Tech Adoption For Efficiency In Real Estate Business Technology has today become a deeply ingrained part of our lives. Be it education or healthcare, there is presently no aspect of our world that has not embraced technology. Real estate too has joined the league of commercial activities that have adopted technology. Statistics have shown that up to 53% of real estate companies today directly invest in technology for their business operations. This change towards PropTech, which is the intermingling of the property with technology has completely transformed the functioning of real estate.
Real estate and Technology: Real estate is one of the largest contributors to the Malaysian economy, and it is the second-highest employment generating industry. Due to its vast operations, the industry works at a very fast pace with a large number of parallel elements that have to be monitored. Furthermore, there are certain specific characteristics of the industry that enhance the need for tech adoption for it: ● ● ● ●
Real estate has high-involvement products The industry has a very dynamic nature There are multiple stakeholders in the industry Maintaining customer relations is crucial
These characteristics make it essential for the industry’s operations to be efficient and streamlined, and this can be achieved with the integration of technology in real estate. Enumerated below are some of the significant ways in which tech adoption has disrupted real estate:
1. Collating and Analyzing Big Data
The real estate sector generates large volumes of Big Data pertaining to consumers, inventory, market insights, transaction records etc. This data is a vital source of information and can be leveraged to the advantage of the industry to enhance growth. With the tech features of real estate marketing, this data can be collated and analyzed easily. This provides valuable insights regarding the market and