How emergence of technology will change the Real estate sector
In the 21st century, we see ourselves in the middle of the 4th industrial revolution where technology has taken over each and every sector from health, education to transport and manufacturing. Amid this transition, it is essential for the real estate sector to improvise and adapt with this changing technology. This digitalisation is relevant in every aspect of the sector from construction to asset management and marketing to finance. Here, I put forward the top trends in technology and how they will affect the real estate sector.
- Internet for All
Technology has changed mobility in the world at a fast pace. Internet of things or IoT has gained momentum in the last couple of years with the help of corporations like Google and Amazon. This technology is reshaping how the industry works and the choices of its consumers. Smart phones and tablets have widened the scope of consumers in every sector including real estate. People have now started relying on technology on their devices for various services from shopping, food delivery to finding places. Technology is the answer to find what consumers need. The practice of home-buyers going online to find a space to live in has been increasing and will continue to do so. Buyers prefer using their electronic devices to check living spaces. It is the need of the hour for developers to enter this virtual world where most of its customers are now living in.
- Bringing Reality at your foot-step
Virtual house tours is the emerging trend in the real estate industry. India has a market where consumers believe in ‘touch and feel.’ This technology makes finding home spaces to live in easier for customers. They do not need to physically be present at the site, saving time and cost. This has been possible due to Virtual and Augmented Reality technologies. This modern technology enhances image viewing with 3D experiences for the home buyers. Virtual reality home tours have already emerged in some spectrums of the market but haven’t developed completely. In future, consumers will simply take home tours with the move of a cursor and other equipment. Expanding the use of VR and AR in the real estate sector will truly serve as a game-changer for the developers.
- Understanding the Customer
Customers in the new-age world rely on search engines like Google. Technology has a pattern of understanding human behaviour and putting recommendations in that similar arena. Machine learning has impacted consumer behaviour by high relevance recommended products on Google and Amazon. ‘Consumer is the king’ in every market. Real estate search engines need to catch up with the upcoming technology and make their processes less cumbersome. The current real estate search engines revolve around the property while is obtained for a finite set of data. One has to set multiple filters and the websites fail to provide unique, custom made options. Real estate sites need to adapt to consumer preferences and inculcate custom and consumer friendly services. This trend will increase in 2018 where personal choice and consumer preferences will be ranked the highest.
- Digitalisation at every step
Digitalisation has set precedence in various aspects of the industry in the last decade but 2018 brings together the automation of each and every task which required a human touch. Real estate developers heavily rely on social media, networking agencies, long paper processes for their promotion which leaves them with little time for their real business. Automation will make real estate developers and agents more efficient in their tasks allowing them to focus on the real estate and property aspect of the sector and taking a back seat in the other areas. With digitalisation, the handling and managing of accounts becomes an easy task. Technology places all of these activities in fewer and reliable hands making the growth process quicker and easier.
- Managing Big Data
Big Data has changed the way consumers, real estate developers, agents, buyer and sellers look at the property market in the world. Big data plays a huge role from making business decisions towards creating better consumer experiences. The data management technology has also resulted in cost saving and creating business-expanding opportunities.
Big data is used by residential real estate developers to target their buyers for a while now. But in the upcoming year, big data aims to play an active role in the sector. Big data will emerge not only in target marketing but also help with finances and insurance analytics. Big data is the need of the hour, software developers are working to create new tools to make work easier and efficient. The real estate sector should not be behind in adapting this modern technology.
- Consumer service
Groceries, food, clothes, dinner, and car ride everything is available on your devices with the click of a button. 2018 will further continue towards creating technology making work simpler and quicker for the consumers. The real estate industry is not behind when it comes to adapting with technology to enhance consumer experiences. Technology is developing in such a way that making connections between buyers and sellers is made easier. Real estate developers should raise business in a way which improves customer gratification by using means of technology.
To conclude, 2018 is going to be a year of emergence of modern and exciting technologies. Developers which evolve and embrace these advancements will eventually reap benefits by the end of the year. Technology in the real estate industry will not only make work efficient and easier for the developers but also make it an all-encompassing experience for its customers.