Real estate is one of the largest commercial sectors in India today. It has had tremendous growth over the past few years, and this pace of growth is expected to continue. The industry is projected to be worth $1 trillion till 2023, and the demand for real estate is expected to increase by 15-18 million till 2025. What has caused this sudden boost in the sector? The answer is technology!
The Merging Of Technology & Real Estate:
Technology has disrupted the working of almost every industry, and real estate is no exception. The traditional working of the industry has been taken over by PropTech, which means the merging of technology with real estate. Ever since the industry adopted technology in its operations, it has scaled its efficiency and productivity.
There are various real estate technology trends that have benefitted the industry in different ways. Real estate CRM software has optimized the end-to-end operations of the industry, whereas certain other forms of real estate technology have optimized the online searches and payments for properties. Irrespective of which aspect they have a benefit on, these trends work together and have a positive impact on the overall functioning of the sector.
Let us look at a few such real estate technology trends for 2023:
As the name suggests, big data means vast quantities of data. A sector like real estate, which has a lot of stakeholders, inventory, transactions and documentation involved, generates a lot of data. This data can be a very valuable source of information for a business, if it is leveraged properly. Big Data was marked to leave one of the most significant long-term influences on the real estate market as per surveys. Gathering, analyzing and channeling big data into real estate business decisions has benefits such as:
- Understanding market trends
- Insights into consumer behavior
- Helps to make informed decisions
The relevance and importance of data will only increase in the upcoming years, and real estate businesses must utilize big data to the fullest extent.
2.Virtual Reality (VR) & Augmented Reality (AR):
VR and AR can transform the operations of real estate. With these technologies, consumers can enjoy site visits, and communicate their queries, preferences etc. for properties in any corner of the world. Since the dependance upon arranging physical site visits has lessened, the costs and time associated with them have also been greatly reduced. VR & AR is also beneficial for the consumers, since an enhanced site experience can help them make well informed decisions about property purchases.
3.Artificial Intelligence (AI) and Machine Learning (ML):
The goal of AI and ML is to imitate human work in the areas that are well-developed, and to improve upon human functions in the areas that we lack in. With respect to real estate, these technology trends can have the following benefits:
- Use historic as well as real-time data for property analysis
- It helps in the accurate valuation of property
- It can enhance marketing and sales efforts
Besides, AI and ML also help in making big data usable and automating manual and time-consuming tasks.
4.Internet of Things (IoT) and Smart Homes:
IoT is a network of various technologically smart and sensory systems. Smart homes refer to the new and emerging trend in properties which are controlled by technology. These two trends work in sync with one another. With the help of such real estate technology, homes can be made safer, with enhanced comfort and convenience. Such homes consume lesser amounts of resources, and hence are more environmentally conscious.
Blockchain Technology creates a digitized and shared record of all transactions of one’s assets, including real estate property. This trend has made real estate transactions simpler, and fixed several problems associated with the traditional methods. The time spent towards real estate transactions is greatly reduced, and there are solid records of ownership of assets due to digital storage of data. It also allows for the tokenization of assets, which means that real estate is converted into virtual tokens which can be purchased easily and safely.
This real estate technology trend is enabled due to blockchain technology. Due to the tokenization done through blockchain, small stakeholders also can easily purchase real estate inventory, as per their budget. Fractional ownership allows large volumes of stakeholders to enter the market, but these can be efficiently handled since all transactions take place in a digital medium.
Automation has streamlined the complete operations of real estate. This has made the industry’s functioning faster, more efficient, and also scaled productivity. Operational automation extends to all aspects of real estate, right from inventory management to post sales management. It has also increased transparency in the processes, and made property purchasing a simplified process, thereby encouraging more consumers to invest in real estate. The trend of automation will keep getting more sophisticated with the passing time, and it will continue to benefit real estate.
If these real estate trends are leveraged correctly in the coming years, it can lead to unlimited growth for the sector. Another crucial aspect of real estate technology that businesses must adopt is CRM software. Sell.Do- India's Only Integrated CRM solution is the ideal solution for a business. It is a one-stop-shop for real estate companies to scale their business while satisfying every requirement of their customers, and have all relevant data accessible and available at their fingertips.