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June 21, 2019

Impact of Technology on the Real Estate Market

Just like every other industry, real estate has experienced significant changes with the advent of modern technology. It is not really difficult to understand how much things have changed over the years, if you still remember the days when this industry managed to operate without virtual tours, online listings, and e-signing. With the easy availability of technology, we have seen a dramatic change in the way this industry looks at client service, customer expectation, finding homes for sale, and access to information. Most importantly, the real estate sector is expected to experience many more technological innovations in the days to come.

Mentioned below are some of the latest technologies that have caused a maximum impact on the global real estate market.

Automation: Whether it is cross-platform mobile apps or online portals, more and more companies are now relying on online channels for real estate marketing. Most of the stock real estate data is extremely dynamic in nature, and therefore, there is immense scope for automation. Automation of data has already helped numerous consumer, such as upcoming projects in a locality, areas with maximum sales, or units sold in different areas. It also aids the brokers to close the deals more efficiently.

Machine Learning and Artificial Intelligence: Based on pattern recognition or previous experiences, these advanced technologies help improve the way certain tasks are performed. Many of today’s real estate investors use such systems to manage risks, control expenses, and gain higher returns, utilizing algorithms designed to predict individual investor concerns. Some of the most frequently used AI tools in the real estate industry include, investor analytics capable of setting growth and income goals, and monitoring via an intelligent robot, chatbots to provide automatic answers to frequently asked questions, and loan default predictors capable of focusing only on profitable investments by accessing the risk factors.

The Internet of Things: This latest technological innovation has now become a key component of smart homes and home automation. This technology allows us to automatically control different items throughout the house from electricity to curtains with the help of voice commands or a hand-held device. Already considered to be a gamechanger in the industry, IoT has allowed the developers to entice today’s technology savvy buyers with modern homes that are internet ready. 

Augmented and Virtual Reality: Utilizing the extraordinary capabilities of Virtual Reality (VR), it has now become possible for the customers to tour-ready or under construction housing units from anywhere across the globe. This technology is extensively used by the real estate developers to provide a virtual feel of the product to their prospective clients. By using VR headsets and other devices, it is also possible to show off or monitor the progress of projects under development.   

Building Technology: Responding to the ever-increasing global demand for environment-friendly and low-cost housing, the building technology has embraced several important innovations in recent years. The focus has been mostly on using prefabricated building materials to construct the buildings offsite and assembling them onsite at a later stage. In 2014, a Chinese real estate company hit the headlines by creating the first-ever 3D printed house. Compared to traditional construction methods, the construction and labor costs of this house were 80% and 60% lower, respectively. 

Big Data: From creating better consumer experiences, to driving more effective business decisions, big data can make a serious impact on all types of businesses. In order to target the right clients, real estate companies must find out who they are, where they are, when they want to buy, and how they can be reached most effectively. This task is accomplished by thousands of real estate companies with the help of big data. By harnessing big data, it becomes super easy to target their clients with the right products, and position these products in the most effective manner.      

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