‘Tech innovations’ is no more a novel term in the field of real estate. Property tech start-ups are bridging the gap between real estate and technology. In today’s world, technology is revolutionizing the real estate sector and more and more tech innovations are marching into this resilient industry.
1. Proptech Adopted by Real Estate
Proptech, also known as Property Technology is nothing but all the tech tools and innovations that are used to buy, sell, research, market, and manage a property. Proptech has brought a revolution and an innovation into the daily routine of almost every player of the Real Estate market This works under two domains of the sector – Residential and Commercial Property Tech.
1.1. Residential Property Tech
This includes all the digital products developed by real estate tech companies to help the people to own or rent residences of all types. It includes, Property Search Platforms, Property Sale Tools, Financing Tools, Property Management Tools and Loan Management Systems.
1.2. CRE Tech
This is Commercial Real Estate technology or commercial property technology that includes all the innovative tools which the commercial companies or the professionals use to efficiently run, search, rent, and sell office, industrial, and retail property assets.
2. Tech Innovations Favour Real Estate
Real estate industry has identified the role of technology and incorporated it in its various segments. These new tech innovations have made this industry more resilient, invincible and given it a new and vibrant dynamism. It has begun to infuse technology in its everyday operations and improve the efficiency and quality. Tech adoption has been very rapid by the real estate, especially in these spheres of technology – Building Automation, Artificial Intelligence that ensures timeless deliveries and improved market access with the help of Augmented Reality (AR) and Virtual Reality (VR). These are also used for marketing and site visits. The new entrants in tech innovations of real estate are Big Data and Blockchain which are being adopted at different stages of project execution and client servicing. Here are a few tech innovations and advancements that favour the real estate sector.
2.1. Artificial Intelligence and Machine Learning
Both these modern technologies are ground-breaking tech innovations that are reforming technology in all the sectors around the globe and real estate sector is no exception. Artificial Intelligence builds smart machines which are capable of performing tasks that typically require human intelligence and these machines replicate the capabilities of the human mind.
Machine Learning is a type of Artificial Intelligence. It allows software applications or the machines to learn and adapt without following open and clear instructions. It uses algorithms and statistical models to analyse and draw inferences from the patterns that are available in data. These machines use historical data as input to predict new output values.
Chatbots is another way of renovating the real estate industry. It is also dominated by Artificial Intelligence and is used as a computer-generated assistant used on a website. It is a computer programme that can stimulate human conversations or queries in the presence of internet. A Chatbot chatters through text or voice interactions. It automatically replies to common queries of the customers without wasting any time.
2.2. Virtual and Augmented Reality
This tech innovation helps to boost construction worker safety training and offers enhanced visualization of the project, to the client. It also enables the project managers and stakeholders to imagine in a better way and plan properly, the construction site. By integrating this tech innovation with Building Information Modelling, the builders and developers are designing virtual walkthroughs and reducing the physical visits of the buyers to the construction site.
2.3. Big Data Technology
The data of a company or an organisation, that is in the field of real estate, grows with business and this inevitably expanding data gets transformed into Big Data. There are six key areas of this new technology that are used to drive Proptech disruption and efficiency of running a business in real estate.
Better Analytics is a complex process of examining big data to uncover information that can help organizations make informed business decisions. This information can be hidden patterns, correlations, market trends and customer preferences. With the help of Better Analytics, real estate businessmen can predict more about the future of a property.
With the help of this Big Data, Proptech start-ups can forecast the prices of the said property and the calculations are very accurate. Big Data can also improve the marketing of the properties. These Big Data tools help to refine the audience and come up with better options for the target buyers.
Tech minded real estate developers, with the help of granular data analysis, can predict where their next venture should be and which amenities should be included as per the potential of the residents. It also predicts the risk of investing in certain buildings and projects. Big Data assures that all the data is structured in proper data sets and there is no pitfall in it. With this in function, one need not spend time and money on manual efforts.
2.4. Internet of Things
The interconnection of everyday objects via internet is known as IoT or Internet of Things. The internet enables them to send and receive data. IoT develops possible communication between devices and the cloud, and between the devices themselves. These objects or devices have sensors, software and other technologies, which help them to connect and exchange data with other devices and systems with the help of internet, thus forming a ‘Smart Home’.
2.5. Blockchain
Blockchain technology makes the transactions transparent and prevents any type of fraudulence. It offers a protected, transparent platform for all dealing with real estate, helps to trace the progress of a transaction and makes it easier for buyers and sellers.
2.6. 5G
Though in a very nascent stage, 5G is gaining prominence in the commercial sector of real estate. It can help to create wireless workplaces but needs a higher bandwidth. With numerous cameras and sensors around the commercial buildings, 5G can connect them easily and also help to produce high definition images which can be transmitted anywhere instantly.
3. Wrap Up
The vast realestate industry has begun to incorporate technology in a way that it is transparent in its deals, more realistic and extra resilient. Technology is playing a major role in reanalysing the customer experience. Techinnovations now favour the realestate and are fuelling the growth of the sector. With the help of technological innovations, not only the builders but the buyers and sellers also benefit and enjoy a transparent deal. Tech innovative tools benefit and favour the realestate sector.