'Tech', a suffix that denotes the most phenomenal phase of transformation that the world has ever seen. The emergence of fintech, regtech, suptech, among others, is completely changing the way we live and do business. Digital transformation is the new order, and every industry is either being disrupted or on the verge of disruption. The real estate sector, however, has been slow when it comes to tech adoption. Despite representing the world's biggest and the most valuable asset class, the property sector has always been considered a late adopter of technology, but things are changing fast, and proptech is emerging as one of the hottest trends in realestate.
"For real estate developers to become digitally fit, they need to bring about a culture of innovation at every level"
As consumers become more and more technology-dependent, and businesses look for new ways to increase efficiency while reducing costs, real estate players around the world are turning towards technology as solutions. A recent studyby a global bank indicated that proptech is shaping customers behaviour when it comes to dealing in property. According to the survey, 72 per cent of UAE property buyers search for property online, 67 per cent use online tools to check their property value, 65 per cent search for information on taxes and regulations online, and 64 per cent use internet tools for prospective home prices. While online listings portals have been around for a while, today, real estate developers can transform every aspect of their business with the right technology integration. Let's look at some of the ways in which technologies, both existing and emerging, are reshaping the industry.
Big Data and CRM
The real estate industry has always been a treasure trove of big data. However, the data is often scattered and unstructured. By organising this data and employing the right analytics tools, real estate developers can conduct better financial analysis, take better investment decisions, predict market conditions, and serve customers better. At DAMAC Properties, we have migrated all our customer data to Salesforce, an integrated CRM platform that gives all our departments a single view of the customer. The digitisation of data has enabled us to create Hello DAMAC, a one-stop customer services portal that allows customers to access essential property services 24 x 7.
Speaking about DAMAC’s digital transformation initiatives, Ali Sajwani, General Manager of Operations, DAMAC Properties, said, “For any organisation, digital transformation is a long and ongoing process.