Artificial Intelligence (AI)
“When it comes to the real estate industry, the best way to get the best chance of securing a sale is to provide clients with the property that’s perfect for them. If an AI-based algorithm can help to surface the perfect properties for each different (portal) viewer, you’ll quickly become the go-to Realtor in your area and beyond.” – James Paine, founder of West Realty Advisors
Artificial Intelligence helps us to do more productive work and not replacing our creative work.
Artificial Intelligence in real estate will assist the realtors with selling their properties with the ease of quantity work.
The most basic thing like a parking space of a garage, to the advanced technology of having Electric charger plug points for your Tesla Car (in the future), will be given as an option to the buyers.
Thanks to the help of AI, we can make it possible to sell the property easily.
Chatbots help you to get the data from customers and analyze their potential and exact requirements.
Sometimes Artificial Intelligence also predicts the future market rates and latest trends in Real Estate.
Nowadays, many real estate companies and agents are learning and switching to AI-based technology to improve their customer base.
They are into prop-tech business in order to be unique in the competitive world.
A property that is taken using professional photography or staged photography will be a very good idea to make the buyer have a professional look at the property to look good.
But now the things are turning around a little bit.
Especially after this pandemic, most of the buyers would like to see the property from the comfort of their homes.
They search for the properties online and choose their own property.
Aerial drone photography gives you a 360-degree view of beautiful seashore villas and bungalows.
Be it the infinity pool on the top of the penthouse view, or beautiful lawn in posh-seaside-bungalow view.
You will definitely enjoy the view and eventually want to buy the property as well.
Blockchain technology has been adopted by most of the Cryptocurrency companies in the world.
The real estate segment was suffering from the lack of trust and transparency in record keeping.
But thanks to the technology, transparency is now possible, which is the first criteria to build a relationship between buyers and sellers.
Earlier it used to be hard to find the physical records of the title of a property.
But this transition to blockchain technology has made the whole world of real estate adopt to transparency and then digitally the records of the lands and property will be recorded in the ledger and open to the public.
This can reduce fraud and maintain integrity.
So, Blockchain as we heard is nothing but the distributed and decentralized public ledger database for maintaining the records of land and property databases.
And this data is piled up into a bundle and recorded into the database using the data algorithms and retrieved back whenever we need it.
Just in case if we need to know the parent documents of the particular property, we can get it in few seconds by spending time in the digital portal.
Blockchain helps reduce fraud by using the personal digital key and access the secured way of safeguarding the data.
But as we know every industry has its pros and cons, and blockchain has also such things.
But change is constant, so need to adapt to the change which is happening around us and be the pioneers in trendsetting.
With so many properties to handle, we cannot manage using the old way of writing and record-keeping in books and in print media.
The advent of technology helps us to store enormous amounts of data that the old way of the system cannot handle.
Big Data helps to concise such a large amount of data and then put it into usable patterns, trends and demographics in order to give us a bird’s eye view of the overall picture.
This Big Data is speaking of large volumes, which may be exabytes of data being pushed into the system.
If we need to know the data of an individual house in a particular location, we can get it from the local Sub-Register Office.
But that information when it comes to storing a large amount of data, then comes the help of Big Data.
Big Data can be used for Agents to get potential leads who perform well, and finally, squeeze out sales-qualified leads.
Whether the buyer has the need to buy, the location of the property, the past history of loans, buying capacity of the buyer, etc. can be tracked easily by using Big Data.
Even predictive analysis can be found out for the latest Real Estate trends.
So, the new method helps to analyze the market and connect more time with the buyers instead of doing research by themselves about the questions which arise from buyer’s minds in the old method of researching.
Virtual and Augmented Reality
Virtual Reality and the Augmented Reality is where the next generation real-estate is moving on.
Especially in this pandemic, we could not move out of our houses to see the properties, but thanks to VR, that we can literally sit in our houses and predict the property that we are planning to build or the house that is to be built in the future.
Even sophisticated and professional photography of staging a property can be too costly to hire some photographer to cover the entire house.
And the best part is that it does not cost so much.
360-degree photography will help you to see the inside of the house with just a mouse click on your computer.
And you can view a number of properties without actually driving into the property.
IoT (Internet of Things)
The way the millennials are smart-working is so phenomenal, it makes the real estate industry be pushed to a higher standard.
Yes. I am talking about the advent of the internet.
Internet of Things makes life a little easier when you make things happen faster and also make a calculated decision.
Just say, if a buyer takes a vehicle and comes to inspect the property which is nearly 10 km away from his house.
Then the cost of time and cost of fuel is a thought to be considered.
It would also give the buyer a lot of options to close the transaction quickly by making quick decisions.
Before a tenant starts from their workplace, IoT can help in making the HVAC system to operate and to make the temperature ambient as to the tenant reaches home, he will feel the comfort and be relaxed out of work tension.
Touchless Inspections gives buyers to enter the property to view it without touching the latches or doorknobs.
It makes it risk-free to have a safe environment.
All of these technologies help the real estate industry to take a giant leap into the future.
Especially, the prop-tech industry is booming now and the millennials have shifted from the traditional way.
Buildings that are compliant with Smart Lifts and Smart Apps are coming together to transform the property sector.
Let us be those pioneers in changing the real estate world.
If you want to know more, do not hesitate to contact us.
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