New Age Technology Impact on Real Estate
Reality of Realty
Over the last few years the Real Estate market has seen a roller coaster ride, few highs and many lows. However, after Govt of India’s Diwali Demonetisation Gift, it has become the worst hit sector.
Property buyers around are having trust issues with the developers on delayed timelines, credit liabilities and problems with approvals. On the positive, with the Real Estate Regulatory Act (RERA) coming in, this market will see a significant boost and bring clarity between developers and consumers.
On the other hand, technology is rapidly bringing about change in how business is conducted across industries. The real estate market will not be far behind in receiving the winds of change that will evolve the sector. The few technologies to be considered are:
Virtual & Mixed Reality
Virtual Reality has gone beyond the world of gaming experience. Virtual and Mixed realities will soon become imperative during the purchasing of homes. The world gets smaller with communication and the consumer today can get a walkthrough of the house or office to his family/relative/sibling miles away for a property that has not been built yet. VR technology also gives a sense of scale to architects and engineers long before the actual construction starts. It helps them cut down on turnaround time and save cost that would have been incurred in case of any design and structural flaws.
Few companies in the US and Europe are working on programmable mobile fabrication units that can perform several building construction tasks with flawless precision. Deconstruction or demolition robots, which can reduce the structure to rubble, are also making way into the industry.
The drone technology is giving wings to the real estate market. In fact drones are already being used by many realtor companies worldwide. Apart from being used for only for Imaging & Videography, the drone manufacturers are already working on Building 3D Modelling Techniques.
The drones can also make themselves useful in many construction tasks. They can return rich multi-layered data and mitigate the risk & cost associated with human inspection of difficult to reach areas.
Big Data & Predictive Analytics
By now we can safely assume that personalization is the key to success in any business, including real estate. Predicting behaviour patterns and offering preferred services to the customers based on their previous choices, is slowly moving from being a business trend to a seemingly obvious expectation.
Big data is the key to personalization and forecasting. For instance, you can use predictions to tailor marketing and advertising messages perfectly for a given consumer. It helps access detailed information about a person and analyse their likely choice from the past data. You can then use the inferences from this data to understand what their future needs may be. It eliminates loss of energy, enables quick decisions and focused marketing results. A positive of personalization is that not only are the prospects going to do business with you, but they will want to do so in the future too. It inspires brand advocacy and loyalty.
Predictive analytics can factor any number of parameters, which manually is impossible. Even minute details such as the buyers’ age, location, marital status, number of kids, employment with company, designation, no. of years in employment, current work location and preferred location for new property, maximum loan eligibility, employment status, etc. can all be factored in to generate a list of rich targets to provide a superior customer experience.
Right about now smart homes are more of a luxury, but soon enough they will become an absolute necessity. Many realtors have already started including smart features in their properties and advertising these features as a unique value proposition to highlight themselves over their competition and this trend will only continue.
With the emergence of Internet of Things (IoT) customers desire homes that can do more than provide a roof. They will want homes that can bring quality to their lives through smart connected devices and automation. Many research papers already indicate that homes with smart technology sell faster. At the moment, smart homes are a strong differentiation point for your business and taking advantage of this early on before everyone starts offering would be a smart move.
If you a looking for out-of-the-box technology solutions for your company. Contact Intelegain