user-friendly design will make them feel frustrated or may even result in lost business.
Mind Studios’ solution
You have to invest in the visual appearance of your business, so redesigning UX/UI with a customer-centric approach should be your priority. Use modern principles that prioritize ease of use as well as aesthetic appeal, intuitive navigation, and clear property information.
“In the real estate industry, every extra second a user spends searching for certain information significantly increases the risks of losing interest. That’s why UX/UI design for real estate must prioritize clarity and simplicity. Whether it is a web or mobile solution, it should be easy for a user to find necessary information, schedule viewings, or contact agents without any unnecessary steps. Visual hierarchy and intuitive navigation are also essential because the main aim of the design is to streamline the user journey, from just browning to taking action.”
— says Bohdan Bushuiev, Lead UX/UI designer at Mind Studios.
If you are feeling the pressure of any of these challenges, Mind Studios can equip you with the right digital assets and strategy to tackle any obstacle and thrive even in a competitive market. Contact us to learn how we can help you address your unique challenges.
Mind Studios — your strategic partner for real estate transformation
Navigating the journey of digital transformation in commercial real estate can be quite challenging, especially if that’s a solo trip. Mostly, it is because you don't need to just adopt new technologies but also create a sustainable strategy that will align with your company's long-term goals. A daunting task? Absolutely. However, with the right tech partner, this journey can be very impactful and seamless.
At Mind Studios, we have developed multiple custom solutions that helped real estate companies meet their business goals and overcome unique challenges. And we are here to help make your digital transformation a successful one, too. So, are you ready to create a digitally-empowered real estate business side-by-side? What you need to do is just contact us.
