Vietnam real estate market turn to digital solutions to capture investors

Primarily driven by the local government’s encouragement to invest in technology 

Mountain landscape and sunset view from Ba Na Hill, Danang Vietnam. ThanapanitsakulTee

A growing number of developers in Vietnam have been using digital platforms to communicate with potential investors and sell their products, further boosted by the local government supporting the establishment of digital tech firms in the wake of the pandemic, reported The Phnom Penh Post.

“The application of technology in the real estate sector is forecast to be a prominent trend in 2020 and in the future,” said Pham Kim Xuan, a representative from Jones Lang Lasalle Vietnam (JLL).

Xuan added that they still saw a rise in demand for land even though the movement restrictions during the outbreak prevented investors from conducting physical site inspections and direct meetings.

To support such demand, an increasing number of realty apps and online platforms have emerged, providing online webinars and virtual tours so property buyers can experience the products in the comforts of their own homes or offices.

More: Vietnam real estate market retains interest of seasoned investors amid COVID-19

Tech experts reveal that these trends have enabled real estate brokers to effectively approach potential customers. Through the use of big data, they can evaluate the preferences, habits and even anticipate each buyer’s wishes. They can then use this information on their marketing tactics so they can effectively target the right audience.

“The Industry 4.0 is a global trend that helps the real estate market and other industries be developed in a more comprehensive and efficient manner,” said the manager of market research and development consulting for CBRE Vietnam Pham Ngoc Thien Thanh.

Nguyen Van Dinh, Vietnam Association of Realtors, added that the technology is changing rapidly so businesses must be prepared to adapt.

“Marketing teams of realty firms need to be creative and constantly update trends to have the best strategies to serve the customers to win the digital race,” advised Dinh.