The real estate sector is in a state of constant flux. There are issues besides corruption and lack of transparency in agreements, realtors reneging on the contract, and consumers pulling out their investment. Thanks to some of these aforementioned issues, and the lack of skilful real estate professionals, the industry is banking largely on the digital platform for conducting business. The question remains, if the lack of a human contact makes the process and the business as a whole more profitable and accurate, or not. The subject maintains a slippery slope given the equal amount of pros and cons related to the matter of human interaction.
The digital spectrum has snaked its way into our life in various forms. From streamlining business process cycles, to giving us the gift of the Internet and consequently e-commerce. Gone are the days when folks would have to venture out for all and sundry; now they sit in the comfort of their homes while the world remains at the their beck and call. A lot of processes in the real estate business sector as well has turned to the digital spectrum for relief. Some processes have been improved for the better while some have become more complicated, much to our chagrin.
The lack of a human mind and its fickleness accounts for accuracy in numbers projected in transactions. Filtering searches becomes easier. Communication becomes easier and foremost of all, even a commodity like real estate feels as small as the thumbnail it represents, making geographic distance no factor at all! The rut in the real estate market stemmed from the sudden stagnancy of sales due to the unreliable nature of the business thanks to flouting ethics and policies. The participance of computers in real estate was only good for analytics and surveys for a while.
The average Indian consumer, or any consumer from any part of the world, aspires for empathy, and an audience. ‘Dehumanizing’ the real estate market may have made it easier for consumers to escape the clutches of shady realtors and their corrupt practices, however, it has also made the consumer pine for a human ear to listen and answer their queries and complaints. The faith in the fool-proof nature of the digital process also started dissipating once consumers started realizing that malpractices, such as false advertising namely, has become a part of the digital avatar of the real estate market as well.
The prime reason for the disappearance of the ‘human factor’ is owed to the fact that for a good part of a decade or possibly more, the real estate sector had little value for core professionals, which is why majority of skilled, ethical individuals decided to migrate to IT and other industries. To make up for the lack of skilled professionals, businesses had to resort to digital applications to take care of all details pertinent to conducting the real estate business. The digital medium, once acquainted with, proved to be better at filling database after database worth of numerical data that helped businesses grow and manage their resources smarter.
However, the industry seems to be in dire need of the human touch what with the real estate market generating a buzz stronger than it has in the last few years. Business is looking up, and consumers are looking for more than a digitial version of the business agreement for satisfaction. The convenience of e-commerce still has not been able to substitute for the warmth of a human voice discussing pros and cons of an investment, with the consumer.
Also the digital medium made any follow up process more rigid; consumers need the flexibility of the human mind and its ability to jump between permutations and combinations of decision making to carry the reviving industry.