New Age Technology in Real Estate
Technology has become a tremendous enabler and its use in the real estate industry has accelerated during the pandemic we have witnessed over the past couple of years. Rapid advancements in the technology sector are opening up unique doors & imaginative avenues for real estate that were once slow to adapt to new technologies. The growing adoption of new-age technology in real estate is enhancing consumers’ real estate experience. Real Estate Technology (PropTech) or Real Estate Technology (ReTech) tools now enable a sophisticated, personalized and seamless customer experience for all stakeholders.
With the increasing adoption of AI, machine/deep learning, Big Data in the real estate industry, PropTech or ReTech tools now offer consumers personalized recommendations matching their needs/criteria at their fingertips. Using tools of audio-visual representation, 2D/3D modeling, augmented reality (AR), virtual reality (VR), consumers enjoy an immersive experience of the property without visiting the site.
These tools provide consumers with specific details and real-time insight into the property, its surroundings, proximity to school, colleges, hospitals, shopping malls, bus stops, metro, etc. Thus, enabling consumers to make a more informed decision regarding whether to rent or buy property while comparing different homes on different parameters from the comfort of their home.
PropTech or ReTech tools enable an end-to-end digital workflow to search, compare, shortlist, buy or rent and make payments online to reserve a home from virtually anywhere. By enabling a freer flow of property information, our technology reduces reliance on brokers and, in some cases, also enables brokers to adapt new technologies and serve their clients in unique ways. All in Augmented Reality [AR]Virtual reality [VR] and 3D tools facilitate visits to goods from a distance and give the consumer a more realistic feeling of the good, allowing him to visualize his purchase. Additionally, virtual property tours have reassured consumers and motivated them to purchase real estate, even during lockdown.
Digital tools under PropTech allow consumers to experience the colors, decor and amenities of the property, both during the day and at night. Recent real estate apps and smart devices also offer a range of home management solutions and automated services such as maintenance, insurance, payment solutions, on-demand services and relevant notifications for reminders due date on utility bills.
Plus, digital sales and online auctions that create time-driven demand and help realtors achieve confirmed sales with targeted inventory. Sales gamification and rankings help engage the sales team and brokers throughout the property sales lifecycle.
Using Big Data/Data Analytics for Greater Sales and Scale
Big Data is another avenue that real estate agents can capitalize on. Big data analytics helps assess fluctuations in the mortgage industry, insurance risk, and purchasing power based on geography and other variables.
Big data also helps in predicting various consumer-centric data points based on the analysis of markers such as mortgage pre-approval, credit scores, and any public records indicating past consumer behavior.
The real estate industry must openly embrace data analytics to use and channel Big Data for predictive strategies and drive sales. Using the data can help gauge the performance of each submarket. Data analysis can be used to compare property price fluctuations. It enables efficient data management and provides accurate market performance indicators. Artificial intelligence and machine learning are also useful in predicting trends and enabling live chatbots to answer consumer questions
These chatbots can also facilitate services such as virtual assistance for buying, selling and renting properties. Interactive WhatsApp/Chat bots help build a consumer base by offering 24/7 support, marketing strategies, lead generation tactics, and multilingual support. Improving the consumer experience from our first point of contact through to delivery.
The metaverse and 5G a unique value creator
The availability of high-speed internet bandwidth/5G technology is another promising way to advance the real estate consumer market. High-speed Internet will increase accessibility to even higher definition images of properties, which can be transferred in seconds to create virtual models and improve safety for commercial and residential owners.
It will also contribute to the rapid adoption of metaverse technologies which provide huge opportunities for the real estate industry to deliver a seamless virtual experience to its consumers. The Metaverse can allow people to link virtual and real property sales through its use of cryptocurrencies or use a token to own digital real estate in the Metaverse and its real life equivalent real estate.
The 5G network has the potential to transform real estate and other industries and enable the real estate industry to deliver advanced AI computing products and innovative services on cloud and at scale. We will also see more PropTech innovations in the areas of home automation, smart home technologies, real-time data analytics, predictive analytics, AI-based recommendation engines, and enabling site visits. more immersive virtual reality properties. This progress in the real estate sector will directly depend on how quickly one can innovate and deliver consumer-centric technology to its end users. Also, while developing a synergy between the best of these innovative technologies to build a unique and immersive experience for all stakeholders.
Disclaimer
The opinions expressed above are those of the author.
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