From integrating Internet of Things (IoT) to real estate mobile apps, AI to data analytics, technology is fast transforming this complex domain. Riding this crest of change, the real estate industry is leaving behind old baggage like limited access to information, inefficient decision-making, paper-intensive transactions and lack of standardization.
How has technology transformed the real estate industry?
PROPERTY SEARCH AND VIEWINGS:
• Online listings: The online marketplaces have brought thousands of properties at your fingertips with detailed information and user-friendly filters. So, with just a few clicks, you can now find your dream home.
• Virtual tours: In today’s world, virtual tours and 3D imaging offer an immersive experience of the projects to the house-hunter, cancelling out geographical locations and almost tripling conversion rates.
• Augmented reality: AR enables potential buyers to visualize the interiors in respect to furniture arrangements, spatial orientation, etc., thus giving them a bespoke search experience.
• Drone photography: Aerial photos and videos captured from drones give potential buyers a great perspective of the projects and the surrounding landscaping. This enables showcasing properties from various angles.
STREAMLINING TRANSACTIONS:
• Paperless dealings: Traditional paperwork has been replaced by secure online platforms and digital document signing, thus speeding up the transaction process, while improving security and accessibility.
• Analytics and big data: Extensive use of IoT to generate valuable granular data on buyer preferences, security metrics, power consumption, etc. provides a more complete picture of property performance and consumer trends. All stakeholders can make data-driven decisions thanks to this.
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