Are Homebuyers Adapting To New Technologies?
Rapid urbanization and a growing millennial population are facilitating more & more technology adoption every day.
India’s real estate industry has seen significant technological advancements to improve planning and governance to overall customer experience in recent years. Due to the pandemic, tech adoption has accelerated exponentially in real estate. Technology enhancement has wholly transformed the real estate industry. The pandemic has increased 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 increase in homeowners, homebuyers, and landlords are taking recourse to online services to sell & lease out their properties.
Real estate firms now realize they need to shift to the changing technology landscape to stay relevant and gain an edge on their competitiveness. Post pandemic, Realy technology has seen a more comprehensive growth in demand. With the increasing demand for tech-enabled real estate platforms, trends like AI, machine learning, and Robotic process automation (RPA) can witness significant momentum in 2022. In this article, we’ll look at some disruptive technological advancements & trends in the real estate sector that have made it inevitable for homebuyers to adopt new technologies.
Real-Time Virtual Tour of The Property
Multiple covid waves hitting our country restricted the movement of people entirely. So, it became difficult to visit the property that a homebuyer is interested in. They can now virtually visit the property and accordingly make a decision. In this process, a video conference happens between the property owner/broker and the buyer, and all questions are answered related to the property, and a virtual tour is provided.
Virtual property tours give a realistic reflection of the actual look and feel of the subject property. In the real estate sector, often the investor/buyer feels the quality of the property did not match their expectation leaving them unsatisfied. But now rather than depending on one’s imagination, individuals can now opt for virtual tours!
Adaption of Cloud-Based Technology
The cloud service has been a boon for all real estate stakeholders because they can now access data on any property from anywhere. The cloud tech facilitates storing large data sets on a remote server, which stakeholders can easily access to answer any customer questions about any property they have their eyes on. This saves manual office work and saves a significant amount of time and energy spent looking for papers. According to Rapid Scale’s research, & about 80% of best realty companies are adopting some form of cloud technology.
Cloud computing is available in three main service models; each caters to a particular set of corporate needs. Software as a Service (SaaS), Platform as a Service (PaaS), and Infrastructure as a service. This technology induces ease of doing business for builders and increased efficiency & transparency for homebuyers which is a win-win for all stakeholders involved!
The Rise of Smart Buildings & Innovative Construction
Newly emerging startups & technology in the real estate sector facilitate the rise of intelligent buildings. The design of the building is crafted, keeping in mind the best possible operational and energy efficiencies. PropTech and Big Data in portfolio management further help in cost savings leading to increased margins and improved tenant relationships. It is also directly linked to space efficiency & homebuyer satisfaction. The trend of monitoring space usage via apps, etc., is rising. The pandemic has definitely acted as a catalyst for change in the Real estate sector, whereby companies & homebuyers are rapidly gravitating towards smart-tech-enabled solutions.
Lastly!
Today, real estate is in a digital age; first-time homebuyers, professional homebuyers, investors, etc., everyone is searching for their future homes online. The concept of proptech is also rising amongst millennials who are literally surrounded by smart technology in & out. The new generation homebuyers are comfortable with home models virtual home tours, giving them an exact idea about the house. Digital access has made it safer and quicker for buyers and developers, and real estate thrives on technology during this pandemic & is expected to only go uphill from here!
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.
