Let’s get to know, “How Technology Changed the Real Estate Industry”.
Browsing on your phone or tablet is the norm, whether you are looking for a new home to buy or rent your home. But this is just a small portion of the iceberg that is influencing the real estate industry. Nowadays, technology is playing a vital role in how industry professionals and consumers are approaching the market. There are a lot of opportunities to use technology in the real estate industry, both for residential and commercial properties like Mall of Korang and Al Barka Heights. Technology is helping massively to grow the country’s largest asset.
Here are some ways technology is changing the real estate sector.
Internet of Things (IoT):
Today, the Internet of Things has become quite normal because smart homes and home automation are deliberately dependent on it. This involves automating the ability of a hand-held device to manage the different features of the house, from energy to curtains. The Internet of Things is changing the way homeowners view their property. It has become a game changer for real estate developers. Developers are not just selling the house alone, but also tempting buyers with internet-connected houses. In addition, it is predicted that real estate brokers are eventually going to employ IoT for house searches. In the future, people might use their phones to ask questions about homes they want to buy. They will be able to use their voice instead of typing on a computer.
Also read: How to sell your home fast for cash
Real estate developers need to build affordable houses that are eco-friendly. To do this, they are exploring new and creative ways of building homes, such as using materials that are made beforehand and putting them together on-site. One idea is to use 3D printing technology, which can save up to 80% on construction costs and 60% on labor compared to traditional methods. Many companies around the world are also trying out similar innovative ideas to build houses that are less expensive and better for the environment.
Real Estate Operations Automation:
Real estate companies have to find new ways to remain competitive, increase efficiency, differentiate, and position their services and products to build customer loyalty. With the help of a robust back-office operation, the company has a view of the customer life-cycle from when they were prospects until they become tenants and landlords. The companies are capable of addressing challenges such as communication and cost efficiency between different stakeholders, automating portfolio management, customer relationship management, and facility management.
As blockchain technology is still in its beginning stages, it has already shown its wide perspective with the latest use of Bitcoin in modern real estate sales. Bitcoin, a digital cryptocurrency, is created using blockchain technology. It is actually a decentralized electronic currency that is used for money transactions worldwide. This peer-to-peer currency is really appealing as it is borderless and not under the control of any monetary authority, and it has also created an atmosphere of the latest digital wealth, valued at about $200 billion in less than a decade. Even though there are concerns about the tax implications of using Bitcoin and it has been compared to a tech bubble, there are still sellers who are accepting the currency for big projects. This is leading some people to believe that Bitcoin could transform the financial industry in the near future.
Artificial intelligence can be a really terrifying and even threatening concept to some. Science fiction has caused us to see it as something that is ultimately going to overpower human intelligence and bring about our deaths. Artificial intelligence technology today is not capable of dreaming about electric sheep, at least not yet. AI platforms can range widely, from robots giving home tours to virtual tours offered from your client’s comfortable couch. In addition to helping consumers, AI can also make things more efficient for real estate agents. For instance, it can automate repetitive tasks like answering common questions using chatbots, and use predictive analytics to go through massive amounts of data to find potential customers who are most likely to buy or sell properties.
The Future of Technology in Real Estate
The future of technology in real estate is rapidly evolving, with advancements such as virtual and augmented reality, the Internet of Things (IoT), artificial intelligence (AI), and blockchain revolutionizing the industry. These technologies have the potential to streamline processes, improve customer experience, and increase efficiency while reducing costs. With the ability to automate and optimize various aspects of home management, analyze large amounts of data, and provide a secure and transparent record of property ownership and transactions, the future of technology in real estate looks promising.
Technology is becoming more and more important in the commercial real estate industry. At first, people didn’t think that software could make a big difference in dealing with properties like apartment buildings. But now we know that technology can change everything – from finding deals to attracting investors, renting out units, managing properties, and eventually selling them. As technology keeps getting better, we don’t know exactly how it will affect the industry, but we do know that it will have a big impact. People who are ready to use new technology will have an advantage over others.