Technologies transforming real estate sector

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Amritanshu Roy, Real Estate Expert  and COO Greenfield Advisory

New Delhi, September 14,2022: Technology has changed how real estate business is conducted today, as the age-old industry stands at a cusp of transformation. The adoption of technology in real estate has lagged, compared to its use in other business sectors as there was a reluctance to change methods that worked well in the past. However, the market has witnessed a rise in real estate tech in recent years, as technologies continue to transform the sector. Also, with increasing urbanization, real estate spaces for retail, commercial, healthcare, and industrial infrastructure are in high demand.

Key technologies driving the real estate sector

AI-powered chatbots: Artificial Intelligence is taking the property buying or selling experience to a whole new level and AI-powered chatbots are becoming a trend as part of this process. These chatbots are programs that simulate human speech to engage with users or homebuyers on the internet. These chatbots put people at ease as they can ask multiple questions without any fear or hesitation of being judged by a human being. These chatbots can also users find their dream homes by analysing their preferences and cross-referencing them with a list of available properties.

 Virtual and Augmented Reality: Real estate technology startups are using VR/AR technologies today and that has made the online property search experience exciting, effective, and convenient. Properties are now very much accessible just at the touch of your fingertips. Interested parties or buyers can visit potential properties via online tours and this property management technology has proved to be a blessing for property managers. Through AR/VR tours of properties, there is no need to write detailed instructions, making it a seamless and more convenient process for buyers as well as property managers.

Internet of Things: Imagine home devices with smart sensors for predictive maintenance by alerting property managers or owners about potential problems. This is, in fact, a reality now, with the help of IoT which is proving to be a game changer in the real estate sector. The technology refers to the appliances and devices that are digitally connected to the cloud and are constantly sending and receiving information.

 Blockchain: It may be hard to draw an immediate connection between blockchain technology and real estate. While some of us may be familiar with the use of blockchain in cryptocurrency, it has wide applications in other areas as well including real estate. This new generation technology is used to verify encrypted transactions and ensure that there is no tampering with financial records. Employing blockchain in the real estate industry makes it one of the top real estate tech trends in 2022 due to its highly innovative nature. However, the surface has only been scratched as far as its application is concerned.

 Conclusion: The adoption of these technologies has replaced traditional property dealing with digitally interactive ways today. Whether it is property management, construction purpose, renting, buying, selling or home services, property technology or PropTech has revamped the way we interact with our property. The real estate market has a bright future and is already growing exponentially. According to a report , the global real estate market is expected to generate a revenue of USD 4,263.7 billion by 2025.

corporate Comm India (CCI Newswire)