Cloud computing has dramatically impacted a lot of business industry over the past few years. It has gained popularity and now continuing into new innovation and development. Among many other industries, real estate is one sector that it has transformed. People nowadays prefer going online to look for the services or products that they want. The same goes for buying and selling of properties. Customers are gaining credibility through the information they get about the real estate stored on the internet. Cloud computing affected how both residential and commercial properties are listed online. It also transformed how properties are searched and discovered by potential buyers. After the customer has used online resources about a particular property, only then the customer will contact the broker or realtor to inspect the property. The customer most likely has the information needed and is close to buying decisions. The way properties are sold now revolutionized because of cloud computing. With a service like cloud computing, the real estate industry will be able to handle data more conveniently. While there are some opportunities for cloud computing in real estate, there are some challenges as well.

Here are some significant opportunities that real estate can find in cloud computing:

Operational cost is less

Since real estate is highly competitive, spending less matters a lot. Going into the cloud means storing all business data and documentation in one server. There is no need to hire an in-house team to manage hardware storage. Instead of paying in hiring staff, the money can be used to improve processes. Also, the industry can improve the processes without spending too much. No need to invest in new and upgraded hardware. Also, the cloud has a nature of always upscaling, there are ways that the business can keep costs in check.

Reliable

Cloud computing services enhance user experience via having information ready to access anytime, anywhere. As real estate agents are always on the move and work are rarely completed in the office, cloud computing allows them to manage the business from any location even overseas. The cloud is made accessible to any device, including laptops, tablets, and smartphones. Agents can do all the necessary documentation and accounting via the cloud. The cloud service is very flexible, ensuring that no essential paper works will be missed.

Sale and marketing management

Real estate professionals can track the failure or success of their marketing strategies by putting their management solutions in the cloud. With cloud marketing services, agents can view real-time insights that will help them go out and gain new clients. The information can also help build connections much easier between the marketing team and sales team, which will enable them to improve business strategy as a whole.

Here are the usual challenges that real industry faces when moving into the cloud:

Data Security

Security has always been a valid concern for all people using the internet. Most businesses are having second thoughts on putting their data online because of cybersecurity issues. Privacy is the primary concern for people doing business in the digital world. There are data in real estate that are public. But there is also information that is sensitive such as customer’s information, prices of deals, customer’s ID, social security number, etc. These are handled almost on a daily basis; that is why security is crucial. With cloud computing, real estate can trust that there are available technologies to secure all sensitive data through added encryption. All data in the cloud will remain safe as long as there is a high level of authentication and encryption to protect all real estate cloud-based assets.

Customization

Ideally, systems are created according to the specific needs of a company. Most cloud services are used by a wide range of businesses across multiple industries, so there is no assurance if the cloud will work on the ways real estate wants it to. Fortunately, the cloud has become sophisticated compared to what it was before. Now, customers can choose what services they want to use to tailor their business needs. They only need to pay for the resources they use. There is now an organization of processes in the cloud.

Dependent on a network

For cloud users, high-speed internet access will enhance their experience in accessing computer application services and data processing. But, if the internet connection is poor and there are lots of network interruptions, it will make the real estate agent unproductive. For example, the agent is in a remote location, and in need to access real-time to cloud
computing, it may impact his or her work negatively if there is no access to a better internet connection.

Final Thoughts

As cloud computing is growing, all businesses, including real estate, are realizing how beneficial it is to move in the cloud. Challenges will always exist, but if appropriately addressed, the real estate industry will still have a competitive advantage. Moving to the cloud can be done in stages. It can start with communication, followed by collaboration. Once ready, data storage can follow. Cloud cannot be implemented overnight. Real estate has a demanding work, so cloud implementation will always have issues and flaws. Real estate should involve professionals with a strategic approach that will manage and reduce the potential risks and costly implementation process. Real estate involves a high amount of data. Plus, customers expect reliable details, up-to-date information, and competitive real estate technology. Given these circumstances, the industry can surely benefit from what cloud computing can offer. It can become the standard solution for the real estate business.

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