The world is on the brink of the Fourth Industrial Revolution powered by technology and digital power. Businesses and industries have changed their operations, sales, and revenues by taking help from digital growth. Like in all other industries, technology and digital are also making their mark in the Real Estate industry.
With the rise of smart connected tech, social media and search engines, finding about properties, making deals and assigning designing work has become so much easier. The technology has become so advanced, that many of us have already become a part of the same unconsciously.
For example, you keep seeing home reviews and open houses and YouTube automatically synchronizes all your preferences and starts showing you similar results. This is just of the numerous examples, how technology and digital are altering our lives.
How Technology is changing our Real Estate Experience forever?
Stop what you are doing now and look around your house. What do you see? Do you see a security system outside your house, a voice assist speaker sitting on your desk, CCTVs in your lobby or outside the house?
Technology is already redefining the way we are using our homes. We have already started using tech to help keep our homes safe, improve the quality of air, monitor the movement of people who come in and out, and many other things.
Even if you look to pay your rent, you use Net Banking and deposit the sum in the account of your property owner. While you might think of this as normal, ask your dad how we would pay rent for the shop or his office back in the day.
New Technologies Changing the face of the Real Estate industry
In this section, we look at some of the new technologies, which are changing the way we buy and sell homes.
1. Artificial Intelligence
Many of the tech products, which are being developed in the real estate sector, are being powered by futuristic AI tech. This is helping sort buyer patterns, aligning interests and fixing financial requirements by credit scores and other ways. AI is continuing to drive major changes and innovation in all industries, with real estate finding one of its most important usages.
2. Virtual Reality
Imagine you are sitting in Singapore and want to buy a property in Beverly Hills, USA. How are you going to do that. Earlier you would have to fly down to look at the property and sign the papers. In 2020, you can take help from a Virtual Reality technology and see the property in 3D and 4K. This helps you see everything accurately, saves time and flying hours.
3. Online Research and Verification
Twenty years back, all of us were driving for dollars looking out for signs outside homes. Now, we can go to social media and property listing sites to help us find our homes. Many companies who sell and list real estate use individuals to show the house on social media platforms. This also includes virtual tours and live streaming with proper questions and answers.
The Final Word
Many are of the opinion that the shift towards adopting technology has been accelerated by the COVID-19 pandemic. They would be right to state that. It is not only the real estate industry, but almost all businesses and industries, which are benefiting from technological advancements.
Buyers and sellers looking to make the most out of the industry can take to technology and digital to gain the best from their deals. Tech helps in saving money, time, energy and efforts. It can also help streamline the home buying experience and improve efficiency all around.