Today is a digital era, where technology is overtaking every other industry. The same goes for the real estate industry. Buying, selling and investment are the 3 key pillars of the real estate industry and technology has revolutionized all these aspects. We cannot take for granted the role of technology in the real estate industry. It needs to be well-understood to stand exceptional in the competitive real estate market.
Technology has made the things more accessible to the customers. With new advancements and new trends, people now can have a better idea about the transparency of the projects before buying. So to meet the customers’ new standards, developers also pay more attention to details. Thus making this industry more efficient and transparent than ever before. In this blog, we will discuss some latest technology trends in real estate and their role in the revolution of this industry.
Latest technology trends and their impact on real estate
Blockchain technology; Smooth transaction, Improved transparency
Blockchain is an important and latest technology trend in real estate. This technique forms a secure record of transactions that are made via a computer system. It has revolutionized this domain, by enhancing the transparency of the real estate market. The real estate market has a great contribution to the world’s economic assets. Also, it deals with vast transaction and investment-related activities around the globe. Blockchain has helped secure all these important aspects of real estate.
First, it has introduced the concept of digital security to real estate property. Blockchain facilitates secure data handling. It makes sure that there is no scam involved in any transaction between a seller and a buyer. Rental collections, or property payments, all went smoothly and without any fraudulent activity because of this technology.
Blockchain eliminates the need for a third or intermediate person in the documentation handling. In this way, it not only saves time but makes the process cost-effective as well. Also, with no outside intervention, it helps avoid any misjudgment or fraud during the transaction process.
So all in all, this technology in real estate, enables safe documentation, property transfer, and transaction history. With its help, the title transfer process can be made easy and secure as well. It enables property titles to be accurate and the property ownership process remains safe and smooth. So we can say, that a transparent and safe transaction record in real estate can be made possible by this blockchain technology.
Artificial intelligence; Analyzing new market trends, Efficient property development
In every domain of life, when a living being gets intelligence from any artificial means mainly computer devices, it is termed artificial intelligence. To stimulate overall human intelligence, and to help them in decision-making, Artificial intelligence has gained much popularity. It is the most widely used technology trend that has changed the entirety of the real estate market. Nowadays, real estate helps developers understand the new and ever-changing market trends. It helps automate various processes involved in property development. Also by analyzing a wide range of data, it helps them evaluate real property worth, helping them in making investment-related decisions. So, we can say AI empowers the decision-making ability of real estate professionals. Not only this, but AI also plays a direct role in customer support. As, customers can chat directly with AI-built chatbots, that help them resolve their queries. So that they can buy their desired property.
All real estate professionals can get help from AI. For instance, automated models generated by AI can help the evaluators assume the worth and potential of the property. AI can help in risk calculation and management by loan officers or other professionals. Similarly, developers can use better construction sites by getting help from AI platforms and much more. So, the role of technology in real estate can never be underestimated.
Online marketplaces; Improved search volume
Online marketplaces have a great impact on the real estate industry. It has made it accessible for a large number of people to gain much knowledge about the property. It has empowered buyers, sellers, and other people involved to have good access to the complete transaction process.
For buyers, it is helpful as they can get detailed information about their desired property at the desired location. They don’t need to leave their comfort place to find any residential or commercial property. So, online marketplaces have reduced their effort and time as well.
For sellers, it is beneficial as it has increased the number of customers for them. As people can have good access to the online market from their premises, the search volume for buying properties has increased manyfold. Online marketplaces also facilitate direct communication between customers and sellers, making the process more transparent. It has increased the global reach of the property, as people from all over the world can access online marketplaces.
So we can say that online marketplaces have shifted the trend of buying, selling, and renting a property to 180%. These platforms are now making this industry, more accessible and transparent than ever before.
Virtual reality; Better selling and buying experience
The role of technology in real estate has significantly transformed the old practice of visiting the site of interest. Traditional means of viewing the property can be extremely tiring for both the buyer and the seller. Latest technology has helped man in reducing their physical efforts, by introducing virtual reality and augmented reality. The earliest field that experienced Virtual reality is the real estate industry.
Customers can have a better idea of the property they desire, by seeing a virtual model of the project. There is no need to leave their place, to visit the property. Now both the buyers and the investors can experience a realistic virtual tour of the buildings they are interested in. Moreover, it saves the time and effort of both the buyers and the sellers, as there’s no need to meet in person.
3D VR real estate house tours have gained much popularity these days. Buyers get a better experience by having that virtual tour, and in this way, they become more interested in buying the property. So, it can be said that this VR technology has facilitated the growth of the real estate industry a lot.
Internet of Things; Automatic processing
The Internet of Things (IoT) refers to the network of interconnected devices that can collect and analyze a variety of data without any human intervention. This is also a very interesting technology that has helped resolve many issues regarding real estate. Property owners can install IoT-enabled devices like doorbells, lightning cameras, and much more. These devices can get the signals on their own, improving the client’s convenience. In this way, property sellers can use this technology, to drive up their sales.
Many real estate companies are now building IoT-based software to evaluate their property’s valuation. Property agents can get data from this software, about how attractive is their property to potential clients. They can get to know, what are the attractive attributes and what are the drawbacks of their property to the buyers. So we can’t deny the significance of the role of technology in real estate.
Social media; Global marketing of real estate
Social media has gained so much popularity in recent years. And so it has become a vital tool playing a significant role in approaching potential customers. For the latest news regarding changing market trends and about other competitors, social media is important. Facebook, Instagram, and X app are becoming an important platform to promote the properties. Potential buyers can get all the information about their required property through these platforms. Sellers can initiate marketing campaigns to enhance their selling. Buyers can get as much information as they want about real estate properties. In this way, aligning with other technology trends, social media has profoundly revolutionized the real estate market.
Many housing societies in Pakistan, like Blue World City Islamabad, are applying the latest technology trends in real estate, raising the standard of the real estate industry.
Wrap-up
So in this blog, we discussed how technology is changing the real estate industry. The role of technology in real estate can’t be overlooked, as it has entirely transformed this industry. Artificial intelligence has made decision-making, and market analysis easy for man. Online marketplaces have increased the customer approach. Virtual reality has made it easy for all to experience their property without leaving their place. Blockchains have improved the transparency and security of this industry. IoT has made huge advancements in the ways of house building by automatic processing. And social media has made everything globally accessible to all. So, we can sum it up by saying Technology has immensely transformed every aspect of the real estate industry.
Don’t miss out on the chance to be a part of this flourishing housing society. Contact Nexus Ideas and secure your plot in Park View City Phase 2 Islamabad.
Reviewed By Mr.Rizwan Sajjad
