Post pandemic real estate developer transition to tech tools
Tech tools like AR , Big Data and Artificial Intelligence are helping the realtors and developers to work in a more efficacious manner, changing the way the market works.
Have you ever thought of buying a property and found an agent who had just offered you an immersive 3-dimensional virtual tour of any property you wished to see? Or you wanted to know the price of a certain property and in just a blink of an eye you found it by logging into an app.
Real estate in India is revolutionizing post-haste and Covid-19 has escalated the process even more. The high-tech tools like AR/VR, Big Data, (Internet of things)IoT and Artificial Intelligence are helping the realtors and developers to work in a more efficacious manner, changing the way the market works.
Now, just sitting at home one can thoroughly go through the property with the help of VR/3D enabled site visits, clear all his queries through chatbox-assisted inquiries and even book a property and pay through digital transactions, or seek assistance through tech-enabled solutions, while the sector is now well acclimatised to various technological tools, the consumers are empowered to make deals from the comfort of their homes.
With the advent of new technological tools each day, the real estate developers and builders have a herculean task of keeping themselves abreast with all developments.
The market has a varied range of software tools and apps that are super easy to use and extremely useful. The use of these tools not only provides an extra edge over the counterparts but also keep the realtors relevant and on top of their business.
One of the very popular tools is the 3D immersive walkthroughs— with this tool the clients can have a virtual tour of any property. It offers a real-time experience to clients as if they were walking through it in reality and provides a better understanding of the space and gauge the look and feel of the place. Even the realtors don’t have to go through the hassle of getting the pictures clicked of the project. The 3D virtual experience can be accessed via just a web link from any device.
Another very useful technological tool these days is the 3D Immersive property selector— this tool ensures better communication with the clients and also vouch for increased sale conversion ratio. One just has to apprise the solution provider about the project he is interested in and within days, the project will come live and and can be viewed on any mobile device. One just has to select from the app’s drop down menu, he can pick a 3D apartment selector, HQ walkthrough, chatbox, and sales centre player. This technology tool helps the realtor to expand business to more than one city, through this they can sell to clients worldwide.
The use of Big Data and AI also helps in property valuation and cost saving upto a great extent. By the use of ‘predictive analysis’ algorithm AI can find out the approximate rate of anyproperty, so the consumer can be up-to-date with the right information.
Similarly, there are several apps for property listing that assist various types of consumers like the ones who want rentals or the ones who want to buy property as an investment. Till some time back, the real estate agents would conduct documentation for both the parties and charge for the paper work but now most of it is done online, the process is obviously smoother and requires very less legwork.
This technological revolution has also led to artificial intelligence (AI) techniques facilitating workflow automation. Presently, close to 8000 real estate companies are offering technology focused solutions globally accounting to a spike of over 300% in the last 10 years.”
So technology has basically touched many aspects of the real estate industry and most of it is for the good. However, this is still the tip of the iceberg and lot more remains to be done.
Source: Construction Week (https://bit.ly/3IUywWW)