Technology has changed our world completely in the last many years. On one hand, technological integration into businesses have made them more accessible and efficient, on the other hand it has brought about economies of scale and helped enterprises grow faster. Today, there is not one core industry that is not aggressively working towards better technological innovation and integration in its processes and systems. Whether it is Manufacturing, Services, Infrastructure Development or Real Estate, technology is changing all the sectors for the better.
In the Real Estate sector, there have been many technological innovations over the last decade or so that has completely changed the way people now make real estate choices. The fast penetration and acceptance of technology by the people has forced even real estate developers and marketers to adhere to the latest technologies.
Keeping in mind the ever increasing use of technology in real estate, let us discuss in detail how real estate software is changing the real estate sector, which has traditionally been notorious for opaqueness and corruption, for the better!
- Use of Internet: In the US more than 90% real estate buyers use Internet and online tools for information and also to make purchase decisions. Thus, Internet is the strongest tool in the hands of real estate marketers, brokers and builders to communicate with potential buyers as well as provide post-sales services. The fact that most new home buyers are in the age group of 25-35 years and are Internet savvy contributes to the conclusion that technological integration in all facets of real estate selection, price comparison and purchase is inevitable. Most real estate companies have been quick to adapt and harness the power of Internet towards their business practices. As a matter of fact, some of the biggest Internet-based startup companies of the world are related to the real estate sector.
- Use of Virtual Reality: Real estate purchase is among the most important and expensive decisions of one’s life and to that end, the customers of today want to experience the various facets of construction. The customers want to be in the ‘lead’ even before the construction starts. The use of Virtual Reality has made this possible. Real estate agents and marketers are now using Virtual Reality tools to empower prospective buyers to the extent that they can experience the space, surroundings and the overall 3 dimensional view of the projects even before they have been built. This has made real estate decision making easy since the technology can be accessed from any corner of the world, basically like a site visit without actually going to the site!
- Transparency: For an industry that has been plagued with under transparency, tax evasion and corruption, technological integration has come as a big relief to the buyers, law enforcers as well as reputed builders and marketers. These days almost all big real estate developers and agents have their own websites that have clear and precise information on the pricing, the materials used, the taxation logistics, clear and interactive drawings of the project. All these has helped the sector to become much more transparent and has brought in immense accountability and clarity.
- Real Time Data: Through the use of path breaking technologies such as the Cloud, the real estate data is now available to all users and stakeholders in real time. One of the biggest problems facing the real estate industry was the availability of current data on various parameters. But with the integration of technology, precise plus real time data is now available to all the stake-holders at their fingertips! This has helped the consumers as well as agents to always have the most updated information.
- Mobile Technology: Since most real estate agents and real estate buyers are constantly on the move, the integration of mobile technology has helped the real estate immensely. With the availability of data and choices on multiple devices simultaneously, important real estate marketing tools, information on various projects, customer data, their visit schedules as well as all other data related to the real estate project can be accessed anytime, anywhere thus making the dealings more transparent and quick at all levels!
- Availability of Critical Data: More and more real estate professionals are now taking the help of technology to view the critical parameters of status and performance of a project. With user friendly design tools and dashboards, it has become much more easier for real estate developers, agents and customers to access and view comparative-hard data that aids in informed decision making. Technology has empowered the marketers to formulate compact business tools that can scientifically analyze data and improve the overall performance.
The Bottom Line:
As is clearly evident from above, the integration of technology in real estate has immensely helped the consumers, the developers and the marketers of the projects. Technology has made the sector more transparent and innovative by providing tools and platforms that aid in decision-making, improved sale and enhanced purchase experience. With more and more technological innovations being developed and integrated, it can rightly be said that in the time to come, technology will be a game changer in the way people access, consume, build and market Real Estate!