From our childhood, we see the Real estate as a technology-free sector. But time has changed beyond imagination. Gone are the days when we had to find brokers or customers by word of mouth. As we are moving forward into the future. We see an advancement in technology and the changing lives of people. So the important question is how technology is helping real estate?
When the world was facing the COVID-19 pandemic challenge. As a result, human interactions were limited to almost zero during the lockdown. During that time All sectors were trying to explore technology. And so real estate is. They’re integrating technological processes to deal with the impact of COVID-19.
Technology has accelerated the marketing and sales part of real estate. which earlier relied on physical brochures, an inspection of the property, or a site visit. The real estate industry has integrated its processes with technology over the years to deliver a better buying and selling experience in India.
Some of the innovative ways that technology is helping real estate professionals and their customers. Technology is now playing a great role in the life of real estate company & customers. Here is how technology is helping real estate.
Impact of technology for realtors or agent
1. Less paperwork more result
Paperwork takes up the valuable time of realtors. Most of the time they fill out the same information across multiple properties. This eats up the valuable time of real estate agents.
Technological advancement has brought up ways such as automated appointment scheduling, email, and drip campaigns for marketing..
Using these small tech processes realtors can save tons of time. Now they can use time in networking, working leads on social media, or researching new properties.
Tech companies have made tools to monitor property valuation & updating the latest information regarding the property.
2. Technology made price refinement easy
The value of a house or property is usually estimated by brokers. keeping in mind factors such as the neighborhood and house features to make a price estimation. But with the
introduction of artificial intelligence the price estimation is done more accurately than before.
Factors such as historical, crime statistics, nearby markets, and schools define property price. These factors help the buyers to make purchasing decisions. The tech will let homebuyers make more intelligent real estate purchases in the future. It helps them to buy flats & residential projects very easily.
3. Personalized, targeted real estate advertisement
When it comes to a dream home customers search it online. The online searching gives an overview to agents to run the targeted advertisement.
Customers usually do a home search in a certain area. But can’t find exactly what they are looking for. Ad tech is changing this.
However, with ad management, real estate brokers can now target the perfect customers for new-on-the-market homes. It helps them to generate real estate leads accordingly. Now customers will see housing advertisements as per their interest
In this way, technology is helping real estate customers
1. Online Real Estate Marketplaces
Usually, real estate markets have always relied on in-person meetings between brokers and potential buyers. but technology has allowed online marketplaces for industries like real estate. The online marketplace allows the customer to enquire about property that fits in budget & requirement.
As we are in a pandemic, this becomes a useful tool. It provides virtual tours of property & customers can view it from smartphones, laptops, etc. Tech-enabled brokers let people buy with the assistance of a broker but without the steep commission fees.
2. Smart Devices for Property Management
The smart device is changing our lives. This includes everything from Google Home to Alexa. It doesn’t require human input to transmit data. These devices are just starting to be integrated into rental properties.
They provide unique opportunities for tenants and landlords to transform the landscape of property management. Smart doorbells and locks give tenants enhanced security. It helps them to see exactly who’s at the door without going near to the door.
They also give landlords a way to monitor potential security risks. Smart thermostats intelligently change the temperature in rental units. It lowers heating and cooling costs & the right temperature for tenants.
Gone are the days when we had to come out of bed to put off the light. Now you have motion sensors where the lights turn off automatically when they don’t sense motion and turn on when they do. Technology has entered our houses and living with us.
3. Social media became real estate’s customer new home
A home connects you on a deep social level with your kith and kin. Social media has managed to replicate that feeling. Even if you are not near your loved ones. Social media has a huge influence on consumers from different walks of life.
From checking out authentic reviews of new projects by joining groups. By having a detailed discussion of the amenities and facilities provided by well-established property developers.
So it makes perfect sense that real estate companies start promoting their products on the social network. From connecting at larger scales with home buyers to quickly promoting the best housing deals. Everything is happening on social media.
4. Virtual Reality (VR) has enhanced the home buyer’s experience
Today’s consumer is so technologically advanced. Advertisers have to think of new ways to promote any commodity. One technique that is proving to be quite popular for real estate is VR(Virtual Reality). VR lets potential home buyers experience living in a home even before they move into it.
Real estate developers are using this cutting edge technology. They advertise a brand new property to potential home buyers. Virtual reality technology is on the way to be fully implemented.
Although it is expensive, soon it will be available commercially across the country. Customers can now visit the property virtually before buying it. VR is going to save tons of time from the user’s and realtor’s end.
5. Transparent transactions
Thanks to technology, now home buyers can watch & compare property prices across the world with one click. Now they can enquire about the latest trends and best properties in the market.
Buyers can easily purchase the desired home. And there is no way to treat different customers differently. Technology has made the customer the king.
Conclusion
Industries that primarily relied on person-to-person interactions have adopted newer ways and newer technologies. Adopting new technology allows companies to free up valuable time & resources for future development.
The real estate industry transformed very slowly in terms of technology. But now it is on the way of exploration and advancement.
As you know real estate is a massive industry. Tech companies see the potential of this market. And developing products to help buyers, sellers, and investment firms.