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Technology boosts the real estate market


Digital transformation helps real estate businesses overcome difficulties during the epidemic, increasing benefits for users and creating new directions for the market.

In the context of the epidemic affecting the whole economy, a series of industries and businesses have shifted their operations from traditional to online. The real estate market is approaching the trend of digital transformation to enhance its ability to operate flexibly and adapt to change to survive and develop.

Changing the face of the market

In recent years, new models, products, services and technology solutions related to real estate have appeared more and more in Vietnam. Users begin to familiarize themselves with online real estate information platforms, view homes online through 360-degree virtual tour technology, virtual reality (VR) or augmented reality (AR). Many businesses are willing to spend a large amount of money to invest and apply different technologies to increase customer experience.

Experts recognize that real estate technology (proptech) will help increase customer experience, optimize operational processes and create new business models and products.

During the CTO Talks do VnExpress held at the end of June, Mr. Nguyen Quoc Anh – Deputy General Director of Batdongsan said that real estate technology includes both hardware and software, helping to connect buyers, sellers, supply with demand in the market. Protech apps can help change user behavior. Instead of meeting face-to-face, they can conduct transactions on the Internet platform or a series of online applications.

Technology meets the needs of users to find out information quickly and accurately, opening an effective channel for real estate businesses to directly approach customers and analyze and understand their real needs. In return, businesses need to apply technology to create an information channel that balances supply and demand, ensures transparency, and attracts consumers.

Users apply technology in real estate search. Photo: TopenLand

Challenges posed

The application of technology by businesses not only helps them adapt to the pandemic, but also helps the market become transparent and develop more stably. However, this digital transformation also has many limitations, especially in the long term. In fact, not many businesses have successfully applied technology or solved only a small part of the real estate transaction process.

Experts say that establishing consumer confidence in the real estate market is the biggest challenge for successful digital transformation. Real estate transactions with high value, involve a lot of legality. Therefore, it is necessary to apply technology to improve the transaction process, transparency of information, and bring a good experience to a wide range of users, from primary and secondary investors, real-life buyers, etc.

Mr. Thieu Le Binh – representative of Hung Thinh Group said that the obstacle still comes from the fact that many units are good at technology but do not know real estate, or real estate businesses think digital transformation is easy. hand. This leads to the creation of applications that are too difficult to use or too simple that do not properly address the needs of the market. Next are business models that are not scalable, so even with application development, it is difficult to attract users to stay in the experience and make new transactions.

“Other important factors are financial capacity and technology-savvy human resources. If businesses are too eager for digital transformation without converging enough of these resources, it will be difficult to create successful change. “, Mr. Binh commented.

Besides, there is also a challenge from customers when the general awareness of transparent real estate technology is still quite low compared to surrounding countries. This requires time for really valuable proptech applications, models, and platforms to go deep into daily trading life. On the other hand, there is still the fear of change of some leaders and brokers, who are very familiar with traditional transactions and approaches to buying and selling.

Vietnamese businesses approach the trend

According to Mr. Thieu Le Binh, in the context of the Covid-19 outbreak, the need for digital transformation becomes even more urgent. When people are advised to avoid direct contact, cyberspace is an ideal place for people to communicate and work. The demand for online interaction will increase, businesses must change their human resource management and customer approach to better suit the new situation. As such, while some industries may be negatively impacted, there are also some that benefit. The pandemic is a test, an agent that contributes to the change of traditional production methods and management methods, and is replaced by a more modern, more radical new management method, contributing to shaping the future. and change the economic structure of countries.

Grasping the trend, this corporation has invested heavily in building and developing its own Proptech system. In addition, through livestream, online training, Hung Thinh Land gradually aims at consulting, brokerage, paperless and cashless business when issuing electronic contracts and developing signatures. number.

“At the same time, the creation of a financial-technological ecosystem, joint investment, health, insurance… on the same trading platform is also a step that marks our actual digital transformation.” Mr. Binh said.

Since 2019, Hung Thinh Group has started building a comprehensive real estate transaction platform called TopenLand, connecting many participants on the sharing economy platform. The goal of this platform is to provide the fastest information, safe legal support, fast transactions, share real estate knowledge with the masses, help them grasp knowledge, and succeed in the field of real estate. real estate sector.

With the application of artificial intelligence (AI) and big data (Big Data), TopenLand is expected to improve many limitations in traditional real estate such as shortening all transaction processes, simplifying procedures. , saving time, optimizing costs, bringing a lot of value to both real estate investors, buyers and sellers.

“Not only Proptech, TopenLand is part of the group’s strategic vision ecosystem based on the core value of real estate. In the future, thanks to technology and comprehensively integrated platforms, users can All real estate needs can be met with just one click,” emphasized the TopenLand representative.

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