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Real estate: the frontiers of digital transformation

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For several years now, the high-tech sector has been booming and enjoying strong growth, recently reaching a 34% increase. Few of them nevertheless manage to withdraw from the game and survive in the long run. In fact, the current technology is not yet able to solve all the problems facing the real estate sector. Thus, with the accelerating digital transformation, progress is still essential to meet the challenges of tomorrow.

Traditional ways that last

Contrary to some of the ideas presented, selling a property as a real estate agent requires intervention on several levels and the implementation of many actions, such as negotiating and identifying needs that cannot be replaced by technology. It requires active participation and expertise from qualified people to ensure successful transactions.

This is also why non-mediation, i.e. buying or selling a property without the help of a real estate agent, often presented as a solution to circumventing the costs associated with real estate agents, has not had all the expected success. Moreover, in most real estate transactions, only 30% of sales are between individuals. Therefore, despite the criticism, real estate agents remain an indispensable component. In addition to the visits organized to find a buyer, they excavate and evaluate the property, advise on documents to be submitted or diagnostics to be carried out and accompany the seller until the appointment with the notary. Tasks that are often minimized but integral to the job and that make it possible to deliver goods in line with the customer’s needs.

Others tried to undermine the development of fixed commission sales mandate offerings for real estate agents (Proprioo, Hosman, Les Agences de Papa, Immo-Pop, etc.), but faced the limitations of their model and ended up increasing their flat rates or switching to a traditional percentage rate to stay competitive. .

There is still a long way to go in digital

While it is true that digitalization makes it possible to facilitate certain parts of the property buying or selling process, such as making contact or signing documents, the latest innovations are far from conclusive. Visiting technologies in 3D or in the metaverse, for example, have been introduced as a solution to make it easier to visit properties. However, it is always necessary to physically visit the property to get an accurate idea of ​​the space and to take inventory.

And if at first glance real estate investing in the metaverse seems attractive, it raises a lot of uncertainty and today struggles to impress the general public despite spending millions to make it into the norms. The evolution of the price of a virtual property does not provide any guarantee and can quickly lose all its value. Some investors also warn of the risk of losses that could result from a speculative bubble, such as the one that occurred in the 2000s.

And that’s not all! The principle of open data in the real estate market should also be questioned. Launched in 2011, the Regulated Professions Modernization Act requires notaries to feed a database of real estate prices and development. But right now, this rule is experiencing a six-month lag with market prices, and the data quality is still very poor. In comparison, in the United States, it is possible to see the evolution of the prices of any commodity on a map.

Therefore, it is time to take concrete measures to accelerate the digital transformation of the real estate sector in order to create innovations that meet real needs. The future of proptech will therefore largely depend on the ability of players in the real estate sector to work together to find effective solutions with productivity, customer satisfaction and environmental transformation in mind.

Tribune Posted by Basil Abedi, CEO of Horiz.io

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