Technology has made its in-roads into real estate.
You must be wondering, HOW?
Making use of technology in the right way is going to be the biggest challenge. Looking at this from the buyers perspective, it will seem very welcoming. But for the property consultants and builders, this change may seem to be a tad bit intimidating. Having said that, the real estate consultants will have to up their game and keep up with technological advancements.
How has Technology done so far in the Real Estate Market?
For better or worse, technology has changed the way most businesses transact.
Let’s take a step back for a minute.
Remember the days prior to online listings, virtual tours, and e-signing?
Do you realize just how much things have changed?
With the move toward mobile, emphasis has shifted from efficiency to another dimension. Information availability, client expectations and service are very different than they were about five years ago. And we can expect more changes in the near future.
With change comes resistance and there are lots of lessons to be learned. Technology has proven to be a double edged sword.
The fear of losing touch with customers is always on the horizon.
In India, the use of construction technology is still at its initial stages ,but these changes are rapidly being adopted. High-rise residential and commercial buildings have already used technologies in various areas of the construction process – maintaining ambient temperature in different climates, ensuring the vertical alignment of towers through GPS positioning and much more.
Gone are the days of merely representing the projects through high quality photography. A picture no more represents a thousand words!(with real estate atleast!). 3D virtual tours are the norm of the day. You can now view any project using virtual reality that will give you a real time living experience of your dream home.
A Simple Click on the “Search” Button helps you look for your Dream Home..
With everything going digital, all you need to do is a simple Google Search to know more about your dream home.
The digital savvy customer can now pick and choose multiple properties at the same time to compare.
Numerous online portals provide you with end to end details on each and every property in the market. The location, cost, size, offers , amenities and much more are all listed online for the customer’s convenience. Property buyers can now reference multiple websites before deciding to go in for a particular property.
RERA has made it mandatory for builders to list all their project details online. They have to register themselves with the state regulatory body before listing a project for sale. This provides the customer with high level visibility on the projects that he is interested in.
Is there a downside to this use of technology?
No doubt that there are merits in the use of technology, however, there can be a few concerns.
“Technology is a tool, people are the priority.”
This should be the mantra of each and every builder and real estate agent. There is still the need of building personal relationships. Social media has made is very easy for anyone to interact with another person online, but it should not be used to replace the traditional networking, which is , face to face meeting.
In Conclusion :
The use of technology is a continuing challenge. The ultimate aim is to make real estate transactions “cheaper, faster and easier”, and this will cost money. There are numerous opinions on the same , but the fact of the matter is that there is no going back.
“The cat is out of the bag” and the challenge is now to stay ahead of the game. There could be a time where blockchain enabled transactions could be the next big thing and staying abreast with these trends could be the differentiating factor between a successful property advisor and unsuccessful one. The future of real estate technology seems to be very promising and continuous innovation in real estate is the need of the hour.
Cloud technology could be the next big thing and the key is to not fall behind.