This tutorial discusses the impact of technology on the real estate industry ?. We will do our best to make sure you understand this guide. I hope you will like this blog How is technology impacting the real estate industry?. If your answer is yes, please share after reading this.
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Countless businesses and models have been disrupted by technology, and the rate of disruption is increasing exponentially. The current pandemic has exacerbated this phenomenon, as any disruption often occurs slowly as people become more familiar with the technology. New realities are forcing the workforce to adopt new technologies, iterate them and adapt quickly to appear productive. Technology is advancing rapidly and shaping the future of real estate, and our handling of the pandemic is driving the mass adoption of many new technologies. Awareness and anticipation will be essential in the strategy and approach of certain aspects of the constantly changing real estate environment.
Historically, the real estate industry has been stable as an asset class and many believe it to be immune from the rapid adoption of new technologies. This thought process will create the excitement of reducing risk, but I caution you to consider the impact of technology on your real estate investment opportunities. Of course, all real estate asset classes will be affected differently, and asset classes, like apartment buildings, are more isolated due to their defensive nature and the fact that housing is a basic need.
These effects are most noticeable since March 2019, when the world was plunged into the worst recession of all time due to COVID-19. The real estate sector is one of the most prosperous sectors in the country, contributing almost 7% of the gross domestic product (GDP) of the country.
How technology is influencing the real estate industry
Emergence of online real estate services
Before the tech boom, real estate transactions always depended on physical meetings between the broker / agent and potential buyers, where buyers spent hours sitting in the broker’s office shortlisting the properties of their choice based on their budget, location and others. Criteria. . Then the buyer would spend days on the road touring these properties. Yet buying a home was nothing more than a monotonous task.
Certainly, with the advent of technological advancements, a new generation of tech-savvy, well-educated and well-connected agents, as well as buyers, has emerged and has changed the perspective of the real estate industry from top to bottom. Now, the list of properties that match the buyer’s preferences is just a click away. India has seen the creation of several startups offering online real estate services, some of which are:
- Nest Away is the world’s largest home rental network.
- NO BROKER allows you to buy / sell / rent a house without paying a brokerage.
Obtaining funds to purchase a home from potential buyers used to be a tedious journey, but today, due to advancements in technology, it has become a hassle-free exercise. Now, potential buyers of real estate can apply for real estate loans online from various banks and lenders by entering their CIBIL score. The CIBIL score is a metric that indicates how good a person has been in terms of paying back past loans, the person’s financial standing to repay the loan, and a person’s quality with their investment options. Most banks check the CIBIL score and, if satisfied, immediately sanction the mortgage. This process now takes no more than 10 days.
Let’s start by understanding what construction technology is. Construction technology is the collection of innovative tools, construction management software, modern construction equipment and machinery, etc. used during the construction of a project that allows progress in the field of construction. Technology has made the construction industry more efficient, productive and collaborative. Some examples are:
- 3D printing as a construction technology, also known as autonomous robotic construction system, involves transporting a 3D printer (industrial robots) to the job site and automatically constructing the building with 3D printed concrete or mechanically cut bricks.
- Cloud Mobile technology has led to increased use of tablets and smartphones. Now people are well connected, they can access any information and work from anywhere.
- Drones (unmanned aerial vehicles), also known as “drones”, allow site managers to track work progress and make accurate decisions based on daily data.
- Construction management software helps contractors track progress and monitor their performance, as all stages of the project are well recorded.
- Building Information Modeling (BIM) is an intelligent 3D model-based process that enables construction professionals to design, plan and construct buildings more efficiently.
Before technological advancements, marketing techniques adopted by developers to market their business and advertise their current, completed or future projects were through billboards, brochures, newspaper ads, word of mouth and other marketing techniques. traditional. However, in this tech-driven age, there is a wide array of marketing tools that a real estate agent can use to build brand equity and market their properties. Here are some of the technology-driven marketing platforms that real estate agents can use to communicate with buyers and sellers:
- Create a professional website with an emphasis on aesthetics and functionality.
- Create video tutorials / virtual tours to give the future buyer an idea of what the property looks like in reality.
- Reach out to the right kind of influencers on social media and collaborate with them.
- Develop email marketing campaigns to collect email addresses and let them know about your products.
- Create a Facebook, Twitter and Instagram profile and post real estate videos and images using relevant hashtags.
- Start a blog and create SEO optimized content.
- Co-host a webinar on topics of interest to potential buyers.
Smart home technology
Technological advancements have a positive influence on improving people’s way of life and have also had a significant impact on the housing sector. Home automation services value property by offering monetary and other benefits. If the house is equipped with services and home automation devices, the resale value of the property multiplies. The other benefits come in the form of improved comfort and support for the elderly with smart home technology that automates household chores.
Smart home technologies include home security cameras, smart thermostats, smart locks, smart lighting, sensors, monitors, device remote mechanisms and devices to automatically control the operation of various devices. such as televisions, refrigerators, washing machines, air conditioners, automatic garage doors, smart curtains, smart glass windows and many more. As technology continues to evolve, the demand for smart homes will only increase due to the amenities and comfort they provide.
Final words: How is technology impacting the real estate industry?
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