The Real Estate industry has witnessed some major breakthroughs with the introduction of new technological innovations. Technology intervention into real estate is not a new thing, the manufacturing and automobile industry innovations have been very well adapted in the property construction, maintenance and for other related developments. Since the last few years, a multitude of technological advancements has been made into the Indian real estate and infrastructure sectors.
The mobile applications and property developer/agent online presence has become more popular and has helped to reshape the future of the industry. Especially, for the commercial sector (which has always been considered as old-fashioned) is expanding and utilizing technology and trends to promote business. PropTech and ConTech are trending terms related to modern technology in the property sector. Let’s look into some modern advancements which are here to stay at least for the next decade.
Collaboration with Digital Marketing
Digital experts are the first one to notice the wave of technology around the globe. Also, they themselves have to adapt to the ever-changing marketing platform. Real Estate today is not just dependent upon agents or newspaper advertisements. The techniques and technologies have increased the opportunities for developers to directly engage with investors. Alongside, the property agents are also utilizing digital platforms to reach a wider audience available on the internet. Location-based searched helps the property developers to understand the trends and demand of the investors. The commercial hubs today are very much dependent upon the digital platforms for their promotion, to increase footfall and to find more clients.
VR technology has drastically changed the outlook of the real estate market. In today times, when people do not have time to visit the property can utilize the Virtual Reality to remote view the site and have a real-time tour of it. This has increased the efficiency of property marketing. Augmented Reality along with VR has made it possible for the customer to save time and research (legal documentation, support, security etc) over the property in detail. The introduction of mobile applications and web apps have brought everything in the mobile device of the buyer.
This technology is erupting all the spheres of life and real estate is one industry which has benefited a lot from it. The complex algorithms have helped both customers and realty developers to customize and maximize income potential. The most powerful factor of AI is its amazing power to give a recommendation based on our searches. The real estate websites and mobile applications utilize this technology to provide personalized and relevant recommendations to the buyers. Also, the property management applications and tools use Artificial Intelligence to monitor vital metrics and predict the trends in property prices, maintenance, security and etc.
More innovations are being made to reduce the possibility of fraud and to verify quality of construction. Few consider Blockchain technology can help to create smart contracts, strengthen the security and reduce chances of frauds. But who knows, what is stored in the future and which technology would help achieve this. One thing is for sure, that real estate is now ready to adapt and work together with the technology.