Business

5 Technologies Which Are Redefining The Real Estate Buying Experience

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Introduction

  • Are you a real estate company looking to increase your sales and revenues and exposure for your business?
  • Do you know how you can get help from technology and digital platforms to help you market yourself to potential customers?
  • Have you tried integrating Augmented Reality, Virtual Reality and Social Media for marketing and advertising endeavours?

 

As an industry, real estate can be criticized for being a late entrant to the technological party. While other industries like automobiles, finance, retail and others have been quick to pounce on tech advancements, real estate has often lagged behind. 

However, the COVID-19 pandemic has altered the way in which the real estate industry approached technology and digital platforms. With social distancing norms in place along with other protocols, the industry has started engaging with tech in a major way. 

In this article, we are going to dive deeper into the use of technology by the real estate industry. We will look at five technologies the industry is adopting to change the buyer experience. 

Relationship between Real Estate and Technology

For a very long time, the use of technology in the real estate industry was restricted to just planning and construction. The use of software by architects and engineers to construct and design buildings was the only way we saw any real use of tech in this field. 

In today’s world, the use of technology and digital in the real estate sector has seeped into marketing, advertising and sales as well. The entire buyer’s experience has been changed in a major way. While it was only the bigger realtors who were exploiting tech benefits earlier on, the pandemic has ensured that smaller realtors also set up separate digital teams as well. 

According to the renatus review, the pandemic can be credited for accelerating the adoption of technology in the real estate sector. The entire ecosystem of real estate is changing for the better and technology and digital platforms are playing a significant role in the same. 

List of 5 Technologies redefining the Real Estate Buying experience

  1. Social Media Pages- 

One of the most basic tech and digital transitions has been in the realm of social media. Now most realtors, including solo brokers also maintain active social media pages on Facebook and Instagram. Some of the bigger developers also run ad campaigns on social platforms right through the year for their up and coming projects. 

  1. Augment and Virtual Reality- 

How are you going to show potential buyers a new property during the pandemic? AR and VR offers real estate company a credible alternative to physical home showing. This makes it easier for buyers to get a near perfect experience, and allows them to take clearer decisions. This is something, which is very essential for people moving to newer cities. 

  1. Data Analytics- 

Many of the top real estate companies are also diving into the world of big data analysis. They are using strategies to find out and reach potential customers by rearranging databases, working with other stakeholders like banks, finance and insurance companies. This is allowing them to track potential customers and pitch them newer projects and opportunities. 

  1. Aggregator Real Estate Platforms- 

In the last few years, almost all countries have seen a growth of real estate aggregator platforms. Startups can be credited with creating a common digital platform where realtors can connect with home buyers in a simple, efficient and easy manner. This is also allowing people to directly contact the home owner without having to go through middlemen. 

  1. EMI Calculators- 

We have already mentioned how different stakeholders work in harmony to make the industry a success. Many of the real estate platforms now have active tie-ups with banks and lending institutions. The process of getting home loans has been digitised and become very easy and transparent. Customers can do everything online. From updating their details to calculating their EMIs. 

The Final Word

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Given the rapid adoption of technology, the real estate sector is experiencing a significant growth trajectory. As consumer behaviour comes to be increasingly influenced by digital, it is only logical that the industry will follow suit. Can you think of some other technologies being adopted by the real estate sector? Let us know in the comments below.