Updated: Jun 14
Digital disruptions are impacting all the industries and pushing organizations to change or die.
The residential real estate industry was built upon personal relations and contacts. Knowing the trustworthy estate agent personally, was more comfortable for buyers to make investments.
Today the scenario is changing. Several online estate agencies have been set up, which allow owners to buy and sell properties digitally.
At every step in the process of finding, visiting and buying a home, property managers are now focused on enhancing the customer experience with help of digital technologies.
Digital technologies are used for real estate portals, to find a trusted agent, view potential properties and invest as required.
Some property managers allow their agents to shoot, edit and upload video footage of their properties using their mobile devices. This resulted in the increase in reach and quick selling.
Digitization can help you increase your reach from a bunch of agents and investors to thousands of individuals who have interests in purchase and sale of Real Estate.
Digital has come into real estate as well:
· In searching the properties – Buyers can go online on MagicBricks.com, 99Acres.com to rent or check out the property before buying.
· Virtual tours of the property – commonfloor.com gives you live-in tours saying see your next home from every angle. This reduces time and expense for owners and creates convenience for the buyers.
· All the Frequently asked questions about the proposed project can be answered in a direct chat with use of emerging technologies like chatbot powered with artificial intelligence
· Old fashioned hard copy of blueprints are now replaced by Building Information Modeling (BIM) which uses 3-D computer modeling. This helps architects and contractors to collaborate more easily and make on-the-fly alterations to existing designs. Maintenance becomes very easy as the BIM model contains all construction data in a single plan.
· With Social media presence, buyers can get multiple reviews and comments on the properties and even ask the agents to take them on a video tour of the property through WhatsApp, FaceTime, Skype etc.
From the buying or selling when we come to occupied properties, digital technologies are used for the betterment of occupants.
· Smart Buildings: Facilities including power management, lighting, physical security, fire safety and IT infrastructure.
· Smart Energy: Automatic lighting control, may vary from obvious night-time auto-activation to dimming based on crowd density and weather conditions. Nest offers a number of innovations like motion detectors to adjust the heat settings when the family has left for the office or schools.
· Smart Meters - Every home will have a smart meter to control the power usage and report in real time.
· Smart Water System: IoT sensor enabled water systems which measure the flow, pressure, level and chemical content of the water to improve quality and usability
· Smart Access: Users can open home doors or office doors by just touch of a finger or even with Internet of Things enabled sensors ensuring garage doors are opened when users are approaching
From living rooms to the yard, we are embracing the digital technologies which are helping the booming real estate industry.