Five ways technology is changing the real estate industry
The burst of technological innovation and advancement, in the last few years, has had an impact on almost each and every industry, transforming their very dynamics. The Real Estate industry has also experienced the effects of this disruptive force, with the development of properties, as well as the buying and selling, having been redefined completely. Thus, not only is the construction process becoming more and more specialised, but so are the facilities available, along with the way that customers, contractors, and agents interact with each other, access listings of properties, and so on. In light of this, the five most profound ways in which technology is changing the Real Estate industry, are:
Buying and Selling of Properties
Owing to the unlimited potential of the internet and emerging technology like Virtual Reality (VR), the very process of property selling and buying has become more transparent. While sellers can list their available or in-progress properties on the internet, buyers can easily go through their entire portfolio of offerings and learn the details of the facilities available, features of the project, pricing, expected date of completion, and more. Several developers also offer VR tours of the proposed project to provide potential customers a preliminary idea of what the completed building would entail.
Innovation in the construction sector has led to the possibility for a wide range of dynamic building structures, which are specialised to be water-resistant, flame-retardant, and safeguarded against elements of nature, as well as earthquakes and other natural disasters. Membrane Waterproofing technology, along with the innovative chemical Penetron, for instance, help prevent long-term water damage and enhance the durability of structures. In addition to this, the widespread development of construction technology has also helped speed up the process, lower the overall cost of development, and drive the sector forward, attracting investors from both domestic and international markets.
One of the biggest impacts that technology has had on the sector, is facilitating the securement of funding for clients. While earlier, real estate agents would recommend mortgage brokers for clients, today, potential property buyers can easily utilise the internet to obtain credit approval from multiple banks within hours. In fact, a number of platforms exist today, where customers can simply enter their credit information, and receive a vast list of banks and potential loaning institutions, which reach out to them directly.
Earlier, hoardings, pamphlets, and other forms of physical marketing methods, along with word of mouth, were the only available means to broadcast one’s company, existing and upcoming projects, and more. Today, however, a wide range of marketing tools exist, which utilise the power of the internet to make brand messaging, targeting of consumers, and product marketing, completely seamless and cost-effective. Platforms that are dedicated to real estate marketing offer a wide range of valuable insights, including market dynamics, customer analysis, projected trends, and more, to help developers and brands reach a much larger and more specialised target group.
With the rise in innovative technology and the growing need for environmental sustainability, the real estate industry has also witnessed a rapid growth in green construction. Solar panels and energy-efficient features are commonly being offered in today’s buildings, in order to lower the carbon footprint and impact on the ecosystem. In light of this, large scale research and development is being made in exploring sustainable construction materials, methods, and more, which are attracting major investments from HNIs and UHNIs, as well as potential foreign buyers.
The culmination of these factors, leveraging the power of technology has truly catapulted the Real Estate industry to one of the most critical sectors in the country’s economy, playing a significant role in driving it forward. As more and more new technological innovations are launched, this is only expected to grow further, in the years to come.
by Rahul Grover, CEO, Sai Estate Consultants Chembur (SECCPL)
@EPC World Media