Real estate market must be digitized | science/technology

Nguyen Manh Ha, vice president of the Vietnam Real Estate Association, said the digital transformation in Vietnam’s real estate market is slow as not all market participants are fully aware of the importance of technology.

In construction, for example, digital transformation is mainly used for energy saving and the use of green materials, while the use of high technologies in development and operation remains modest, he said.

Hoang Mai Chung, chairman of Meey Land Group, said many technology platforms have been developed and have helped solve several social problems. However, the real estate market had not yet seen such technology platforms.

He said real estate technology (Protech) was born to serve the three basic needs of the real estate market, including providing information, supporting transactions and managing processes. However, Protech in Vietnam had failed to develop user data large enough.

Many protech companies were forced to close while others struggled to survive. However, the market is potential, Chung said, adding that the difficulties mainly stem from human and technological capabilities.

“Technology is an inevitable trend in any industry, but the fact of the matter is that real estate is falling a step behind common ground,” he said.

At present, each company can only solve a narrow corner in the digital transformation of the real estate market. Technology applications were still mainly focused on the rental segment and were not used much in other activities such as transactions and customer relations.

The slow application of technology in the real estate sector would lead to a slow increase in labor productivity and slow revenue growth, Chung said, adding that the real estate market, like other sectors of the economy, needs more drastic measures to speed up the digitization process. This includes a comprehensive ecosystem and adequate capital resources to motivate companies to make breakthroughs.

Nguyen Tran Linh, general manager of SSLAND Joint Stock Company, said technology is sweepingly transforming the way real estate companies operate.

Linh expected that digital transformation would help improve productivity, efficiency and value for customers with a more transparent market.

Bui Van Luat, General Manager of Gold Star Holding Asset Development Joint Stock Company, digital transformation has not been an easy journey for companies. He added that it would take time to change habits and gain customers’ trust.

Real estate companies need to accelerate digital transformation if they don’t want to miss opportunities, he said, adding that attention should be paid to training to improve employees’ knowledge and skills, as well as customer psychology analysis to improve to increase them appropriately digital transformation strategy.

As tech developers struggled to find new directions in the real estate market, digital transformation wasn’t simply a technological revolution. Yet it should also be a revolution in the institution.

The government has played a crucial role in the success of digital transformation, said Bui Van Doanh, director of the Vietnam Real Estate Research Institute.

The digital transformation for the real estate market is a long process, Doanh said, adding that the development of an ecosystem for the real estate market is crucial to follow the trend of sustainable development.

Nguyen Cong Chinh, who was in charge of digital transformation at Dat Xanh Mien Bac Real Estate Service Joint Stock Company, said that there is no definitive blueprint for digital transformation. The digital transformation was a long process and the mindset of the executives was a key factor.

Vo Tri Thanh, Director of the Institute of Branding and Competition Strategy, highlighted four keys to successful digital transformation in the real estate market.

The first was the vision and determination of the leaders.

Second, the digital transformation strategy must be closely linked to the business strategy of the company.

Third, the digital transformation should be started from the beginning and implemented optimally.

After all, companies shouldn’t try to do everything on their own. They should work together for mutual development, Thanh stressed.

“The digital transformation in the real estate industry is not only a purely technological revolution, but also an institutional revolution aimed at positive and modern changes to improve policies, regulations and work processes. The focus is on people, so whatever you do, you have to create confidence for the market,” Thanh said.


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