How Technology has Changed the Face of Real Estate
The world of Real Estate is expanding rapidly and the world is continuously embracing new advancements. The impact of technology can be seen everywhere from design to development, marketing and sale of the properties.
Here are few impacts of technologies in the real estate industry and how they changed the face of real estate in India and the world at large.
Virtual reality videos, 3D images in properties increase customer retention and acquisition both. The recreation of real-time understanding of the property from virtual reality videos and images of the property the buyers can easily get knowledge about that property. Virtual reality includes using technologies, that generates 3D renderings and visualization platforms that allow users to interact with floor plans. Imagine the possibility of your floor plan coming to life in the form of a walk through on your customer’s phone. Any serious customer would love such an experience and you’re in at the next level of business.
Websites and Mobile Apps
Because of a large number of real estate websites and mobile applications, sales can be done remotely from anywhere and anytime. In today’s world, everyone knows how to use latest technologies and them follow-up those. Ease of access, and the anytime – anywhere strategy helps every perspective real estate lead. The amount of real estate web frameworks in simple, powerful CMS like WordPress have seen a huge increase and that goes to show the demand of such interfaces in the market. These websites and apps also deliver necessary information like the buying process, qualification for loan and info on real estate transaction. They offer information about communities such as tax rates, school test scores, crime rates, etc. They also provide links to service providers.
Ease of Selection & Documentation
As the stream of information is available in a single click, investors can easily choose the property that suits their budget. Real estate is not known as an industry which readily embraces change. The professional advisors that dominate the transaction process clearly have an interest in protecting their income sources, so chartered surveyors, brokers and lawyers might all be expected to resist tech-driven innovations designed to ‘disrupt’ their work. But that’s not even remotely the case.
Technology is making way for new platforms to reduce delays in the document transfers for both the lending and the closing processes. – Forbes, June 2018
Property Management & Real Estate Frameworks
Property management refers to the operation, monitor, control, and failure of real estate. Managing floor plans, technical specifications, walk through, properties and agents, location search and buyers’ information is best handled by CMSes that can hold and present such data for customers as well as administrators.
Most of the brokers, agencies that help investors are updating themselves quickly to gain exposure that will give more revenue to themselves. Brokers and agencies are employing more information technology in their business because of competitive stress and the falling price of information technology. In India, Common Floor and the success of real estate marketplaces has only taken property management to the next level.
The AI edge enables optimization in risk versus return with analytics that allow the investor to set parameters for personalized income and growth goals. Machine learning provides the ability to drill down into large, unstructured text files – data streams speaking to each other and queries to summarize data points buried in larger text blocks. As data continues to multiply, voice analytics and image processing will expand the resources of available knowledge and result in additional supportive evidence for the investor.
There is no industry that is immune to technology. That means adopting new technologies in the real estate may become the greatest pressure on the less technology-proficient members of the profession of real estate. The old paper driven world has given way to a more advanced technological realm in real estate, just like any other domain and is limited only by the mind.