Influence of digitalization in the real estate industry – challenges and opportunities to improve UX 2/2
Welcome to our series of articles about current theses of our students!
The Alumna Fenja Klassa has written an outstanding master thesis on the topic “Influence of digitalization in the real estate industry – challenges and opportunities to improve UX” as part of her Digital Management studies at the Hochschule Fresenius in Cologne. The summary is presented below. Read the second part now! You can find the first part here.
Online platforms support communication
Another weak point can be identified in the communication during the property search, which is mainly done via e-mail. An online platform, on the other hand, would ensure faster and easier communication, display the status of applications, automatically compile necessary documents such as self-disclosure or SCHUFA information based on block chain, suggest prospective tenants or buyers via artificial intelligence and integrate booking systems for appointments. In addition, a digital and fast contract processing will be possible.
Buildings and cities are getting “smart”
New trends such as sustainability, individualization, mobility and the associated connectivity must already be taken into account during the project development and construction of a property. Smart buildings and even smart cities are becoming a buzzword in the German real estate industry. By using new technologies, energy consumption, temperature, light and much more can be measured and controlled in a smart building. This not only enables more environmentally friendly and cost-efficient operation of real estate, but also has a positive effect on the end user and his or her user experience.
Changed use of office space
Increasing digitization and the associated social change are also having a massive impact on the use of office real estate. Data on space utilization can be collected to determine how much space is actually needed. Digital change means that space is no longer needed for document management and paper archiving, and the working world is increasingly striving for mobile, flexible, individual and networked working.
Home office is becoming increasingly attractive
New forms of work such as home offices, coworking spaces, desk sharing, etc. are prompting companies to change their office concept and reduce their office space. Due to mobile and digital working, employees do not need to be physically present in the office. The possibility to work from home is becoming more and more attractive for employees. The boundary between living and working space is disappearing and the need for flexibility is also reflected in the area of home ownership and influences both the use of space and individual design.
Summa Summarum
Traditional real estate companies are taking the digital changes of the last few years seriously. This is also confirmed by a study carried out by the Central Real Estate Committee e.V. in cooperation with EY Real Estate. Whereas in 2018 only 15% of the real estate companies surveyed invested 5% of their annual turnover in digitization, by 2019 the figure will already be 24%. If the entire industry is to be digitized in the future, the entire life cycle of a property – from construction planning to management – must be rethought. It is clear that digitization offers great potential to significantly improve the customer journey and user experience.
Summarized and edited by Louisa Roszinski