Technology has revolutionized the way one work, live, study and does one's business. The pace and face of business significantly increased when the technology boomed in last century.
As new technologies are being developed, they shape business transactions and processes taking place, and how the developers interact with the consumer.Though the real estate industry was late to adapt to new technologies, innovation is now apparent in the way homes are built, designed, sold and advertised.
The home buying process
Internet is the first platform home buyers visit for their research; they can search for property listings anywhere in the world, at any time of the day or night, the kind of property they are interested in and research about the area before they choose a broker to guide them. Consumer even research about the brokers company and do a thorough background check on all.
Technology is empowering the consumer market to reach another height. Many brokerage websites, tools and property portals provide access to real time information about transactions, easy-to-understand info graphics and prices that give tremendous insight into realty market.
Property videos,3-D floor plans and 360-degree tours give you this virtual experience of your soon to be finished property. Realtors are leveraging social media to widen the sphere of influence and connect to potential buyers. Smartphones have accelerated the entire real estate process as it provides a channel between the buyer,seller and the agent.
Data is being created every time as we buy shop online, grocery, search for property online, surf the web, swipe a credit card, watch TV or even just drive to the office. Almost everything we do creates data, and this data is collectively called as "big data". This acts as a raw material for business intelligence and when processed and analyzed using analytical tools and software, creates insights to understand consumer needs, behavior and helps in creating new and improved products, services and to take better business decisions.
As the real estate industry takes lessons from technology, "big data" is playing a role in creating better communities, designing real estate that suits the end user, providing useful and easy-to-understand information to home buyers and insights to real estate companies about who is buying what, where when and what tools they require to reach out to the target audience.
Smart home devices
Just as mobile technology has completely transformed how we communicate and share information, smart home devices are changing the way we live and interact with our homes. These devices are already creating a buzz as they have the ability to manage security, temperature control, lighting and energy from a cell phone application. Some of these devices can also record data and based on this, take operating decisions and predict our needs, thus providing convenience and total control even when you are away.
Technology has completely transformed our way of living, and as far as real estate is concerned, there is not a single form that is exempted from the its exponential growth.
There is no stop to exciting innovations, and with a lot more concepts on the buzz in the real estate industry, we look forward to the use of virtual reality wearable for property viewings, drones for capturing aerial view imagery of properties, 3D printing for construction of property and online crowd funding platforms to find and invest in real estate. While some of these technologies have made their way into the market, we don't need to wait for long to see these becoming a standard.
As technological advancements are likely to bring newer tools and overwhelming information that will persist to impact the real estate industry, the goal, however, remains the same: to help people find the right property and add value to their lives.