The real estate industry is looking to invest in technology in order to combat economic challenges ahead, according to the Optus Business Real Estate Industry Pulse 2022 report. The report, conducted by ACA Research, found that despite facing challenges such as time management and economic uncertainty, the industry remains optimistic with 100% of firms surveyed in Western Australia expressing confidence in the market.
Respondents recognized the importance of technology in achieving key objectives, with 89% considering it essential to daily operations and 39% regarding it as crucial to their strategic plans. The majority of businesses (84%) aim to improve customer experiences and management through technology. To achieve this, they are exploring the use of solutions such as virtual technology, IoT devices, and AI-based applications.
“Harnessing 5G technology can keep homes connected to the latest technology and elevate virtual home tour experiences,” said Sean Casey, Vice President Customer Care, Enterprise and Business at Optus. “Real estate agents can give buyers seamless, ultra-high definition, tailored services remotely, with less disruption from geographical borders, upload capacities, or speed limitations.”
However, 36% of respondents said that integrating new technology with legacy solutions was difficult, and could lead to exposure to cyber security threats. To mitigate this, 89% of businesses surveyed indicated a need to upgrade at least one application over the next 12 months, with 54% planning to update their financial software, 42% their project management software, and 44% their communications and collaboration software.
Mark Bouris, Executive Chairman at Yellow Brick Road Home Loans, said, “Connectivity will play an important role in empowering the real estate market to return to a growth mindset following the interest raises last year. Through technology and innovation provided by companies like Optus, agents will be able to provide a seamless customer experience like never before.”
