With the shift in consumer behaviour and the ever-changing market conditions, the real estate sector is undergoing a gradual upheaval. However, these changes are only enabling this sector to evolve and adapt. One of the most crucial changes in this sector is the adoption of technology. Innovative solutions in the form of software, platforms, and applications are the driving force leading towards growth.
With the initial decade being paramount as a learning curve, phase two for PropTech or Real Estate Technology began in the 2000s. This phase was keen on utilising existing tech to transform it into a new experience. This has also assisted in the disruption of the real estate model.
However, the recent phase in PropTech that is currently dominant is embracing innovative solutions such as Augmented Reality, Virtual Reality, Drones, etc. The access to productivity tools and analytics have paved the way for agents’ increasing efficiency and providing a quality sales experience. One of the major impacts Real Estate technology has had on the industry is identifying quality leads. Lead generation platforms have simplified the search and helped connect with a niche audience. What’s also helping fast-track this is the initiation of AR(Augmented Reality), Virtual Reality, AI(Artificial Intelligence), and much more.
Let’s take a look at the advancements in the industry.
- Management Softwares – Softwares help agents manage their customers online by ensuring timely reporting, automated reminders, screenings, appointments, etc.
- Mobile apps – While having a website for your real estate is a hygiene practice, a mobile app also makes a lot of difference. This allows buyers to view all property details easily, can help schedule visiting tours, view VR tours, and with a chatbot, the implementation makes it easier to resolve queries.
- Virtual Reality – At a time when even high-resolution photos don’t suffice, VR is the new solution. Virtual tours are the most recent technological trend helping millennials buy property from the comfort of their homes. Making use of this technological feature, Ashar Group has successfully conducted multiple virtual tours for their customers during the lockdown.
- Augmented Reality – AI is transforming the way the real estate industry is conducting business. From utilising chatbots on websites to leveraging automation with CRM systems, the adoption of technology is bringing a new wave of convenience. Data analytics has also significantly impacted this sector which helps harness profitable opportunities for businesses.
- Big Data – One of the most important changes that have evolved the real estate industry is personalised recommendations. In the current scenario, agents are able to make recommendations based on the wants and needs of buyers. However, big data will emerge with more intelligent recommendations in the near future.
As the COVID pandemic made way for a digital shift, Augmented Reality and Virtual Reality have created opportunities for virtual tours. Providing a realistic reflection of the look and feel of the actual property, these tours have made property buying and selling convenient for all parties.
The real estate sector has traditionally been a largely unorganised space but the evolution of these technological advancements and the disruption has made the sector more approachable for investors, and builders.