Real estate has indeed benefitted from the advancement of technology in many ways. Let’s take a look at the impacts of it and how it enhances the processes in the real estate industry.
Big Data and Analytics
What they do: Big data provides insights into customer profiles, wants and needs, comparable real estate properties.
Benefits: Assessing risks accurately, identifying prime opportunities, easier to targeting prospective buyers, determining property values more precisely, targeted marketing, improving customer experiences.
VR and AR Technologies
What they do: A virtual 3D property walkthrough that helps buyers see the 360-degree view of each room and provide some ideas/customisation on the interiors.
Benefits: Saving time and travel-related costs. For international buyers, it removes any geo-locational restraints. Some even find that it is not necessary to physically visit the unit. Thus, it speeds up the decision-making processes.
Mobile Apps
What they do: Mobile applications make searching, buying, renting or selling houses easier with smartphones.
Benefits: Creating a seamless and consistent customer experience across touchpoints and channels. Fast and efficient customer engagement opportunities and can act as a channel to bring buyers and sellers closer together.
Robotic Process Automation (RPA)
What they do: The cloud-based RPA software automates tasks that are rule-based such as data migration, data extraction, data updating, monthly invoices or other activities that are highly objective and repetitive.
Benefits: Improving efficiency and productivity by eliminating or minimising these tedious labour-intensive tasks. Employees are able to focus on more value-added activities and on delivering a better customer experience.
Blockchain
What they do: A decentralized ledger of transactions through a peer-to-peer network. Customers are allowed to make transactions without the need for a central certification authority.
Benefits: Preventing fraud, improving security and transparency of digital transactions, and cutting out the middleman when it comes to getting permits, notarising forms, and performing other business support functions.
Internet of Things (IoT)
What they do: Physical devices that are now connected to the internet.
Benefits: The convenience of managing all the smart home devices via your phone or voice. Improving homes security, energy efficiency and the overall home experience which ultimately can result in higher market value for the homes.
Chatbots
What they do: Software that simulates human-like conversations with users via text messages on chat.
Benefits: Helping provide answers to customers’ questions at their convenient time. Customers are able to get the information needed right away which assists in decision making. Some chatbots can capture relevant customer details which supports lead generation and lead to sales eventually.
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