The integration of new technology has changed the real estate paradigm significantly over the last few years. The sector is bracing up for further transformation in the wake of the covid-19 pandemic with the operational and structural changes making it easy for landlords to find potential buyers and vice versa. Real estate developers are also adhering to the trending interaction processes, involving all parties.
Much to the surprise of a common buyer today, all the services, including construction, purchasing, selling, renting, have dramatically changed with tech-integration. There is a massive difference in the way this billion-dollar sector used to operate 20 years back. “The automation, tech-integration and data analysis have made the procedure of buying, selling and pricing a property lot easier”, says Radhika Rakesh Garg, Director Rajdarbar Group.
“The sector is more transparent and the new policies have certainly helped in streamlining the processes,” Garg adds.
It is no secret that data analytics has given insights on patterns, trends, prices, associations, demographic data, etc., to the real estate developers, as well as buyers. As a result, big data has reduced the risk by forecasting the future with great accuracy and precision. Adding to the advantage is virtual reality walkthrough headsets that allow potential tenants and purchasers to examine a home at anytime from anywhere. Although the technology was there even before the pandemic struck, the thing is more prevalent nowadays.
“Property marketing has become more advance in recent times. The pandemic has made it necessary to adopt VR in real estate, which has emerged as an integral part of the process,” says Radhika Rakesh Garg.
Built-in smart house technologies are also contributing to the changing paradigm, particularly in the residential real estate segment. Security measures, sound systems, lighting, among other amenities are now showing the signs of a convenient lifestyle taking over the traditional one. The people are now more concerned about things that looked irrelevant 5 years back. Developers have realized the importance of investing in technologies and now the buyers can relate to the features that are being marketed.
Earlier, startups struggled in the real estate industry, owing to a number of factors, which included unorganized system. However, with strong fundamentals, the sector has opened the doors to the emerging businesses, which seem to be aware of the buyer’s demand beforehand and there are fewer gaps to be bridged from the very first day.