The Scoop
Are digital offices really the future of the real estate industry or do experts have it all wrong? Is there something to be said for maintaining a personal connection with your consumer base? More importantly, how can investors balance these two to create a successful business model?
With the effects of the COVID situation forcing many people to work from home it is clear that we are seeing a "once in a history transformation."
With more people working remotely, digital offices may be a sign of the future. The main benefit is that there's no need to commute and there's less wasted time in traffic jams or trying to find parking. What’s not so great about it is that you feel isolated and it can be hard to maintain a collegial environment.
Virtual Reality: The Future of Real Estate
Technology is unquestionably changing every aspect of the world, business and real estate. There is no doubt that technology can give real estate investors a major advantage in today's market- those who fail to embrace it are at an immediate disadvantage.
Going digital has been shown time after time to increase personal productivity as well as create opportunities for increased mobility, improved marketing performance, boosted branding & ROI/profitability!
The progression of technology has witnessed the following:
- Massive adoption of smartphones and tablets
- Soaring mobile internet usage
- Low and no cost web based communications with Skype, project management software and Google+
- Increased marketing speed, performance, reach and ROI online
- Cloud storage
- Increasing performance in using remote staffing and virtual assistance
- Social media becoming one of the best performing marketing mediums
- Virtual open houses
- Multiple crowdfunding platforms being launched
- Commercial mortgage lenders using technology to provide better loans and terms to residential investors buying and holding portfolios of properties
- QR codes have become standard on most real estate marketing materials
- Augmented reality is emerging as a viable tool
The Reality of Digital Real Estate
Embracing the most advanced technology in their real estate industry, for marketing purposes, is absolutely essential to survive and thrive.
The world has changed so much since we were children: now anyone can find a job with just one click of the mouse! The future land that once belonged solely to "the man on top" is now open to those like you who are willing to take risks because they believe it's worth fighting for what belongs rightly theirs-success.
Online and offline both have their benefits. But in the end, it's up to each individual what type of customer service they prefer.
Not every person is comfortable with being digital savvy about a business model for companies these days: some people still want face-to-face communication rather than just relying on phone calls or emailing someone who might be hundreds of miles away from them! And while there are those out there that only know how to do things like use fax machines (yes, really), many other consumers don't feel confident enough in themselves when using technology - so even if augmented reality has its perks, not everyone wants something virtual instead of having an actual human connection with somebody else.
Those looking to maximize their reach, impact and long term potential will still find immense value in offline practices. Brick and mortar facilities are still relevant to a great deal of people.
However, if your customer base prefers an offline business model you can't completely convert into a digital office - while implementing technology is absolutely critical for success, the personal interaction that got you this far must also be incorporated. In order to excel at growth or have profitability in the near future; implement tech where possible but never forget about those who want more human contact!