Human’s lives have been made so much easier with the advancement of technology. And when we talk about the real estate sector, technology has played its magic and made the future of the real estate market genuinely bright and exponentially growing. As per reports, North America, Asia, the Pacific and Middle East Asia are all set to witness growth in demand for personal real estate spaces. The increased urbanisation is wholly based upon the real estate spaces for commercial, retail, industrial and healthcare infrastructure.
Often observed that whenever a person is looking to buy or rent a home in India, one is bound by an agent doing all he can to sell you one. But with the new technologies in the real estate sector, the market continues to play a positive role in how both consumers and professionals are approaching. The opportunity of using new technologies in the real estate sector has driven both commercial and residential properties to grow the country's latest asset.
How are new technologies in the real estate sector changing the face of real estate?
While the real estate market was stable as an investment class, many agents used to believe that real estate was immune to the rapid adoption of new technologies. The change is inevitable for top real estate organisations that are competing and thriving against each other. Due to this reason, the shift to real estate technology cannot be ignored. Organisations are working in order to bring and create opportunities to shape the emergence of new technologies in the real estate sector. Now let's see in-depth how new technologies in the real estate sector have created an impact and their effects on consumers and developers.
Big data can easily influence business decisions on creating better consumer experiences. The emerging new technologies in the real estate sector use historical and real-time information in order to provide better insights into the criteria, trends, accurate pricing, associations, demographic data, geographic data, and potential value based on specific locations. In the further following ways, the big data technology trend affects the real estate market-
With the help of this technology, you can price a property through real-time regional price analysis and predictions of the future forecasted fluctuations in land rates.
The fluctuations risk is common, but big data provides risk mitigation by predicting future prices.
It teaches you how to market and sell a property with better strategies and techniques.
The chances of choosing the wrong property decrease.
Creates efficient workflow in the real estate sector by advising profitable projects.
Virtual and Augmented Reality
Real estate startups commonly use this technology. It has made the online experience of property searching effective, exciting and easy. Properties are accessible just by the touch of your fingertips. With the help of virtual tours, you can visit the targeted properties online. The property management trend is a perk that is mainly enjoyed by the property managers as they don't have to write detailed instructions when a virtual tour can illustrate instructions on every step. AR allows you to superimpose images and create a realistic image to help customers have a better picture of the property before it is even built. Further benefits of VR and AR-
Augmented Reality and VR help in saving time as there is no need to go out and visit the property physically
VR helps in enhancing the customer experience as the process is based on personalization and gives a better product representation.
Increases global reach as there is no travel involved
Increased ROI and elimination of staging a property
Internet of Things
Also known as IoT, the devices that digitally connect to the cloud and send and receive information. This technology has become a game-changer in the real estate sector. Because of IoT, you can imagine a world of intellectual properties and have better access. This technology helps increase energy efficiency and allows property owners to save expenses.
AI and Machine Learning
AI and Machine Learning are not only incorporated in real estate but also in many other applications. Among new technologies in the real estate sector, AI is proving to be a turning point in the industry. Elimination of repetitive tasks like scheduling, paperwork, and timesheets. AI helps in turning the raw data into useful information, which improves the customer experience, and the process becomes more efficient and faster than it used to be. Machine learning in real estate allows personalising the entire customer journey. Customers can enjoy preferences such as values, trends, and personality traits which also keep them occupied and show that the application values them. Side chat bars in real estate applications allow customers to quickly ask queries and get answers. The overall process of finding property becomes more pleasant, and one can save time.
We all know how much money is involved in buying, selling or renting a property. Before in the real estate sector, the transactions were not executed via digital channels. Transactions methods were offline, involving person to person engagement. But as the new technologies in the real estate sector like Blockchain were introduced, the transaction criteria improved. The sector is witnessing an evolution, with Blockchain acting as the driving force. The technology allows verifying encrypted transactions and ensuring that no one can tamper with the financial records.
Today if we wish to have any cuisine, we just open our phone and order, we want a dress, we order via app, medicines get delivered by just ordering via app. So anything we want, we have full access on our fingertips all thanks to mobile applications, this technology has brought significant success in the real estate trend. Many real estate organisations have introduced their apps to extend the convenience of providing ease. Buyers now have the luxury to virtually meet the sellers and look for properties they find interesting. Mobile apps enrich the customer experience while providing them with access to the portal whenever and wherever they wish.
Why do we need technology in real estate?
Today's scenario of real estate quickly is emerging over time. Real estate is fueling the mass adoption of many new technologies to cope with the pandemic. The fear of real estate developers being replaced by technology is not valid; instead, the changes in the industry will be enabled by technology and by the developers who embrace it. New technologies in the real estate sector evolve everything we know about properties and their management.