The real estate industry is currently in a transition phase towards completing business remotely. Activities that used to be done in person can now be completed remotely. Whether people are moving across the country or within the same town, many now want digital experiences like video tours. As the industry moves to meet these new customer demands, real estate agents find that digitization improves business outcomes. With the rise of digitization in real estate, companies should start planning strategies that can help them enhance revenue and streamline operations.
For the real estate industry, digitization means collecting and aggregating data about customers and properties so that agents and clients can collaborate more efficiently. Customers prefer digital experiences, which act as the catalyst for many company decisions. Real estate agents are also embracing digital transformation because the data analytics it can unlock helps them understand and predict consumer behaviors that help accelerate the sales cycle.
While the human connection with buyers will always be a core function of the real estate industry, digitization makes it easier for agents to anticipate customer needs, enabling better outcomes. For example, many businesses are downsizing their in-office workforces yet still need a physical location for those employees who want to be on-site either partially or full-time. Meanwhile, homeowner property requirements are changing too. Many people now view their houses as dual-function locations for work and leisure.
Digitization enables real estate agents to respond to these market changes more effectively. As a company builds out its technology portfolio, it should ensure that any new technology enables one or more of the following:
A company’s real estate portfolio often includes records and properties. Many real estate companies build and own the structures that they sell or rent. Digitizing this real estate portfolio enables them to manage these processes more effectively so that they can focus on driving revenue.
Most real estate portfolios incorporate data covering multiple phases of a building’s lifecycle. From development to sale, real estate companies often need to manage information that includes:
With all the data in a single location, companies can gain visibility into data gaps. For example, by consolidating all construction data, the organization can locate missing information like:
A real estate portfolio isn’t just managed by a single person. Multiple users within the organization need access to data, and centralizing it in a single location ensures that everyone has the access they need to do their jobs.
For example, by digitizing real estate portfolio data, organizations can share:
While different applications may be used for various types of data, digitization enables sharing between them using API so that each type of stakeholder has access to what they need.
When data drives an organization’s business processes, it’s important to ensure that all data is accurate and relevant. Many real estate companies use business intelligence to predict market activities, but the reports only provide insights when the organization knows that it has quality data.
Some things to consider when assessing data quality include:
With everything in a single location and all data quality assessed, it’s time to review everything one last time. This means ensuring that the company has all the tools needed to achieve its objectives, including those for:
Digitization revolves around using technology to alleviate time-consuming, manual burdens. In the real estate industry, this can often mean getting documents notarized, as required by law, and finding a notary can be challenging, especially when considering their hours of availability.
Notarize enables you to connect with a notary 24/7 directly from your computer, smartphone, or tablet so that you can get documents notarized whenever and wherever you need. Further, since you can track notarizations within Notarize, you have the documentation needed to ensure data quality. Notarize for businesses rounds out your digitization processes, eliminating time-consuming manual processes and helping ensure the completeness, validity, timeliness, and consistency of your real estate portfolio documentation. Schedule a demo to learn more about how Notarize can help make digitizing your real estate portfolio easier.