Digital Transformation in Real Estate

Now, more than ever before, technology is becoming integrated into our everyday lives, and it’s just a matter of time before it affects every product, process, and service that businesses are providing. As this digital modernization continues, it will reinvent how companies that will do business regardless of their industry. While other sectors, such as the financial and telecommunications industries embraced the digital world sooner, sectors such as Real Estate are poised to benefit from the profound effects of the digital transformation.

The Real Estate industry has slowly embraced the digitization of business, recognizing the value that can be brought to their portfolios through embracing modern technology.

An example of this, a recent survey conducted of the world leaders in the Real Estate industry, stated that investment in Digital, IT, and PropTech collaboration is driven by a need for:

• Increased efficiencies (65% of the time)
• Cost-reduction (47% of the time)
• Enhanced decision-making (44% of the time)

Digital platforms offer sales and leasing professionals an edge over the market, but at the same time also allow for an improved and more personalized experience for clients, by not only allowing them to have a better understanding of the market but also allowing them access to information that is important to them such as virtual tours, floors plans and detailed photos, which in turn influences the growth of the Real Estate sector as a whole.

Virtual Tours are a feature that many consumers are taking advantage of in allowing them to visualize properties in a 3D sense, helping them short-list properties either for leasing or buying. This has been more apparent in the recent pandemic, wherein it allowed people to ‘visit’ properties from the comfort of their own homes.

Professionals in the industry are implementing PropTech to help better gather and analyze data, allowing for more informed decisions. The fact that analyzing and calculating expected rental yields and ROIs are an essential part of property investment, for investors, being able to implement this can be very helpful in selecting the correct buy-to-let investments.

About Royal Ambassador

Royal Ambassador is the leading property management and hospitality company in the Kingdom of Bahrain, handling various properties like Fontana Towers, Fontana Gardens, Fontana Suites, Fontana Infinity, Ariva, Springfield Seef and many more. The firm provides fully furnished apartments for rent in Juffair, Seef, Amwaj.

If you are looking for apartments for rent, you can get in touch with us at +973 1700 0661