Technology, in today’s world, is spreading its wings like no other in the history of Humankind. No wonder real estate is taking all the possible benefits and the buyers are much more informed than ever. The traditional real state is the thing of the past and as the world has changed upside down during the covid so has the real estate with the help of technology.
As they say– Necessity is the mother of invention. And proving that universal truth correct yet again, as the cruelty of Covid-19 became worse, the panic threatened and so did the need to change and invent new things also became stronger. And as they say, the Real state today stands completely transformed and every day we are witnessing new technology in real estate and new prop-tech companies are emerging from everywhere, let it be customer service, Sales, Virtual reality, Augmented Reality name just a few.
More than anything else, the Pandemic has made us think about the need for our own home and not just an investment opportunity, the pandemic taught us that we can work from home a lot more than we think, and hence the need to for a small little office space in the home is inevitable. These are not mere writings, these facts are supported by the studies and the purchase trends shown. A lot of the scholars thought that the Real estate sector will be badly hit due to the pandemic but on the contrary, there has been a steep rise in the demand for spacious homes, like 3 Bhk and more. Today, the reality is that the customer can purchase the home sitting in a secluded place and there is no need to even go for the site visit. And yet again, thanks to Technology.
To say that the last two years have changed the way the real estate market operates is an understatement.
Major Driving forces
There is not one but several of the driving forces that have propelled the technology advancements in the real estate sector, and we are not thinking only about the pandemic here, these factors are here to stay for a long and very long time.
According to EY (Ernst and Young) report, to be relevant in the times to come, real estate needs to shift to the changing technology and be more competitive to match with the global market trends and requirements. The use of AI, machine learning, and Robotic process automation (RPA) has witnessed significant momentum in 2021. Such technologies enable a systematic and comprehensive evaluation of a large spectrum of properties in real-time.
The visible optimization especially in the process of decision making, selection of the property, and knowing whereabouts has been truly influential. The optimized use of algorithms and machine learning to process big-data sets to identify correlations, patterns, and relationships across a broad spectrum of parameters and variables.
Well-designed AI algorithms constantly test the feasibility and impact of different parameters – this can often result in significant insight triggering a ‘butterfly effect. The butterfly effect is the idea that small changes can have non-linear unpredictable impacts on a complex system. AI can also help in the prediction of any safety hazard or construction defects saving time and money.
Property Valuation– with the help of “Predictive Analysis” AI helps us to determine the rates of a particular property can be determined. It evaluates the relevant changes in the income/purchasing power for an individual, demographic pattern of the micro-market, and more. Predictive analysis allows the compelling opportunity with the help of such algorithms which have a higher intrinsic value that is already existing in the market.
As the name sounds, the Cloud can be anywhere and everywhere. Let you be sitting in the USA and wanting to purchase a Property in Lucknow, Well, thanks to the cloud system it is practically possible. Basically, the huge amount of data can be stored in a place and hence can be accessed by the purchaser or buyer from anywhere and also raise and get query resolution about the requirement on a real-time basis. Such is the power of CLOUD. Just imagine the amount of time and money that is getting saved. When one cannot go out of the house, there is a lockdown or there is a vast distance, the cloud technology is there to get all the required answers. Cloud computing is present in majorly three variants as SaaS (Software as a Service) IaaS (Infrastructure as a Service) and PaaS (Platform as a Service).
Virtual tour or Virtual Reality (VR)-
It was not a long back when Hi-resolution photos with Artistic Impression remarks were (and still are in some cases) used to amuse the customer but then the industry was taken by a storm of 360° videos but the ever wanting requirements of the business to move ahead and give the best to the customer made the tech guys think ahead of times, and hence came the 3D virtual tour which is a great millennial-like feature for letting customers explore the property and that too with the most minute detail.
Chat Bot or Robotic Process Automation
Not only do the Chabot provide immediate information to the customer about the project or the particular property but they also reduce the cost as much as 30-40% which results in the direct cost reduction or the revenue optimization of the company as they can result from a lead to conversion and hence saving a significant amount of workload for Sales CRM and other related verticals. It significantly reduces the chance of human error, resulting in more dependable results. As a result, data compliance becomes simple.
The real estate technology market, locally or globally, with IoT (Internet of things) is becoming the future of housing technology trends.
With a robust IoT device system, the homes or the constructions are being converted to Smart homes or Digi homes. The control over ventilation, Heating, Lighting, Air conditioning, fire alarms, building security system, blinds, and more so tracking of the newborns or pets while we are sitting away at a client’s meeting or have gone off an off-site can be done effortlessly. No wonder some of the real estate players are naming their projects Digi or smart homes and the trend is already set.
Mobile apps-How many times do we search anything on a desktop or a laptop vis – a vis mobile phone. Well, it is even more interesting than it sounds. More than 90% of online searches today are being done on mobile devices. Hence it is quite obvious that all the real estate players have gone mobile-friendly with their websites, creativity, systems, tools, and whatnot. Google has recently announced that it would be indexing and evaluating the mobile version of your website first. So, even if you were preferring the laptop or desktop to date, mobile app development is now the ultimate need of the hour if not yesterday.
To conclude the top trends and a big no. of data indicates that futuristic or dream developments yesterday are a thing of the present and present a lot of promise to the real estate sector especially when we talk about real estate. Here are some of the top trends that are prevailing and dominating the real estate market in 2022 and will further do so shortly
- Virtual reality, AI, ML
- Real estate CRM software
- Big data
- Internet of things
- Artificial intelligence algorithms
- Mobile apps.