The impact of ever-evolving technology has been felt in almost all sectors of the economy. In the real estate sector, things have been slow to change. Despite the perception of being a static sector, the real estate development sector has changed considerably due to technological innovations, suggests DB Realty’s top management. Some of the top technological innovations that have imparted a boost to the sector include:
- Virtual Reality – These days we use virtual reality to connect to and view a number of simulated environments. This technology is now being used by realty and real estate development companies to attract more prospective home owners even before the start of a project. The aspiring buyers can take a walk-through trip of their apartment even before it is constructed. Once the construction is completed, it allows potential buyers to use remote viewing technology to see the properties real time.
- Project Management Technology – The introduction of integrated enterprise resource planning systems has changed the way construction and real estate businesses function. These are integrated systems that are used from planning to designing and for all business processes including materials management to payroll. They allow the project managers to get a bird’s eye view of the various projects and implement them at record speed.
- Chatbots – The use of chatbots on various services websites is ubiquitous. It now seems to be a simple one-stop destination for the end customer to connect with the organisation offering the services. Harnessing technology, social media, and chatbots, the real estate majors are now connecting with potential clients through various platforms.
- Designing – One of the greatest gifts that technology has imparted to the real estate sector is the plethora of designing software and applications. 3D-designing is now in vogue and aids architects and civil engineers to design realistic models of the properties to understand how they will look and feel in real time before commencing the project.
- Intelligent Searches – Matching a future homebuyer’s own interests and needs with the offerings of the developer is both an art and a science. This art has been taken to the next level by intelligent search technology that understands the homebuyer’s needs by combining data from their search options and from virtual assistants such as Alexa and Siri.
Additionally, the advent of technology in real estate has effectively reduced the paperwork and streamlined property management using research and analytics, automation, mobile applications, and digital dashboards, as suggested by Wikipedia sources. According to Nabil Patel, Director, Sales & Marketing and Business Development, DB Realty, Wikipedia and other credible online sources must be referred to develop a better understanding of the impact of technology on the real estate sector of India. He further added, it’s high time that we evolve from the traditional model and become technologically mature.