5 Ways Technology is Changing the Face of the Real Estate Industry
Digital transformation is changing the world, one industry at a time. Today, real estate businesses are actively embracing emerging technologies. Top developers have realized the many tangible benefits of leveraging new technology in real estate.
Technology has also changed the home buying process by turning everything more accurate, streamlined, automated and personalized. A whopping 97% of home buyers today go online for home search and a majority of millennials do it on their mobile devices.
Here are our picks of the most impactful new-age technology trends that are changing the face of real estate.
1. Big Data
Buying a home is a huge undertaking, and technology opens up a new world of possibilities for both the buyer and seller. When people have to make informed property-related decisions, Big Data plays a ‘big’ role. It helps understand real estate patterns, trends, prices, associations, demographic data and location-specific projected value.
Big Data also proves to be an invaluable tool to help target the right buyers, to know all about them and reach them in the right manner. Making smart use of the vast amounts of data is the only way for real estate companies to gain a competitive edge.
2. Virtual Reality (VR)
Outside of video games and entertainment, Virtual Reality (VR) is a true game-changer from among the newest real estate technology. With immersive, 3D walkthroughs of properties, VR finds applications even before the construction begins and across other stages like sales, buying or decorating. During the pandemic, when face-to-face interactions had to be kept minimal, interactive virtual home tours took home buying to another level. From architectural visualizations to virtual staging to letting homeowners decorate unfinished spaces to their liking, VR technology has a huge potential in the real estate industry.
For theme-based real estate ventures like Brigade Valencia, a virtual tour gives a vivid impression of what living will be like in a community that reflects the flamboyant spirit of the Spaniards.
3. Machine Learning
The digital disruption that Machine Learning has brought about in this previously conservative industry is truly remarkable. The big names in real estate realized that cutting-edge technology like Machine Learning can bring in profits while enhancing the human aspects of the space. It uses huge amounts of data to generate actionable insights, optimize the company’s operations and help home buyers make informed decisions. A McKinsey research2 shows that real estate applications based on Machine Learning models can predict changes in rent rate with 90% accuracy and changes in other property metrics with 60% accuracy.
4. Artificial Intelligence (AI)
Artificial Intelligence or AI technology has revolutionized almost every aspect of the real estate industry. Those chatbots that instantly answer all your queries whenever you visit a real estate website are a well-known example of AI tools. AI is also utilized in lead generation, enabling smart real estate management, getting a better understanding of the earnings and gains associated with a project, simplifying transactions and as part of the modern house search technology. Rohit Malik, founder & CEO of Clicbrics, an online real estate marketplace thinks that companies that use AI to predict property value have a competitive advantage, as consumers rely on this data to buy and sell a property.
5. Internet of Things
When we talk about technology in the real estate industry the Internet of Things (IoT) is transforming the way people live in their homes. Domotics, more commonly known as home automation and smart home technology is steadily gaining popularity among home buyers. Real estate developers now understand how much of a big deal internet-connected homes are to the new buyers. More homes and multifamily complexes are being built entirely outfitted with smart technology. It’s not just new construction that can implement smart apartments, even old buildings can be retrofitted to offer smart connectivity.
Property Technology or PropTech, a commonly used term for any technology used in the real estate sector, is expected to grow dramatically in the coming years. The Brigade Real Estate Accelerator Program (REAP) is well-structured to help innovators make the best use of technology to create sustainable businesses in the Real Estate industry. When it comes to technology and real estate, the possibilities and benefits for both buyers and sellers are limitless.
People are always going to remain the backbone of the real estate sector. Real estate technology can easily take over tasks leaving professionals the time and space for creativity and productivity. If you plan to invest in tech-enabled SMARTMENTS, then Brigade Orchards, Bengaluru’s first smart township is, without doubt, the best choice.