Advancements in technology offer several benefits to those who embrace them. Faster and efficient working improved results. Therefore, greater returns are inevitable. This is why the real estate sector has decided to follow suit and adapt to technological ways of working. In fact, the future of the real estate industry lies in moving shoulder-to-shoulder with modern technology.
The Future of Real Estate Industry And Technology
1. Online platforms for quicker buying/selling:
The purchase and sale of properties has often been considered a tedious task. This is because it involves a long time and cumbersome efforts. Most importantly; the process needs to hire a trusted and experienced property agent. Besides that, one also needs to do their own market research. You need to analyse property value and decide accordingly.
However, with the emergence of online platforms since the past few years, buying and selling of properties couldn’t be easier. There are tons of properties to navigate, filters to choose from and clients to meet on a single platform. Most important, these platforms can completely discard the need for an agent too.
2. Blockchain for better security
Secure transactions are key to the success of the real estate market. With the help of the new blockchain technology, absolute encryption can be guaranteed in the buyer-seller property contract. Besides that, the technology also allows for numerous built-in legitimacy checks for added guarantee.
Most important, property titles can be safely stored in blockchain ledgers. In addition, landowners can hypothetically use blockchain and sell parts of ownership in their properties. Tokenisation makes this possible.
3. Virtual tours:
No more hassles of spending hours in a day doing site visits. You can now literally do it at the click of a mouse. Virtual tours offered by most property developers allow customers to get a thorough view of the property sitting right at home. Most important, this facility comes of great use when finalising a property in another city. It may not always be possible to wait until you get there to take a look yourself.
Therefore, virtual tours can help. They’re also great when you’re too occupied to take time out for site visits during specific viewing hours. Virtual Reality (VR) facilitates virtual walkthroughs for customers who can experience site visits as though they were really doing them.
4. ML for better ROI:
Machine Learning (ML) is another gift of technology shaping the real estate industry. It can help predict more accurately the Return on Investment (ROI) for their clients on certain deals. Big data and ML algorithms help estimate the actual sale value of the property. As a result, agents can determine the ROI for their client and their share in commission.
5. Personalised recommendations:
Most businesses have already tapped the potential of personalisation in sales and marketing (Amazon/Flipkart). In real estate too, agents can use such recommendations to meet client’s personal needs. Examples include area size, number of bedrooms, or location. Besides that, big data can help make more intelligent personalised recommendations in future.
By adapting to these tech developments at the earliest, real estate can make huge inroads into future successes.
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