The growing influence of technology on property sector

As the problem grows, I believe technology will play a greater role. Many of us have always doubted how effective social media and Web marketing can be in selling properties, as we traditionally believe in physical inspection and face-to-face communication.

Technology has completely transformed consumer behaviour and the ways properties are marketed. 

Evolving from traditional print advertising and billboards, online marketing has become the most powerful marketing tool in today’s world.

As an agent, CBRE receives more inquiries from our website and online channels than any other channel. 

Our website inquiries have not only increased by 32 per cent year on year, but have also contributed to a better bottom line and sales increase of 36 per cent in value for residential units. Short-message-service marketing has also proved to be another effective tool, allowing direct reach to potential property buyers, although many people do not like to be approached via text messages.

The dominance of smart phones in the cellular market has also given an ever-increasing importance to social media, from Facebook, Twitter and LINE to Instagram. 

While social networks may not offer direct tangible benefits to property sales, they have become an important element of public relations and a constant reminder of the brand, whether you are a developer, consultant or agent. To remain at the forefront of the industry, you need to keep abreast of the trends and implement these tools in the most effective way for your company.

For property management, in light of the increase in minimum wages and labour shortage, the industry is inevitably forced to implement technology wherever possible both to improve efficiency and to reduce the use of manpower. 

This is not limited to closed-circuit TV cameras to reduce the number of guards required, or turnstiles, access control, key-card access and destination-control lifts in office buildings, but also extends to Web-based software to assist in day-to-day management, such as front-office operations, communications and notifications between unit owners and the property manager, and accounting and management of CAM (common area maintenance) fees.

Even though the software programs available today do not fully answer the needs of the industry, we believe they will be further developed to offer a more complete solution. 

Not only can technology be used by the private sector, the government should also implement technology to improve operations and administrative work relating to the property sector.

Online communication is an important area – whether the availability of information in Thai and English through official government websites on the legal procedures and taxes involved in a property purchase, or the capability of attaining and submitting information online to aid the process of permit application and property transfers, or a tax calculator that can save time and reduce paperwork.

This can make the process more efficient, particularly for foreign investors in communicating with local authorities. 

These are just some examples of the influence of technology on the property sector. 

For any sector to remain competitive and stay ahead, businesses must be on the same wavelength as the development of these technologies and be able to balance the use of it in the best manner to improve processes and efficiency.