Technology opening limitless possibilities in Real Estate

By: Sanchit Gupta, Co-Founder, ArisUnitern RE Solutions  

We are living amidst a dynamic ecosystem where technological imperatives are paving the way for transformation. With changing human perceptions and consumer preferences, the way businesses operate is also experiencing a paradigm shift, and technology is the thread that’s connecting everything. Since this transformation is industry agnostic, it is interesting to note how tech is impacting real estate, and the findings are exciting.

The disruption that technology is creating in the realm of real estate is largely happening due to the sector’s optimistic adoption of various emerging tech.  Almost all industries are embracing intuitive tech and real estate is also foraying into space. Since real estate is a highly customer-centric sector where experience is the cornerstone of long-term business success, technology, especially intuitive tech like AI and ML is being leveraged as the key enablers. Renowned real estate companies and developers are adopting a data-driven approach and AI is helping these companies to provide real-time insights and intelligence about market demands and actual preferences. The tech-oriented real estate companies, builders are developers are using these insights to their advantage to create go-to-market strategies, optimize their costs and resources and launch projects based on the actual buying demands. These technologies are adept at reading queries generated through various platforms and converting them into qualified leads. The big real estate companies always prefer these kinds of leads which have higher prospects of conversion, rather than shooting in the dark, and emerging tech like AI is helping these companies to identify the right target.

Technologies like Augmented Reality (AR) and Virtual Reality (VR) are also making it interesting for both the real estate sector and the end consumers. The real estate sector has widely adopted the use of VR and various virtual SaaS models & platforms to give virtual tours of properties.  This new kind of experience proved to be beneficial since it solved the problem of physical travel required by the prospective buyers and the sales representatives. A video rendering of the actual property can now be uploaded on these SaaS-based platforms where anyone from anywhere can take a 360 view of the property, zoom in to see various features and can have a real-time meeting with the salesperson.  These kinds of platforms also widened the reach of the real estate players as now they can show their properties to prospective buyers based in any part of the world.  A lot of real estate players are getting the best out of technology through drones. A lot of real estate developers with luxury portfolios are using drones to accentuate the entire property viewing experience. They are using drones to give a bird’s eye view of the property and its surroundings, thus offering a glimpse of the entire package that comes with the property.

Technology is also playing a crucial role in streamlining the project management and construction aspects of real estate. Many real estate developers are using Building Information Modelling (BIM) software and cloud-based web platforms to get a clear idea of the entire lifecycle of projects. The BIM Virtualizations are not only helping in making better design-related decisions but also enhancing the productivity and profitability of workflows. Besides, these models are helping builders to execute projects that have less environmental impact and are more sustainable.

Apart from these, there are various project management tools and technologies that are widely adopted to step up the entire process, speed-up approvals and reduce the overall time of delivery and project completion.

While a lot of things are happening in the real estate sector with technology as the key driver, there’s a lot to be explored. As the Indian economy continues to show resilience and the real estate sector gains more maturity, technology will bring about more innovation. With India’s focus on digital transformation, sustainability and drives like ‘Make in India’, technology will ultimately enable the sector to become more self-reliant and future