Impact of Technology on Real Estate Industry

The selling and buying process of project units has now become easier with the advancements in technology. A single technological solution cannot be a substitute of the real estate industry, but rather the technology will propel changes in the industry. Innovative solutions such as ERP software solutions, applications will be the driver of real estate industry. To remain in competition any real estate company must embrace the changes in technology. As the industry evolves, individual companies will compete to become leaders by offering real estate products and services that are well equipped with advanced technology.

Automation of Real Estate Operations : To remain in competition, real estate companies always try to increase efficiency and always focus on customer loyalty. Customer life-cycles are being closely observed by their back-office team from the very beginning. Customer relationship management, portfolio management and facilities management will enable real estate companies to address challenges such as cost efficiency and communication between different stakeholders.

Blockchain technology : Buyers and sellers are now connected with one another in a variety of ways through Blockchain technology. This is used to cut intermediaries out of the real estate transaction process thereby reducing costs.

Building Technology : There is an increased demand for low-cost housing with less impact on the environment, Now-a-days some real estate developers are using prefab building material and modular construction where a building is constructed offsite and then assembled onsite. Sometimes it may reduce the construction cost and time. As a consequence a broad section of buyers may be interested in this.

Big Data : Big data can have a much more influence on real estate business. To make business decisions for better consumer experiences many real estate companies collect huge data based on consumer behavior so that they can understand the current trend and the actual time when the target customers are actually ready to buy. The data helps them to reach to them at the very moment and convince them to buy their product.

Virtual Reality : Real estate companies take the advantages of technology to create Virtual Reality (VR) at pre-development or complete stage. That will help prospective customers tour virtually the ready units to feel the product in advance. Real estate developers can showcase the progress of the houses under development as well as completed units through Virtual Reality. They create Virtual Walkthroughs of their project for the prospective buyers to feel the space before buying.

Use of Artificial Intelligence : Real estate search analytics is improving as the prospective buyers are matched with desirable properties. The companies are using Chatbots (AI tools) to automate answering frequently asked questions.

Digital Automation : Security is the main concern and buyers definitely observe the security systems in the project unit before making decision for buying. Wi-Fi enabled cameras being installed to access control gate security systems. The lives of modern buyers are becoming easy and comfortable.