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Guide: How Does Technology Impacts Real Estate Industry?
Thousands of businesses and models have been disrupted by technology, and the disruption rate is increasing exponentially. The current pandemic has exacerbated this phenomenon as any disruption always occurs slowly over time as people adapt to the technology. The new facts force employees to acquire new technology and at the speed of innovation and according to it to appear in production. Technology is rapidly evolving and shaping the future of real estate, and our control of the pandemic is triggering a massive influx of many new technologies. Further knowledge and thinking will be essential in the process and proximity to certain parts of the real estate community that is constantly evolving.
The real estate sector has been historically stable as an asset class and many believe it is not immune to the rapid adoption of new technology. This thought process will create the pleasure of risk reduction, but I warn you to consider how technology affects your real estate investment opportunities. Therefore, all real estate property classes will be affected differently, and property classes such as apartments are more isolated due to their defensive nature and the fact that housing is a basic necessity.
These effects have been more pronounced since March 2019, when the world was covered in the worst recession of all time as a result of COVID-19. The real estate sector is one of the fastest growing sectors in the country, contributing nearly 7% to the country’s gross domestic product (GDP).
How Technology Affects the Real Estate Industry
Appearance of real estate online services
Before technology boom, Real estate deals are often based on physical meetings between the broker / agent and prospective buyers where buyers will spend hours sitting at the short properties of the preferred broker company depending on their budget, location, and other procedures. Then the buyer will spend days on the roads visiting those properties. All, buying a home was nothing but a humdrum-task.
Undoubtedly, with the advent of technological advances, a new generation of bio-technological sciences has emerged. “well-informed and well-connected agents,” he said. and buyers, it appears that has changed the face of the real estate industry both inside and outside. Thus, the list of properties that correspond to the buyer’s preferences is only one click. India has attested to the plan up of the many startups that provide real estate services online, some of which are:
- The flat unit is the largest home network rent.
- NO broker makes it possible to buy / sell a house without paying any broker.
Travel of money for buying homes by prospective home buyers previously used to be an exhausting trip but today due to technological advances which has become a no-brainer. Thus, prospective property buyers may request home online loans at many banks and credit unions by entering their CIBIL Score. The CIBIL score is a parameter that describes how well a person is doing in terms of repaying previous loans, the financial situation of the person to repay the loan, and how well the person is doing with his or her investment options. Most banks check the CIBIL Score and if satisfied, they accept the order immediately home awin. This process does not take more than 10 days.
Let us first understand what construction technology is. Construction technology is the accumulation of innovative tools, soft control construction products, modern construction materials, and machinery, etc. used during project construction which facilitates improvement in the construction site. Technology has enabled the construction industry to be more efficient, productive, and collaborative. Some examples are:
- 3D printing as a construction technology also known as Automated Robotic Construction System with the transfer of a 3D printer (industrial robots) to the construction site and building the house automatically with 3D printed concrete or cut bricks .
- Clouds Mobile technology has resulted in increased use of tablets and smartphones. Now people are well connected, they can access any information and work from anywhere.
- UAVs (unmanned aerial vehicles) also known as’Drones‘allows construction site managers to track project progress and make accurate decisions based on daily data.
- Construction control software helps contractors to track progress and manage your work as all stages of the project are well documented.
- Building Information Design (BIM) is a process-based 3D model that allows construction professionals to design, plan and build buildings more efficiently.
Prior to technological advances, the marketing strategies adopted by the founders to advertise their company and their ongoing advertising, completed or upcoming projects used to be through stocks, brochures, advertisements in newspapers, word of mouth, and other traditional marketing strategies. However, during this technological revolution, there are many marketing tools that a realtor can use to create their brand value and sell their assets. Some of the advanced marketing platforms that sellers can use to communicate with buyers and sellers are mentioned below:
- Build a professional website with an emphasis on aesthetics and functionality.
- Create Video Trip / Virtual Tours to provide insight to the prospective buyer about how real estate actually looks.
- Reach out to the right kind of social media executives and collaborate with them.
- Develop email marketing campaigns to capture email addresses and advertise their products to them.
- Create Facebook, Twitter, and Instagram profiles and post videos and pictures of real estate using relevant hashtags.
- Build a Blog and create optimized content for SEO.
- Host a Webinar on topics that will interest prospective buyers.
Wisdom home technology
Technological advances play a positive role in improving the quality of life of people and also apply considerably in the housing sector. Home Exercise services value property by both providing money and other benefits. If the house is equipped with home automation services and equipment, the amount of recycling of the property increased significantly. There are other benefits in the form of comfort and improved care for the elderly because of their expertise home technology that automates household tasks.
Wisdom-home technologies as well home security cameras, high temperatures, smart locks, smart lights, sensors, monitors, remote control home appliances and equipment to control the automation of many appliances such as TVs, refrigerators, washing machines, air conditioners, exercise garage doors, smart curtains, smart glass windows, and much more . As technology continues to evolve, the question for the wise homes will rise only because of the conveniences and comfort it offers.
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