Today’s millennials have constantly been in touch with the technology and have been using it for everything they do. The various industries have started adopting the technology and have established themselves on the digital platforms for being in the race of leading in keeping in mind the current trends and technology the user/ consumer is following and using also in Real Estate sector.
Technology is constantly reinventing each and every industry. And it has impacted the Real Estate industry too. It is slow but, real estate and technology are finally allies! The traditional way of property dealing is near to extinct now, as technology has taken over the world including land, homes, and office spaces. Gone are the days when looking for a property was a Herculean task, and required toiling hard in the scorching heat of summer. Technology has summarized the entire process in a nutshell to fit smartphones. When all industries are basking in the sunshine of advanced technology, why should the Real Estate sector remain in the shadows of outdated methods?
There are various technology trends in the real estate industry that should be seen.
1. Big Data and Data Analysis:
The customers have always made decisions with data-driven facts. The technology uses both historical and real-time information in order to give insights into the patterns trends, pricing, demographic data, and potential value in various locations. Thus, these technologies help one price a property by real-time regional price analysis and also predict the future price fluctuations. It also reduces the risk of choosing the wrong property. The users are also guided regarding property selling and leasing through strategies derived from the data.
2. Virtual Reality (VR) and Augmented Reality (AR):
Through Virtual Reality and Augmented Reality, realtors, property agents, and potential property buyers are giving and getting a personalized property visiting experience from anywhere in the world. Technology in the real estate industry has made the online property search experience more effective, exciting, and convenient as the properties are accessible just at the touch of one’s fingertips. AR and VR are helping the customers to check the properties without actually visiting them and thereby allowing the customers to compare different options effortlessly. According to the National Association of Realtors, 87% of people found photos very useful while 46% of people found virtual tours extremely helpful.
3. Internet of things (IoT) & Smartphone Apps
It’s 2020, and if your home isn’t as smart as your phone, you are outdated. The Real Estate sector scene has changed a lot with technology, and if the properties have smart technology facilities, those homes will definitely score a higher market value. Mobile technology has not only eased the operations but also saved time, human labor, and the usage of other resources. According to IoT Analytics, the global IoT sector which was $150 billion worth in 2018 is poised to exceed $1.5 trillion by 2025. Smart applications like automated lighting systems or automated air conditioning are proving big draws for customers. 58% of commercial real estate top managers believe that facilities in smart homes (e.g. lighting/climate control/) are essential for a better renter’s experience. And due to these reasons, the homes are being made as smart homes, and the real estate industry is changing and adapting to it.
4. Task automation in Real Estate
Real estate agencies have a lot of work and tasks. The tasks take up a lot of time and effort of the people, and the automation has made the paperwork and mundane tasks easier to finish. Automation like invoice processing, email sending, and online chatting has made communication tasks and accomplishing administrative tasks quite easy.
These are some of the latest tech trends in the real estate sector that one must know because they will be determining the course that the industry will take in the future. These tech trends are also adopted by the top builder in Surat – Shreepad Group. We have commercial properties in Pal Surat and upcoming residential properties in Surat.