The prolonged impact of the COVID-19 pandemic has made digital tools such as live streaming, augmented reality (AR) and virtual reality (VR) essential to real estate transactions, according to real estate broker Tran Minh.

Minh no longer regularly meets customers face-to-face and now uses online exchange applications such as live stream on Facebook, video calls on Messenger, Zalo or Viber to connect with his customers.

Minh told Dau tu chung khoan (Stock Investment) newspaper that he has used both face-to-face meetings and digital applications. But he says it is better to meet customers directly due to the nature of his work. However, with the current pandemic, he has to rely more and more on apps to stay active. Previously he had worked as a professional online marketer, which he says has given him an edge.

In fact, across the industry, livestream sales exploded a few years ago but were mainly used with fashion, cosmetics and food. Now it has also become a trend in the estate industry with not only individuals but also brokerage companies aiming to develop online consulting channels through technology platforms to avoid the impact of the pandemic.

Hai Phat Land - one of the largest real estate distributors in the North, recently added an online talk show forum to consult and update information about projects and the property market in addition to direct sales.

Accordingly, they set up a separate studio fully equipped to facilitate online communication with customers on Facebook and Youtube.

Vu Kim Giang, general director of Hai Phat Land said that they considered it as a tool to provide information to customers.

The online consultancy would help homebuyers have more time before making a decision. AR and VR applications help them feel the space in a room and get a feel for the interior design without going directly to apartments. They only need to visit the apartments to check the accuracy of the information received through the online channels and to sign contracts.

A vital trend in a touchless economy

The property market is gradually changing with the development of digital technology. With the widespread development of the internet, online marketing has become an effective tool for marketers in general and in the real estate sector in particular. This development forces people working in the sector to constantly change their sales strategies as well as update their digital tools in a responsive and instantaneous way.

According to Nguyen Trung Vu, Chairman of Cengroup, Viet Nam's real estate industry is changing very quickly, not every year, every month, but every day, and every hour. In particular, the transformation of “investment taste” and the change in the behaviour to using digital technology utilities requires estate developers to quickly adapt and apply technology in a methodical way to shorten the distance between buyers and sellers.

This is also the reason that Cengroup has invested heavily in upgrading technology platforms to support sales. They are also strengthening their cooperation with start-ups on digital solutions to add to their estate trading ecosystem in recent years. In May 2021, on Shark Tank Vietnam, Cengroup successfully closed a deal with a smart call centre start-up - a solution to support their marketing and sales management.

The race to put goods in the "online marketplace" is very exciting and businesses have been spending a lot of money on technology to reach customers. However, when they start to implement the actual implementation, the challenge is not small. — VNS