There have been lengthy discussions on how new technologies impact Industrial Real Estate. Indian real estate industry has been redefined with the ever-changing market conditions and paradigm shifts in consumers’ behavior, which the industry has never failed to appreciate. This article is also a form of appreciation for the incredible growth of the real estate industry. If you have never experienced the luxury these technologies offer, you’d be delighted to explore them influencing the industry’s growth.
Technologies Changing the Face of The Real Estate Sector:
Enhanced connectivity, hardware advancements, advanced data processing, analytics, online bookings, digital transactions, workflow automation, and more have propelled several companies to focus on technologies. Furthermore, every vertical such as IT, HR, design, sales, and marketing, is witnessing technological revolutions.
Virtual and Augmented Reality (VR/AR): The virtual exploration of commercial properties has aided potential customers from afar. Virtual tours, space visualization, and layout have stimulated interest in several buyers and helped form an opinion before committing to a physical visit. The AR technology helped the users to get additional information and construction companies to offer better worker safety protocols. Likewise, VR technologies have helped construction companies to image and plan the project site and have more control over the design of the structures at earlier stages. Thus, Virtual and Augmented reality has helped reduce construction companies’ time and cost.
360-degree Virtual Tours help potential buyers to explore the properties from different angles, including windows, ceilings, and floors. Would you not love to view your property from the comfort of your home and not spend a minute getting ready to visit the property in person? Who would dislike such luxury?
On the other hand, buyers interested in additional information such as property details, neighborhood amenities, local attractions, and AR-enhanced property views could be the best help. Since the technology helps the developers present their properties more effectively to the customers, the sales and overall value of the properties rise significantly. Therefore, AR/VR technologies offer buyers and construction companies an immersive and interactive experience.
- Artificial Intelligence:
Virtual assistance has recently gained so much popularity as they offer 24/7 customer service, quicker resolutions, and personalized recommendations. There are other fancier applications of Artificial intelligence in the sector to consider!
AI algorithms transform how businesses analyze property data, predict future trends, and help agents make decisions and project management in construction projects. Construction companies utilize the help of AI in predicting future trends to stay ahead of the curve.
Commercial Real Estate immensely relies upon both Artificial intelligence and Machine learning as they let the developers foresee risks and shortages of supply of finances. Thus, the technologies greatly help the construction sector in cost-effectively managing daily activities.
AI plays a crucial role in sales by stacking personalized recommendations for potential customers. The technology reduces the time and effort of the customers in searching for the property they are looking for, which helps the agents provide more relevant search results and achieve their sales goals.
AI algorithms and chatbots are used to acquire customers’ preferences by asking simple questions. This helps the agents to save time in understanding what the customers want and to use the time on more complex tasks.
Furthermore, predictive analytics is a strong aspect of AI, where future property values shall be determined. Investors and developers can make informed decisions about investments or developments based on the analytical results.
- Blockchain Technology:
Securely streamlining transactions and using a transparent platform would be a massive win for construction developers. Blockchain technology enables the process of transferring property ownership and dealing with transaction ownership to be more convenient and secure. The aspect of eliminating exposure to fraud and errors attracts the real estate industry.
Blockchain technology is used to improve the efficiency of property transactions while eliminating the intermediates such as lawyers, title companies, and others. The automation of property transactions using blockchain technology also eliminates the costs for intermediates and the complexities involved in international transactions. Therefore blockchain technology helps to improve the transparency, security, and efficiency of real estate transactions.
Technology has become an inescapable component of the planet we live on. It has seeped into anything we see and everything we utilize. The digital tools discussed in the article have been adopted by realtors that also help them in dealing with every challenge in the sector. The advent of these technologies is expected to widen the opportunities and boost the sector’s resilience on a greater scale and transform customers’ experience to the peak!