The fast-paced economic development and globalization are playing a crucial role in the further expansion of the Real Estate sector. The Real Estate sector is also affected by many factors like Government policies, the taxation laws, and their interest rates. Similarly, the evolution and the increasing implications of technology have played a vital role in the real estate market. In this Technological era, with the help of easy Internet and Devices (Web & Mobile), the house hunting process is no more a difficulty, it indeed matters of just a few clicks.
The other advantage of the online marketplace is the availability of realistic views, unbiased reviews and genuine details of the property for the buyers. Technology has aided the growth of the real estate market and it will keep harbouring the same. This sector is expected to have significant reforms by 2020 along with advanced technology and AI techniques implemented by some of the industry innovators. With the increase in average disposable income and the PPP (Purchasing Power Parity), there is an increased demand for buyers looking for residential and commercial spaces.
The role of Technology can be seen everywhere in the Real Estate sector, right from crafting to the construction, marketing and sales of projects, and managing properties as well. Although a larger client segment of this industry relies on assistance from online platforms to search and buy properties, yet there is ambiguity in the market sentiments about technology bringing transparency in the property deals.
The expansion of technology and its limitations are immeasurable, still, a few of the trending technologies that are mushrooming the Indian Real Estate Market are must-know.
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Reality videos:
If the customers are unable to visit the property site, the developers and sellers can provide them the videos online, whether it is a real site recording or virtual 3D view of the property. The 360 degree viewing with realistic simulations is another important factor for upcoming projects to reach out to their target clientele in an impressive way. Although sample flats are available in most Real Estate projects for physical visiting yet there are many more features of virtual reality videos like 360 degrees, Live-in-Tours, and Retina aided with Advanced Machine Learning for overviewing these projects in the best way.
Due-diligence:
Technology has made possible easy and quick access to the up-to-date information along with the latest news about projects for end-users to make a wisely informed decision. These days, consumers don’t have to rely on the information provided by the builders or brokers. The builder-broker community needs to realize that the consumers are speedily adopting technological support and they must undergo the tech reforms and update themselves to make up to this challenge in order to survive.
Analysis, Statistics, and charts:
Now a day, home buyers are no more dependent on the brokers or builders to get an overview of the location and project. Features of statistical analysis, reports through graphs & charts, and consumers are able to understand about the current market trends, locality sentiments, best buy with features in the different projects, details of the project etc. These charts, graphs & analysis are moreover based on Real Estate Data and with the help of Artificial Intelligence and Machine Learning algorithms, enable customers to make the best profitable choice as per their requirement.
Chatbots:
The new form of marketing communication using chat as the basis of customer interaction has taken the complete e-commerce segment across all industries. The virtual assistant known as ChatBot rely on Artificial Intelligence, which functions on data underlying in the system. This Technology is meant to create a conversational transaction between the buyer and the seller or the service providing company.
Automation and project management tools:
The automation of various tasks such as scheduling and the use of CRM tools can enable real estate agents to spend more time building relationships with the customers and less time on routine administration tasks. The decisive driver for this trend is to provide possible simplification and acceleration of management processes.
Big Data & Analytics:
Big Data & Predictive Analytics is the key features for Real estate developers which will unfold its true worth in coming time. With the accurate and predictive data analytics, developers will be able to know what their users specifically liked or disliked, and they will have enough data points from customers behavioral responses to ascertain their assumptions as facts. It will play an essential role in helping real estate enterprises to improve deals and investments, mitigate risk, better understand tenants and their needs, and open up new profitable business possibilities. Such data would also help real estate companies target users with new real estate products which can increase sales exponentially. It would help build a loyal customer base as well.
Source By: http://realtyplusmag.com/technology-driven-features-mushrooming-real-estate-industry-in-india/
