Technology has revolutionised the way we live, work, study and do business. Whether it’s a desktop, tablet or the smartphone, the adoption of technology permeates every aspect of our lives. The face and pace of business significantly changed after the first computer buzzed in an office and it has been changing ever since.
As new technologies are being developed, they effect and change how business processes and transactions take place, and how the seller interacts with the buyer. All businesses have to constantly adapt new technologies to stay competitive, keep up with the market trends and rise to consumer expectations.
Technological advancements have had an effect on all major industries and real estate is no exception. Though the real estate industry was late than others to adapt new technologies, innovation is now apparent in the way homes are being designed, built, advertised and sold.
The home buying process
Internet is the first place home buyers go to start their research; they can search for property listings anywhere in the world, at any time of the day or night, research about the area and the kind of property they are interested in before they choose a broker to guide them in the buying process. Consumers also use the Internet to research about brokerage companies and their reputation and rankings in the market.
Technology is empowering the consumer to make better decisions. Many property portals, brokerage websites and tools provide access to real time information about prices, transactions and easy-to-understand infographics that give tremendous insight of what’s happening in the real estate market.
3-D floor plans, property videos and 360-degree tours make it literally feel like you are inside the property without being physically present. Realtors are leveraging social media to widen the sphere of influence and connect to potential buyers. Smartphones have accelerated the entire real estate process as it provides a communication channel between the seller, buyer and the agent.
Big data
We all have heard of the term ‘big data’, but what exactly is it and what significance does it have in real estate?
Data is being created every time we buy grocery, shop online, surf the web, search for property online, watch TV, swipe a credit card or even just drive to the office. Almost everything we do creates data, and this data is collectively referred to as “big data”. This acts as a raw material for business intelligence and when processed and analysed using analytical tools and software, creates insights to understand consumer needs, behaviour and helps in creating new and improved products, services and to take better business decisions.
As the real estate industry takes lessons from technology, “big data” is playing a role in creating better communities, designing real estate that suits the end user, providing useful and easy-to-understand information to home buyers and insights to real estate companies about who is buying what, where and when and what tools they require to reach out to the target audience.
Smart home devices
Just as mobile technology has completely transformed how we communicate and share information, smart home devices are changing the way we live and interact with our homes. These devices are already creating a buzz as they have the ability to manage security, temperature control, lighting and energy from a cell phone application. Some of these devices can also record data and based on this, take operating decisions and predict our needs, thus providing convenience and total control even when you are away.
Technology has completely transformed our way of living, and as far as real estate is concerned, there is not a single form that is exempted from the its exponential growth.
There is no stop to exciting innovations, and with a lot more concepts on the buzz in the real estate industry, we look forward to the use of virtual reality wearable for property viewings, drones for capturing aerial view imagery of properties, 3D printing for construction of property and online crowd funding platforms to find and invest in real estate. While some of these technologies have made their way into the market, we don’t need to wait for long to see these becoming a standard.
As technological advancements are likely to bring newer tools and overwhelming information that will persist to impact the real estate industry, the goal, however, remains the same: to help people find the right property and add value to their lives.
Anjum Bhat 