Computer screens, tablets, smartwatches, smartphones, and our daily lives are infiltrated by technology. From the moment we wake up in the morning to the moment we go to bed at night, technology has been around us all day. With the advent of technology in every field, the real estate sector has also been impacted by such a revolution globally. Managing multiple properties in a traditional and conventional way by maintaining books of accounts have been a thing of past.
Digital transformation has been playing a crucial role in helping seamlessly connect anyone who wants to complete a real estate transaction.
Let us understand the benefits of digital transformation on the real estate sector
Real estate sector is built upon the trust and relationship and digital transformation has been playing a key role to build such trust as it had become easy to connect to the industry experts, develop long term association resulting into capitalization of such opportunities.
1.Interactive online Applications
Virtual Reality(VR) and Augmented Reality enable for comprehensive viewing and experiences in yet-to-be-built projects will help in the inspection of properties giving real-time data to the clients. Specially VR is fast growing a robust and powerful mechanism that lets likely buyers virtually tour properties from distance which means the location of the property at one place and client at other, allowing them to experience the space without the necessity for inspecting, appointments or model homes. This technology can be a time saver and reduce presale marketing costs, and experts anticipate a steady rise in its use in the industry.
2.Real Estate Portals
Traditionally real estate buying and selling have been done with the help of personal recommendations. But that was practical when the buying and seller and the property were closely located. But when the buyer and the property are in different state or country then this strategy of recommendations is ineffective. So with digital transformation, such problems were solved with the introduction of online real estate portals, bridging the gap between buyer and seller. The Seller is able to list the property for sale and buyer and search property according to their requirements. Also these days you are also given an option of temporary space for rent listing to capitalize the vacant space.
3.Autonomous Vehicles Parking
Autonomous or independent or automatic vehicles parking with the help of Artificial Intelligence(AI) will bring major advances to everything and are “closer than people may think.” Many commercial buildings have started adopting such facilities to ease parking congestion. Even before they hit the market in a significant way, they are influencing how developers believe regarding parking areas in new residential and commercial buildings. Such a system is not time-consuming, reduces manual task.
4.Property Management Softwares
Investing in an apt property management software elevates and rethinks how realtors or landlords manage their vast list of properties. Whether small modular condos, high rises or dedicated commercial hubs, property management using software takes it to the next level. The need to switch becomes more prominent as conventional methods have often failed to demonstrate exemplary levels of property management.
Software alters it into a convenient dashboard, where the owner could simply manage, monitor and operate day to day activities linked to a piece of real estate. Ensuring timely rental payment, maintenance, and upkeep, searching tenants for occupying could all be effectively carried out using property management software. The key is to opt for the right one since the wrong choice would end up curtailing existing practices by cutting out efficiency.
So to conclude we may say that Technology is evolving more than just the end product—it’s also remodeling the leasing and sales method. Sellers are listing spaces for rent or sale and also for temporary renting helping them earn maximum from their asset. Also, the procedures are such that they are in compliance with the rules and regulations of the respective countries. Buyers are utilizing online tools to do their own research and analysis long before they arrive at the actual property for inspection.