While tech advancements entered the real estate sector a few years ago, the scale at which they have been put to use has witnessed an astronomical surge. House visits went digital as did the paperwork and financial transactions.
Technology has marked its presence over all the pockets of real estate sector. Real estate companies are offering technology-driven services to enhance customers’ experience.
For instance, technology has enabled these companies to offer AR and VR tools for remote house visits. Although the final transactions occurred after physical visits, these digital tours are instrumental in shaping the customer thought process.
Not just that on-demand services, concierges, call-a-cab, etc. can also be availed. Real estate sector is going through a major shift owing to the advanced technology trends which are making it more efficient. Let’s look at these trends in detail.
Technology trends that are driving the real estate world
1. Evolution in Artificial Intelligence
AI has been a blessing for the real estate sector. It has improved and eased the asset management and selection process. Through algorithms, big data is being processed to identify correlations, patterns, and relationships across a broad spectrum of parameters and variables.
AI helps in property valuation, it can determine the rates of the property with the use of a “predictive analysis” algorithm. It also helps in testing the feasibility and impact of all the parameters by providing timely predictions of any hazards or construction defects.
2. Cloud technology- A boon to the real estate sector
Cloud technology has benefited the sector in numerous ways. It enabled stakeholders to access the data from anywhere.
The clouds assist in the storage of large data sets on a remote server, which can be accessed by stakeholders to answer any customer questions about any property they are interested in.
It makes companies more efficient in responding to the queries of the customers and even reduces the labor costs.
3. Robotics - For more accuracy and precision
Robotics has rapidly made its place in all sectors of the global market and real estate sector has also been influenced by it. It has automated clerical jobs by regulating contracts and coordinating signatures and approvals among multiple vendors.
It has made the clerical jobs more cost-efficient and less complex.
Moreover, it significantly reduces the chance of human error, resulting in more dependable results as we humans are bound to commit mistakes but machines are not.
4. Virtual property tours
The traditional way of visiting various properties for days or months prior to the final selection, is no longer serving the fast paced life of people.
People are looking for ways that help them in the selection process without creating a hindrance in their everyday activities. And video calls and Google meets have allowed them to do so. They can now virtually visit the property and make a decision.
In this process, a video conference is scheduled between the stakeholder and the buyer and all questions are answered related to the property and a virtual tour is provided.
Virtual property tours provide a realistic reflection of the actual look and feel of the subject property.
Summary
Emerging technologies and shifting homebuyer demographics have begun to shake up the real estate sector in recent years. It is experiencing rapid changes due to new technology and an influx of capital.
Technology has allowed companies to eliminate everyday hassles of a tenant through home management solutions via mobile apps. These apps automates maintenance, insurance, and payments, alerting relevant stakeholders as the due date nears.
The fact is that real estate investors or companies that are hoping to achieve success will need to learn to thrive amid these changes
