Big role of new age technology in real estate
Big role of new age technology in Real Estate
Technology has emerged as a great enabler and the real estate industry has seen a spurt in its use during the pandemic witnessed in the last few years.
Rapid advances in technology in real estate are opening up unique & amp; Imaginative avenues for real estate that were previously slow to adopt new technology. The adoption of new-age technology in real estate is empowering the real estate experience for consumers.
With the growing use of AI, Machine/Deep Learning, and Big Data technology in real estate industry, Tools now provide consumers with personalized recommendations that match their needs/criteria at their fingertips.
With the help of audio-visual representation, 2D/3D modeling, Augmented Reality (AR), and Virtual Reality (VR) tools, consumers enjoy an immersive experience of the property without actually being on-site.
These tools provide consumers with specific details and real-time insights about the property, its surroundings, and its proximity to schools, colleges, hospitals, malls, bus stands, metro, etc. Thus, enabling consumers to make more informed decisions about renting or buying. Property while comparing different homes on various parameters within the comfort of your home.
Current tools are enabling an end-to-end digital workflow to search, compare, shortlist, buy or rent and make online payments to book a home from virtually anywhere.
By enabling the free flow of information about assets, our technology is reducing dependence on brokers and, in some cases, enabling brokers to adopt new technology and serve their clients uniquely.
Augmented reality [AR], virtual reality [VR], and 3-D tools facilitate remote property visits and give the consumer a more realistic feel of the property, allowing them to visualize their purchase.
Moreover, the virtual tour of the property instilled confidence among the consumers and motivated them to buy real estate even during the lockdown.
Digital devices allow consumers to experience the colors, decor, and amenities in the property during daylight and nighttime. Recent technology in real estate apps and smart devices also offer home management solutions and a whole range of automated services like maintenance, insurance, payment solutions, on-demand services, and relevant notifications for due date reminders on utility bills.
Also, digital sales and online auctions which create a time-oriented demand and support realtors to achieve assured sales with a targeted inventory. Sales Gamification and leaderboards are helping to engage sales teams and brokers alike throughout the sales lifecycle of properties.
Using Big Data/Data Analytics for more significant sales and scale – Technology in Real Estate
Big data is another way realtors can capitalize. Big data analysis helps assess fluctuations in the mortgage industry, insurance risk, and purchasing power based on geography and other variables Big data also helps predict various consumer-centric data points, based on analysis of markers such as mortgage pre-approvals, credit scores, and any public records pointing to past consumer behavior.
The real estate sector should openly adopt data analytics to harness and channel Big Data for predictive strategies and sales promotion. Using the data can help evaluate individual submarket performance. Data analysis can be used to compare the price fluctuations of assets.
It enables efficient data management and provides accurate market performance indicators. Artificial intelligence and machine learning are also helpful in predicting trends and allowing live chatbots to address consumer queries
These chatbots can also facilitate services such as virtual assistance in buying, selling, and renting properties. Interactive WhatsApp/Chatbots help in building a consumer base by offering 24×7 support, marketing strategies, tactics for lead generation, and multilingual support. Thus enhancing the consumer experience from our first point of contact till delivery.
The Metaverse and 5G Are Unique Value Creators
The availability of high-speed internet bandwidth/5G technology is another promising way to propel the real estate consumer market. Higher bandwidth internet will increase access to high-definition images of properties, which can be transferred within seconds to create virtual models and upgrade security for commercial and residential property owners.
It will also aid in the faster adoption of metaverse technologies which provide immense opportunities for the technology in real estate industry to provide a seamless virtual experience to its consumers.
The Metaverse may enable people to connect the virtual and real sale of properties through the use of cryptocurrencies or tokenization of digital technology real estate in the Metaverse and its real-life equivalent real estate.
5G networks have the potential to transform real estate and other sectors and enable the real estate industry to offer advanced AI computing products and innovative services in the cloud and at scale.
We will also see more innovation in the areas of home automation, smart home technology in real estate, real-time data analytics, predictive analytics, AI-based recommendation engines, and enabling more immersive virtual reality tours of properties.
These advancements in the real estate sector will directly depend on how fast one can innovate and provide consumer-centric technology to its end users.
Furthermore, while developing synergies between the best of these innovative technologies to create a unique and immersive experience for all stakeholders.
Big role of new age technology in Real Estate