In recent years, India’s real estate industry has seen substantial technological advancements to improve planning, governance, and customer experience. Because of the pandemic, tech adoption has quicker exponentially in real estate. Technology enhancement has wholly transformed the real estate industry. The pandemic has improved the focus on installing collaborative technology and Realtech for business. As per an online survey, with digital adoption on the rise in India’s real estate sector, even tier-2 cities have seen a twofold raise in homeowners, homebuyers, and landlords taking the option to online services to sell & lease out their properties.
Real estate firms now know they need to shift to the changing technology landscape to stay relevant and gain an edge on their keenness. Post-pandemic, Realy technology has seen a more complete growth in demand. With the raising demand for tech-enabled real estate platforms, trends like AI, machine learning, and Robotic process automation (RPA) can witness important momentum in 2022. In this article, we’ll look at some unsettling technological advancements & trends in the real estate sector that have made it unavoidable for homebuyers to adopt new technologies.
Real-Time Virtual Tour of The Property
People's freedom of movement was completely curtailed by the several tsunamis that ravaged our nation. As a result, it became challenging for a homebuyer to visit the property. Now they may virtually tour the property and decide accordingly. In this procedure, the buyer and the property owner/broker engage in a video conference during which time all inquiries regarding the property are addressed and a virtual tour is given.
Virtual tours of properties provide a true representation of the subject property's appearance and atmosphere. In the real estate industry, the investor or buyer frequently thinks that the property's quality fell short of their expectations, leaving them dissatisfied. But now people can choose virtual tours rather than relying solely on their imagination!
Adaption of Cloud-Based Technology
The cloud service has been a benefit for all real estate stakeholders because they can now access data on any property from anywhere. The cloud tech simplifies storing large data sets on a remote server, which stakeholders can simply access to answer any client questions about any property they have their eyes on. This saves manual office work and saves an important amount of time and energy spent looking for papers. As stated by Rapid Scale’s research, & about 80% of best realty companies are assuming some form of cloud technology.
Cloud computing is available in three main service models; each caters to a specific set of corporate needs. Software as a Service (SaaS), Platform as a Service (PaaS), and Infrastructure as a service. This technology persuades ease of doing business for builders and amplified proficiency & transparency for homebuyers which is a win-win for all stakeholders complicated.
The Rise of Smart Buildings & Innovative Construction
Newly developing startups & technology in the real estate sector ease the rise of intelligent buildings. The design of the building is created, keeping in mind the best conceivable operational and energy productivity. PropTech and Big Data in portfolio management further help in cost savings important to raised margins and improved tenant relationships. It is also directly related to space competence & homebuyer satisfaction. The trend of nursing space usage via apps, etc., is rising. The pandemic has surely acted as a substance for change in the Real estate sector, whereby companies & homebuyers are quickly gravitating towards smart-tech-enabled solutions.
Conclusion:
Today, real estate is in a digital age; first-time homebuyers, professional home buyers, investors, etc., everyone is looking for their future homes online. The theme of prop-tech is also rising amongst millennials who are enclosed by smart technology in & out. The new generation of homebuyers is relaxed with home models’ virtual home tours, giving them the same idea about the house. Digital access has made it harmless and quicker for buyers and developers, and real estate thrives on technology during this pandemic & is predictable to only go uphill from here.
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