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Real estate must adapt to a fundamental shift to digital

Article-Real estate must adapt to a fundamental shift to digital

Real Estate Digital
Cityscape Intelligence looks at how the real estate industry is adapting to rapid changes brought on by 2020 and how developers are shifting focus towards digital

The coronavirus pandemic has changed a great many things; not least of which is how real estate deals get done.

Global lockdowns and travel ban virtually eliminated property viewings overnight, resulting in many estate agents and developers looking to alternate solutions. Fortunately, technological innovations exist to not just get around this new normal, but in some ways make buying and selling property easier, and more efficient.

Successful agents then need to increasingly familiar with digital transactions, platforms and technologies, all while focusing on tools that help them make new relationships with potential clients. That means 360-degree virtual tours of properties and upcoming projects, live streaming for construction updates, online inventory and design selection, as well as online payment and document signing.

Many UAE companies are leading the charge in embracing new technologies, such as Meraas and Damac properties. Both have rolled out virtual tours, as a substitute to physical viewings to entice buyers. While virtual tours are nothing new (they have been available in some way shape or form for the last fifteen years) only recently have they been adopted out of necessity.

As proven by sectors outside of the real estate, buyers and sellers will gravitate to companies that have the best tools, ones that deliver immersive and engaging customer experiences. And 360-degree virtual tours saw overwhelming customer interest during the lockdown.

While these types of viewings are non-conventional, there’s no disputing their usefulness in a market like Dubai – where a majority of buyers come from around the world.

This is just one of the many ways that technology has changed consumer interaction in the real estate market.

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