Technology has had a significant effect on almost every industry in India, and real estate is no exception. Property technology, also known as PropTech, has revolutionised the entire sector, all the way from how real estate is marketed to how properties are bought. While the rise of social media platforms, online real estate portals, and property forums has helped real estate agencies reach their potential customers more easily, buyers and renters too have benefitted from the integration of technology in the real estate sector in India, as not only can they search for relevant real estate much more conveniently, but they can even do most of their research and even take virtual tours of properties from the comfort of their homes.
What is Real Estate or Property Technology?
Real estate technology encapsulates various types of emerging technology and tools that are designed to help make processes in the real estate sector, like sourcing deals, property research, transactions, property management, and excellent customer service delivery; easier and more convenient than ever before.
Offering several benefits to investors, owners, renters, prospective buyers, and real estate companies, PropTech has evolved rapidly in the last few years and has helped transform the landscape of India’s real estate sector.
The Impact of Technological Advancements on Real Estate Trends
Buying and selling property or even renting and managing property have changed completely from how they used to be a few years back. Today, technology empowers everyone, from the real estate company to the end buyer, by arming them with the knowledge and capabilities they need. Here’s more on how technology changed the real estate market:
1. Research
Whether one is looking for a residential property or a commercial property for sale, the internet is more often than not, the first source of information that people turn to. Before even asking their friends for suggestions, buyers and sellers are informing themselves through the internet. Thanks to the internet and other PropTech, companies and individuals on the lookout for property can do the initial research and shortlisting on their own, which also proves to be helpful for the real estate developer and agents, as they are left with only ‘good leads’ that are more likely to convert.
2. The Real Estate Marketing Strategy
As already mentioned, reaching a wider market of potential buyers has become easier than ever before through the internet, which also helps level the playing field in this respect. Digital marketing makes it simpler and offers more accessibility to real estate startups, who can compete more easily with the established names of the sector. Online marketing is faster, easier, and when done right, highly effective for all. For real estate marketing, an agency can do it by themselves, hire a dedicated marketing team, or partner with third-party agencies.
3. Communication
Smartphones, tablets, cloud software, online platforms, etc. have all made it extremely easy for people to get in touch with a real estate firm. Smart devices and the integration of tech in the real estate sector have made it possible to access information 24X7, which is crucial in today’s times when people want their information faster than ever. However, this does tend to reduce the one-on-one time realtors have with prospective buyers. One important thing about the real estate business is its people-centricity and building relationships with customers. That is why it is also important for real estate companies and agents to keep up with evolving technologies and stay on top of innovations, so they may tailor their approach to suit the new real estate market of today.
4. Efficiency
Technology has brought the ability to access communications, documents, information, etc. on the go, regardless of time-based or geographical boundaries which, in turn, encourages more transparent, clean, and efficient transactions. Using various cloud-based software, real estate companies can streamline their operations and processes where they can access their leads, contacts, schedules, contracts, important documents, listing information of all their residential and commercial real estate, etc. at one place, from anywhere, as long as they have access to the internet and a smart device. Then, there are other technologies like e-signature that allow remote signing of documents and can truly be the difference between getting an offer and losing out on a sale.
For property buyers, investors, and renters, technologies like AR, VR, and virtual tours can be very useful as well. They can experience a property without even having to leave their homes, and if in case they notice something that they do not like, they don’t have to waste any time visiting the property.
5. Making Informed Decisions
The advancements in the areas of data and analytics have also proved to be quite beneficial. With Big data and the capabilities to analyse big data, real estate companies can make informed decisions about almost everything, ranging from pricing a property by identifying trends in seller and buyer behaviours, demands, trends in rental rates, etc. to managing a residential or commercial real estate establishment, with increased ease.
6. Working Models
Another impact of technology has been on the way real estate professionals work today. As cloud-based software and mobile applications become more commonplace across the real estate sector, brokers and real estate agents can work at virtually any time, and from anywhere. These kinds of real estate tech make it easier for real estate professionals to collaborate and communicate with clients as well as their colleagues, allowing for increased efficiency and flexibility.
7. Building Information Modelling
Building Information Modelling (BIM) is an innovative tech solution that allows real estate developers to showcase projects they have in the pipeline. Not only can BIM be used to attract potential buyers, but a 3D design of the project can also be showcased to investors to get funding.
It is easy to see how the many advancements in technology have brought great benefits to the real estate industry, while also challenging companies and businesses to stay relevant in the changing times. The future of the real estate industry depends on the technological progress of today and for real estate companies who wish to stay in the competition, adopting the latest technologies and practices should be a primary consideration.