Digitalization has reached every sector, and real estate is no exception. The housing market has developed impressively in recent years, and today real estate is more electronic than ever before. Modern technologies are deepening the integration of real estate transactions into the digital world, where the entire real estate transaction process is transforming to meet today’s requirements.

New systems and practices streamline housing transactions

Housing transactions have increasingly moved online and are becoming faster, more reliable and more modern. However, real estate in Finland is a tightly regulated sector, where integration between different authorities is important for development. Electronic housing company share certificates, apartment information systems and new information retrieval tools, among others, are accelerating cooperation between players in the sector.

“In the work of a broker, observation and digital database navigation skills are becoming more and more important every day,” says Marjut Uusmäe. She feels that versatile technical expertise is one of the most important skills for a broker today, alongside customer service. “Today’s market demands that you know how to search for information using modern tools and that you also have to react to information quickly.”

Kadri Ann-Õunap has also noticed the rapid change. She emphasizes how digitalization makes it easier for both brokers and clients. “Since we were given the opportunity to make electronic commission agreements, about 90% of the agreements have been made electronically. This makes it easier for our clients, as they can carefully review the documents at a convenient time and also sign them in peace.”

Brokers point out that digitalization has not yet completely taken over the industry, although new services are developing rapidly. “It is good that different service providers are actively developing their own operations. This way, we can always serve our clients in a way that meets their needs and take our industry further,” says Tytti Löppönen.

Real estate legislation is developing at a rapid pace, and as a broker, we must always be up to date and know what the current industry standard is. – Marjut Uusmäe

Emphasis on personal service

Digitalization makes working more efficient and housing transactions can be handled even if the customer lives in a different location, explains Helin Ranne. She continues: “It is easy to start an electronic DIAS transaction and a large part of customers today want an electronic transaction process. It is seen as easy as digital services become more common.” Helin says that nowadays completing an electronic transaction can often be faster than doing business in a bank, and this has a major impact on customers’ choice of transaction method.

“As intermediaries, we need to be able to advise our customers through the electronic trading process – and that is why the ease of use of our services is at the heart of everything.” – Helin Ranne

However, it must be remembered that purchasing a home is not done many times in a lifetime and the experience it brings is important for many. Our brokers emphasize that presence, personal service and the broker’s obligation to be on site are unlikely to ever disappear. Regardless of age, the digital option interests many customers today and real estate moving online has been generally received positively. Despite this, not everyone feels at ease using digital systems, rather opting for face-to-face and on-site service. “Listening to the customer is the most important thing, because every customer is different and needs to be treated as an individual,” summarizes Tytti.

“Everyone should have the opportunity to get the service they want – and as intermediaries, it is our job to provide it. Personality, vibe and professionalism are always the most important things, and I personally feel that the best part of this job is that I get to meet people face to face” – Tytti Löppönen

Personality amidst automation

Nowadays, it is important to put a face to your work, so the importance of social media has also grown in the real estate brokerage industry. The down-to-earth attitude and personality of the social media world bring warmth to the digital world and customer service. “Before, agents who use social media were even looked down upon, but now it is everyday life,” recalls Marjut.

“The most important thing in social media is your own personality. Don’t think that you have to be perfect, just do it.” – Kadri-Ann Õunap

When the pandemic also moved client meetings and showings online, the entire real estate brokerage industry was faced with a new change, as remote meetings and showings became more common in the blink of an eye. Online showings must be planned carefully, taking into account viewing angles and technology, and now, as a result of the corona pandemic, the work of a broker emphasizes expertise, the ability to adapt and the skills to throw themselves into new situations. When a broker is truly involved online, authenticity and passion shine through the screen.

3D takeover

Technology is developing rapidly, and with the popularity of virtual reality (VR) and 3D technology, 3D photography is now also gaining momentum in the real estate industry.

3D technology allows a property to be photographed room by room. A special 3D camera can be used to capture the authentic atmosphere and every detail of the yard, balcony and outdoor space of the house. This gives the customer a realistic experience and understanding of the property, which makes it easier to visualize the whole even before viewing.

Antti Ravea, Santeri Carlsson and Olli Väätäinen photograph their properties using 3D technology, although many real estate agents purchase the service separately. “In an ever-digitalizing market, there is a real advantage in producing high-quality sales and marketing materials yourself,” says Santeri. The fact that an agent offers all apartment sales services under one roof is a real trump card that helps them stay ahead of the competition.

Driven by the pandemic, 3D photography really took off in the housing market and among customers. “In 2015, 3D photography was quite a new thing, but now it’s completely modern,” recalls Antti.

Is traditional photography a thing of the past? Of course not, our brokers tell us.

“Customers have been very positive about the service and people like it a lot, but high-quality sales images still play a big role. I feel that 3D photography, together with high-quality sales images, support each other, conveying a genuine image to the customer.” says Antti.

Santeri and Olli agree. They state that an overly rosy and accurate image of an apartment serves no one. “This is the magic of 3D. Customers are not lured to the screen for the sake of an illusion, but the genuine image is conveyed immediately. The customer can explore the property in their own time and our images show genuine traces of life, for example, in the form of pets peeking around the screen.” says Olli.

3D technology is also a functional tool for planning, as digital renovation and interior design services are growing in popularity. It is possible to measure the distance between the points in a 3D image, which allows you to model furniture for the room or request remote estimates of renovation costs. 3D modeling is also helpful in determining liability for defects, as all dents, cracks and breaks are visible in the images, and they can be compared to the current condition of the apartment.

The arrival of virtual reality in the real estate industry is also an advantage, say our brokers. “When a property is photographed in 3D from the inside and outside, it is possible to create an entire world around the virtual presentation,” says Antti. “As VR glasses become more common, the customer can also explore the property digitally and completely immerse themselves in its world. This gives an opportunity to explore the property in details, even if the potential buyer is currently traveling,” says Olli.

He recalls one of his buyers getting to know a 260 square meter property using VR glasses the night before the showing.

“The buyer and his partner independently explored the 3D world for many hours before the viewing, and the evening before meeting they submitted an offer for the property! The next day, we met at the agreed viewing and made a deal on the property.”

As the industry develops, vision and adaptability are emphasized

Our group of brokers all agree that the future cannot be predicted. However, the continuous digitalization of the industry is the key to innovation, more efficient and high-quality service, and new jobs.

In the midst of the digital transformation, the integration of sectors is increasing, which emphasizes rapid response and the ability to immerse oneself into something new. Looking ahead is the most important thing, because the competitive industry requires brokers to continuously develop their professional skills and adapt to change.

In the end, reliability, quality, and presence will always be the cornerstones of this industry.