A visitor experiencing Meey Map, a platform to search for real estate planning information. The real estate market needs more drastic measures to speed up the digitalisation process. (Photo: danviet.vn) Nguyen Manh Ha, Vice President of the Vietnam Real EstateAssociation, said the digital transformation in the real estate market of Vietnamwas taking place slowly because not all market participants were fully aware ofthe importance of technology.
In construction, for example, the digital transformation wasmainly used for energy saving and using green materials while the applicationof high technologies in development and operation remained modest, he said.
Hoang Mai Chung, Chairman of Meey Land Group, said that manytechnology platforms were developed and helped solve several social problems.However, the real estate market had not yet seen such technology platforms.
He said that property technology (protech) was born to meet thethree basic real estate market requirements, including providing information,supporting transactions and managing processes. However, protech in Vietnam hadnot managed to develop user data which was big enough.
Many protech companies were forced to close while others struggledto survive. However, the market was potential, Chung said, adding that thedifficulties mainly came from the human resources and technology capability.
"Technology is an inevitable trend in every industry, but thefact is that real estate is falling a step behind the common ground," hesaid.
Currently, each enterprise can only solve a narrow corner in thedigital transformation of the real estate market. Technology application wasstill mainly concentrated in the rental segment and had not been applied muchin other activities such as transactions and customer relations.
The slow application of technology in the real estate sector wouldresult in a slow increase in labour productivity and slow revenue growth, Chungsaid, adding that, like other economic sectors, the real estate market neededmore drastic measures to speed up the digitalisation process, including acomprehensive ecosystem and adequate capital resources to motivate enterprisesto make breakthroughs.
Nguyen Tran Linh, general director of SSLAND Joint Stock Company,said technologies were comprehensively changing the operation of real estatebusinesses.
Linh expected that the digital transformation would help improveproductivity, efficiency and value for customers with a more transparent market.
Bui Van Luat, General Director of Gold Star Holding AssetDevelopment Joint Stock Company, digital transformation was not an easy journeyfor businesses. He added that it would take time to change the habit and gainthe customers' confidence.
Real estate businesses must speed up the digital transformation ifthey do not want to lose the opportunities, he said, adding that attentionshould be paid to the training to enhance the knowledge and skills of staff aswell as analysis of customers' psychology to raise appropriate digitaltransformation strategy.
As technology developers in the real estate market struggled tofind new directions, digital transformation was not simply a technologicalrevolution. Still, it should also be a revolution in the institution.
The Government played a critical role in the success of digitaltransformation, said Bui Van Doanh, Director of the Vietnam Real EstateResearch Institute.
The digital transformation for the real estate market was a longprocess, Doanh said, adding that developing an ecosystem was vital for the realestate market to follow the sustainable development trend.
Nguyen Cong Chinh, who was in charge of digital transformation atDat Xanh Mien Bac Real Estate Service Joint Stock Company, said that there wasno definite template for digital transformation. Digital transformation was alengthy process, and the leaders' mindset was a significant factor.
Vo Tri Thanh, Director of the Institute of Branding andCompetition Strategy, highlighted four keys towards successful digitaltransformation in the real estate market.
The first was the vision and determination of leaders.
The second was that the digital transformation strategy must beclosely linked with the enterprises' business strategy.
Third, digital transformation should be started from the verybeginning and implemented in the best way.
Finally, enterprises should not try to handle everything alone.They should cooperate for mutual development, Thành stressed.
"Digital transformation in the real estate sector is not onlya purely technological revolution but also an institutional revolution to aimat positive and modern changes to improve policies, regulations and workingprocesses. The centre is the people, so whatever you do, you must create trustfor the market," Thanh said./.
VNA