‘Digital’ is now a paradigm that has already left its impact on many segments of the social economy. While a lay mind may be curious as to how digital functions could synergize the real estate services, there are vital and substantive reasons to make the assertions. The real estate sector got $2.6-b foreign funding in 2017. Moreover, the Indian real estate market size is expected to reach US$ 180 billion by 2020. We find the positive developments occurring through digital tech along both the dimensions – the front end catering and the back end business linkages. Here are the ways and mechanisms that explain the role of digitalization in the ever dynamic real estate industry-
The digital meeting
One of the most notable contributions that the digital technology has offered to the real estate sector is that of generating a live, real time interface. The seekers and builders are on a same platform now, the websites and the apps have emerged as the medium to interact and get aware of the listings. One can browse through the best available options in the locality of their choice; courtesy- the filters offered by the realty portals and of course the search competence of giants like Google!
Take the virtual tours!
Everyone looking to buy a property likes to have the first hand look of the probable options; rather than simply relying on the worded descriptions that may get faulty afterwards. The web and software developers have now made the virtual 3D tours possible for the potential buyers. Peep out of the window or set foot into the balcony (all virtually) to get a more refined experience of the property and then make up your mind! This is the offer from the top banners of real estate today.
Judge the authenticity through open public search and builder reviews
The authenticity of the deal is a big factor and a determinant as well. Most people want to ascertain whether the offer is genuine or not because frauds are rampant and the innocent buyers are getting duped! Digital technology has come to the rescue of the buyers in multiple ways. Open web searches through the public (government) portals that hold land records dynamically have allowed the seekers to find the ownership rights and associated deeds. Further, one can also read the live reviews that are left by the buyers for their builders and this offers a transparent network for unbiased assessment.
Internet of Things (IoT) and Real Estate
Constant technological innovations and advancements are fuelling this industry with necessary developments at the forefront. A major positive shift is being noticed, especially with the adoption of techniques by the new Gen Y which believes in doing everything online, making their preferences and choices for a property, seeking the aid and assistance of internet of things. For example, with applications like Alexa together with home automation, homes now have the potential to become magical places. Music, news, and games could be coordinated with lights, motion, or other objects. This is a small example of how technology has drastically changed the view point of customer experience and has bought more efficiency and efficacy on the board. With the help of AI implemented tools and techniques in the genre of real estate industry, personalised search results that specifically meet the stringent parameters and choice of each customer has become possible. All the marketing strategies can now be collaborated into a single platform to magnify the sales quantum and revolutionize the working ethics of real estate industry.
AI (Artificial Intelligence) – the future of Real Estate
AI is the new technology innovation that is being adapted by all of the biggest industries of the world, including the real estate. It is going to be a real boon for bringing the desired changes in the working patterns and ethics. With all the important work becoming automated, real estate vendors can now easily build long term relationships with their real time clients. Also, AI is not time bound and therefore is accessible to people 24*7. This allows more sales at the business forefront. Furthermore, it helps to facilitate the process of increasing the relevance of recommendations by allowing the customer to view the property that typically satisfies their needs and desires. Imagine a chat bot answering all the customer queries without an actual sales person being around. Real estate industry with the aid and assistance of AI has empowered the buyers and renters to make informed and wise choices. Owing to all of this, we can imagine the world of real estate and property buying portals to be establishing comparison factors on the basis of each consumer and his/her own personal choices and recommendations in the near future programmed with the power and tools of AI.
All these dimensions and developments explain the growing clout of smart digital technology in the real estate industry and how it is getting positively and rapidly transformed through it!