New technology continues to reshape a gamut of industries, including the real estate sector. To stay competitive and meet changing consumer behaviour, realtors need to embrace digital transformation and implement innovative solutions.
Data analysis can help both housebuilders and estate agents revolutionise their business to this end. Using data analysis, agents can identify industry trends, determine competitive pricing and target potential buyers.
Data analysis can also provide invaluable insight into consumer preferences when it comes to real estate viewings. A long-standing industry tradition, viewings have since found digital platforms to thrive on, what with websites, apps and real estate portals that offer virtual tours of homes at the buyer’s convenience.
Using Data Analysis for Real Estate Viewings
Using data analysis, housebuilders and estate agents can optimise their viewings to better market to clients. This is especially important given the rise of digital technologies and platforms that have since changed the way buyers look for and look at properties to purchase.
Today, apps, websites and property portals enable buyers to search for listings based on location, preferred neighbourhood environment and mortgage financing, among other factors unique to their needs and objectives.
These functions provide a wealth of information that data analysis can extract business insights from. For instance, data analysis can show realtors the type of buyers most likely to search for their listings. Data analysis can also determine which listings and viewings prove the most popular and the most effective at capturing buyer interest.
To this end, realtors can accurately target the most likely buyers and stage their listings to appeal to the intended market, both online and on-site.
Meeting New Demands
As today’s buyers rely more and more on online tools to search for property, realtors and agents must learn to leverage new technology to stay competitive.
Virtual reality property viewing, in particular, is on the rise. In fact, in 2019, Goldman Sachs reported that the global virtual reality market is projected to be worth USD$80 billion by 2025.
This rise in popularity can be seen within the real estate sector too. While staging the actual space is still paramount, 3D home design apps and virtualisation software have opened up a range of cost-effective solutions and options for presentation and customisation.
More than featuring stellar photos of their listings online, sellers can now tap into virtual tours and virtual reality viewing to make looking at and comparing properties easier, more accessible and more convenient from anywhere in the world.
Optimise Virtual Home Tours for Your Real Estate Business
Interactive virtual tours are cost-effective solutions that benefit both sellers and buyers. Coupled with data analysis, these viewings can be designed and marketed with a target audience in mind.
Viewings can be scheduled at any time without having to go to the location, allowing agents to reach prospective clients anywhere. Meanwhile, data analysis can determine customer trends from each virtual viewing, noting the number of views or the rate of engagement per virtual tour, among other factors.