Technology is transforming almost every industry, and real estate is no exception. To stay relevant, all stakeholders within the real estate sector must adopt the latest technologies, and incorporate them to drive efficiencies in new and upcoming real estate projects. Terms like Artificial intelligence (AI), Internet of things (IoT) and Big Data are heard regularly these days. How are these technologies going to impact the real estate industry in the coming years?
Changing Landscape of Buying and Selling
We can expect immense, advancements in the approachability and functionality of real estate buying and selling platforms through social media platforms. From connecting with potential home buyers on a wider scale to promoting the latest and best housing deals quickly, everything is done best via social media.
With easier platforms to navigate, more home-owners will be able to get their houses to market and more home buyers will be able to find what they’re looking for in a short span. This is going to result in increased activity in the sector and better experiences for everyone involved.
Virtual Reality to Enhance User Experience
Virtual Reality (VR) lets potential home buyers experience living in a home even before they move into it. It also allows potential clients to visualize a property/ apartment before the project is completed. Virtual reality also allows viewing of the proposed interior, floor plans, and exterior design and architecture. For clients living in distant locations and facing time constraints, investment decisions can be taken without requiring to be present at the location.
This technology has not yet been fully implemented due to financial restraints. But once it becomes more viable commercially in the country, prospective home-buyers can help find their dream home and buy it even before visiting the property.
Machine Learning and ROI Calculation
A major concern for property investors and real estate agents is to have a real-time record of the time taken for finishing projects underway and need to know if they are adhering to the desired time-line and in this regard, new technology may be able to help them do it. It provides them with updated information about the ROI of each of their transactions.
Big Data and Personalized Recommendations
Personalization has been a game-changer for marketing and advertising as well as for many specific industries and it awaits its optimum utilization in the real estate industry. Now, real estate agents can customize suggestions for their clients depending on their individual needs and requirements like location, size, number of bedrooms and budget, etc. Soon, big data will be able to make even more intelligent recommendations. Under the ideal circumstances, real estate agents and home-buying platforms will be able to predict accurately what a prospective home-buyer would want even if they haven’t explicitly stated it in the past and present the relevant choices to them.
Building Information Modelling (BIM) for Efficient and Quality Housing Projects
BIM involves the use of 3D technology through which architects, engineers, and contractors can collaborate in real-time in planning, design and construction. Any change or modification by one stakeholder automatically updates the tasks and plans for all the other stakeholders involved. The BIM set-up considerably reduces the burden of coordination between multiple stakeholders, thereby minimizing the cost and time-lines and making the entire process seamless and more efficient. BIM can also be used by owners for future tracking once the project is complete.
(The author is Director, DB Realty)