How Technology is Disrupting the Real Estate Industry?

How Technology is Disrupting the Real Estate Industry

Searching The Real Estate:

With the internet firmly in everyone’s palms, the first step people take. When searching for a real estate property search it online. In fact, more than 70 per cent of people search for homes online before physically seeing them. 

Technology has reached every aspect of the real estate industry. 

Prospective buyers/renters now do not need to physically visit any property. They can view the property on Google Maps or via a virtual walkthrough link share by the real estate consulting firm.

Add to this unique investment options for capital appreciation in the real estate sector. You have increase participation in the sector by all interested parties- investors, real estate brokers, tenants, holiday renters, and so on. 

New technologies in the real estate sector:

Blockchain

This makes it possible for people and organizations to process. Large transactions without the use of intermediaries or human effort. This gives real estate technology consulting a brand new meaning. With the help of blockchain, each large real estate transaction is done with utmost security, efficiency, and transparency. Blockchain technology is poise to revolutionize-

Tokenization:

Here, a real estate asset is divided into many tokens and store on the blockchain. This allows landlords to sell shares or just a portion of the property in the secondary market through online exchanges. This allows individuals to participate in the real estate market to get inflation-beating returns on their investments without the hassle of having to physically care for the property.

See also  Best Amazing Camera Phone In 2021

Artificial Intelligence:

To cater to customers amid the intense competition. Real estate consulting firms are using the best of artificial intelligence to get to their customers. High-end software robots are using to determine. Which property to choose base on their data analysis across the internet and with the use of machine learning.

Virtual Reality:

Already, 360-degree tours and virtual walkthroughs of properties have revolutionized the way real estate brokers work. Now, technology has taken these virtual experiences to the next level. 

This includes virtual 3D tours of the property. Where you can literally ‘feel’ the walls and other features of the property. You can see how high the showerhead is, how big the rooms are and what you can see from the property. All thanks to the help of aerial drone footage and 3D technology.

CRM software

CRM software like Salesforce, Base, PipeDrive, and others help. Real estate agents keep track of their emails, calls, and other communications with their prospects. As each prospect is worth their weight in gold, realtors cannot afford to ignore any one of them. These CRMs help you to report on results and automatically estimate and confirm the revenue and income from each prospect.

Mobile Apps:

There is practically no product or service that you can avail of from the palm of your hand. Hiring a real estate broker is no different. Apps like Zillow and Redfin help connect buyers and brokers for seamless interaction between the two. 

In fact, some of these apps allow potential tenants and buyers to state their tentative requirements. Automatically connect them with those agents who have similar properties.

See also  Get android Tracker Backup Mechanism Now Dealing with Fumbled Business Calls?

Internet of Things:

The internet first conquers our desktop PCs, then our mobiles. Now there is a technology where the internet helps us understand our tastes and preferences. For instance, the door opens automatically for us, the rooms. We go into lightening up automatically and even our coffee is brewed without us having to even lift a finger. These ‘smart devices’ installed in many new-age properties are revolutionizing the way we live.

Houses with such smart devices are in short supply. In saturate real estate markets in the West. All home-related paperwork is now being done through the cloud- saving a lot of time for all parties involved. Enhance security features base on this. Internet of things devices is a great accompaniment to any house, helping the seller get a handsome premium for it.

Sum Up:

If you want to stand out of the crowd in a highly competitive market, you will have to embrace change. Technology is helping those dealing in the real estate market to embrace change. Just as smartphones became commonplace within a short span of a decade. It is only a matter of time when smart devices and other revolutionary technologies will be embraced by all.

More Read ON: General Assessment

Leave a Reply

Your email address will not be published. Required fields are marked *