Technology, technology and technology!!! Technology is best when it brings advantages and not destruction. It is a means to bring the world closer and together and solve some of the great challenges. “Any sufficiently advanced technology is equivalent to magic.” – Arthur C.Clarke. We find technology in every field of life. The application of scientific knowledge for practical purposes, machinery and equipment- developed from the application of the advances in computer technology upscale the industries. When almost all the industries are blooming with technology, then how can the real estate trail behind. Most of the sectors in real estate are using technology in different ways. The biggest unorganized market is heading towards a civilized and modern means of business with the help of technology.
TABLE OF CONTENT
- How does technology help real estate
- Websites
- Introduction of AI and Chatbots
- Entry of Drones
- Internet of Things (IoT)
- 3D Printing
- Blockchain Prevents Forgery
- Digital agreements
- Winding up
1.How does technology help real estate
Technology plays a vital role in the growth of real estate. Though a late bloomer, real estate has embellished itself with various innovations and advancements of technology. Real estate is at the brink of a major transformation in the technological world. The sectors that cover developing, buying and selling are successfully enhanced by technology. Buyers as well as seller’s gain prominence by adopting technology. Deals have become easier than before. Construction technologies have been modernized. The intervention of the internet and technology has provided a firm platform to real estate. Let’s throw light on how real estate is embracing technology in its various sectors and heading towards excellence.
2.Websites
Introduction of websites have brought a major revolution in the field of real estate. The offline market has paved the way to more friendlier, mobile centric technology that has redefined the perceptions of property management and investment. Most of the transactions have become paperless. These apps help in searching our dream house or the property of our interest at the click of a button. They provide a larger view of options to the buyers. Customers can find solutions for all their real estate requirements at their fingertips. These sites have made it easier to connect with the consumers. Their queries also can be solved online, thus maintaining and strengthening the buyer–seller relationship.
3.Introduction of AI and Chatbots
Artificial Intelligence (AI) and machine learning are gaining importance in the real estate sector. AI works in a smart way by making machines carry out composite tasks related to human minds. Machine learning makes computers analyze and resolve problems. AI enhances the buying and selling of properties in the real estate sector. Modified AI applications can even answer detailed questions related to a project or society. With AI, one can have a virtual reality tour before finalizing and get handy information about the property you are planning to purchase. It also helps the developers to advertise their property to potential home buyers. AI is used for convenience and efficiency.
A Chatbot is an artificial intelligence in the form of a computer-generated assistant. It is designed to stimulate human conversations. This is a tool used as a chat interface exactly as one would converse with another person. Chat bots are programmed to provide a preset answer that responds to common queries.
It saves time and the cost spent on customer service and responding to questions. Chatbots have brought fancy to real estate. Most of the real estate websites have included chat bots for the better functioning of their business. Integration of chat bots on the real estate websites is a way to refurbish with the help of technology.
4.Entry of Drones
Drones are being used to assess and carry on a detailed survey of the construction site. Drones take images of properties and also give an aerial view of the ongoing construction site. This helps the buyers to accumulate the visual information at economical cost. Gone are the days when real estate used to work with brochures. The virtual images displayed on the sites speak volumes about the site and the construction. These drones also help in giving a virtual tour of the dream homes. Usually safety managers conduct the site walk-through to identify the probable hazards. This walk-through can be replaced by drones which are more effective, safer, as well as faster and can perform more accurate inspections.
5.Internet of Things (IoT)
This is called the Internet of things. It refers to a system of interconnected and interrelated objects that are able to accumulate and transfer data over a wireless network and without human involvement. It is a part of homes, work and shopping places, parking lots etc. It consists of sensors/ devices which talk to the cloud through some kind of connectivity. There are several top IoT devices in the market like smart security systems, smart door lock etc. IoT has impacted every industry and real estate is not an exception. This technology will ease all the steps of buying, selling and renting properties. Self regulating lighting, heating and cooling saves money and also makes it fancy. IoT in the form of smart technology, helps in efficient building management. Its implementation in residences can increase their resale value and make them prominent.
6.3D Printing
“The art challenges the technology and technology inspires the art” – John Lasseter. 3D Printing is one of those technologies that is expected to give a big leap to the real estate sector. Though in the budding stage, it can replace a considerable amount of time and cost of construction across the major segments of real estate following all the safety standards. It can be applied in residential, commercial and even the retail sector.
7.Blockchain Prevents Forgery
Fraud is a common risk prevalent in real estate and this is more likely to prevail as long as paper documents exist. Paper documents can be easily forged. This risk can be minimized with the use of blockchain. Blockchain is a system of recording information in such a way that it is impossible to change, hack or con the information. It is safe and reduces the cost for the buyers. Basically it is a digital ledger of transactions that is duplicated and distributed across the complete network of computer systems on the blockchain thus preventing any type of fraud. There is no middleman involved in it. It makes transferring, buying and selling of real estate more convenient and also prevents forgery of documents. Blockchain being fully automated and safe, the transactions will be transparent and each one involved will be accountable for their job.
8.Digital agreements
Another advantage of technology is the digital agreement. This is another trend seen in the real estate sector used to solve the hassle of getting a stamped agreement every year. An e-contract is an agreement created and signed in electronic form, without using any paper. This is usually used in creating rent agreements.
9.Winding up
Technology is the need of the hour. To transform the present real estate to a dynamic one, it is essential to speed up the process of applying the disruptive technologies in the real estate market. From reducing the sales cycle to assuring satisfying customer experience, technology will totally reform the real estate market. Use of appliances like security cameras is another example of IoT advantage. These can be controlled through the internet. Remote energy management and high security systems have become easy through technology. Buying and selling of real estate has taken online platforms. From the comfort of the home, buyers can connect to sellers on digital platforms.
Technology has stepped up to rescue the Real Estate in times of pandemic and even after that. Data and analytics are considered to be saviors of the real estate market. Houses where technology is used are considered to be modern and fancy as they provide a quality and stylish lifestyle. Digital construction has given a new look to the parameters of construction. It controls and manages building properties through AI, Cloud computing, realty modelling etc. Technology is taking up the lead in the real estate sector and very soon the real estate will emerge as a dynamic force all decked up with technology.
Written by Nikhil Gattu
