Big data, data analytics, and similar technical terms often put people on edge. But this may be for the simple reason that these are not layman terms. You need to understand the global benefits of such technologies before you start
Big data, data analytics, and similar technical terms often put people on edge. But this may be for the simple reason that these are not layman terms. You need to understand the global benefits of such technologies before you start to develop trust in them.
Talking about global change, there is hardly any industry not affected by advances in technology over the years. One significant example of an industry that has improved due to technology interventions is real estate.
Gone are the days when it was difficult to look for a home to buy or rent. Now people can shortlist properties right from their smartphones – often while they are on the go. Technology has not only improved the user experience in this sector. In fact, it has helped with better urban developments (like smart cities).
It is safe to say that the effects of technology on the property market are far and wide. The question is if users can trust this improved version of the industry, as compared to what they have been used to in the past.
Why is there a Question of Trust?
For many years, people have trusted the traditional way of buying, renting, and investing in property. Now, there are property portals, smartphone/web applications, virtual reality, 360-degree photography and more. These have disrupted the industry’s environment for both potential buyers and sellers.
A shift like this almost always creates confusion among the industry’s stakeholders. In real estate’s case, one can expect people not to trust what they see online unless they have seen it for themselves. The reason is that real estate is a huge investment. One wrong decision can lead to financial losses and other serious consequences.
Reasons to Trust Real Estate Technology
Let us start from the example quoted in the previous section. Real estate technologies don’t mean that users lose their right to verify what they are buying. In fact, starting your property buying/renting process online only makes it more convenient.
You don’t need to visit 10 useless properties in a week. Instead, you can shortlist five appropriate ones through a property portal. You can visit these properties for verification later. Your benefit is saving time, money, and energy. For example, on Zameen.com – a renowned Pakistani property portal – you can find detailed information about countless real estate listings. You can also find properties by filtering through characteristics such as area, size, price, etc.
More Reasons to Develop Trust
Real estate technologies are positively benefitting both consumers and owners in the industry. Here is how:
The Human Element
One negative consequence of excessive technology use has been a reduction in the human element. In real estate, the situation is different. Technologies have improved the relationship between consumers and agents/brokers.
Due to the accessibility of data, agents are confident about what they sell. Similarly, consumers have the option to verify their purchases through the same channels. Another benefit of data accessibility is better awareness and education among users. This reduces the chance of poor investments, even if they don’t have direct experience with real estate matters.
Better Sales Process
Closing a property deal has never been easy. There are several official matters to consider. These include the signing of important documents, appraisals, inspections, and other essential paperwork.
With Automated emails, electronic document signing applications, etc., this process has become much less complicated and time-consuming.
In the past, people found it difficult to find properties available for sale or rent. Also, they had no easy way to keep track of realty developments within their cities. Now, online property platforms make it easier to market the latest urban developments, properties for rent/sale, and investment opportunities. In turn, it allows sellers to reach the specific markets they want to target. And it becomes easier for these markets to pursue products and services.
Several technologies allow developers and builders to share real-time progress reports on projects with their targeted markets. These include drones to capture high-resolution images and videos of the exterior and interior of specific structures and certain construction elements, as well as virtual tours, datasheets, etc.
Developers can also show their clients the finished product of a project before it has even been completed. This allows clients to know what they can expect. For example, 3D rendering of interiors and exteriors of property, detailed floor plans, etc.
We began this discussion with big data and data analytics. Real estate technologies and the resulting Internet of Things (IoT) allow stakeholders to collect and analyse data. This helps them come up with better solutions. They are able to develop consumer-driven projects and facilities.
Advanced technologies also help in the development of smarter cities. Here, people can live a comfortable, safe, and, in some cases, luxurious life. Additionally, new technologies allow the construction of low-cost housing. This allows governments to meet the housing needs of their citizens, especially the underprivileged sections of society.
In conclusion, real estate technologies are clearly transforming the industry. They are also elevating the experience of all stakeholders involved. Technology-driven solutions are paving the way for a more profitable real estate industry that is beneficial for both property developers, and consumers.