Technology And Its Impact In Real Estate Business.

Technology is a force that we can no longer deny and its impact on virtually anything is tremendous. It is shaping how businesses operate and even the rigid businesses are forced to adopt technology (either in part or in full) in order to match the competitiveness of the 21st business world. The real estate industry is no exception.

While the industry has been said to be fairly rigid and slow to adopt technology, we can see mega changes happening, revolutionizing how realtors and other stakeholders operate.

Basically, it continues to be one of the major catalysts for change in not only the real estate industry but so many other industries in the market today.

Over the years, we have seen major technological advancements happening in the industry, especially with regard to how information is received and processed. The internet has also changed the landscape such that the way consumers get and react to information is so much different than a decade ago.

But what are the specific areas that have been positively impacted by technology?

WORKPLACE DYNAMICS

If you look at the current workplace organization, you will realize a lot of change. Technology has made it possible to telecommunicate, and work from virtual offices, and not only that, it has made it possible for the interconnection of businesses all over the globe.

There has been an increase in flexibility of the work schedules and this has been made possible by the fact that people can now do more work at home or even travel. Another key factor attributed to dynamic technological advancement in the workplace is remote reporting relationships, managers and the employees can easily communicate from different cities and even countries.

Look around! You will notice the difference there is in this market. The traditional way of handling things in the real estate industry has evolved into something complex. Let’s look into some changing elements in this industry.

THE RISE IN SMART CITIES

It is estimated that about 68% of humankind will be living in cities by 2050 and this is already happening. This, therefore, means that 2.5 billion more people will be living in cities by 2050. As a result, the need for smart solutions such as the incorporation of the Internet of Things and the use of ICT is needed to strike the balance between human quality of life and the preservation of the natural environment. This has given a rise to Smart Cities. One study by PricewaterhouseCoopers (PwC), shows that the number of interconnected devices in the industry in 2015 was about 10 billion and is expected to grow exponentially. This is what is known as the Internet of Things (IoT).

In most cases, the key element or the link between technological advances and real estate investment performance is PRODUCTIVITY. IoT helps very much in this area since it upgrades efficiency in diverse numerous ways.

First deploying the sensors in the different cities will not only help in saving time but also money. This will make it possible to target the capacity use of the transportation system, the lighting, and the energy demand also, the sensors will help determine the parking availability and even the necessary potholes repairs to be made.

What is the link between Augmented Reality and improved quality of life?

Before answering this question, what is augmented reality? In simple terms, think of augmented reality or AR as the enhanced version of the real physical world achieved through technology or the use of digital visual elements.

The main goal of AR is to highlight some specific features of the physical world, increase the understanding of these different features, and derive smart and accessible insights that can be applied to real-world applications.

Real estate companies have started to use Augmented Reality to level up their virtual tours in the market. The benefit of this technology is that it projects a digital image, for example, it gives the specifics of the interior of a house in the physical world. What makes this technology even better is its capability of modification for the day or night view in order to produce interior and exterior simulations.

According to PwC, the consumer or the tenant can customize the experience by the visual ‘what if’ alterations. It is a powerful marketing tool with some definite enhancements. This technology will

TOURS- GUIDED BY THE BEACON TECHNOLOGY

A recent trend and the kind in everybody’s mouth is the beacon technology. They allow for the background positioning and the detection which will in turn give the power to a phone which in reality and in truth makes it very “smart”

They are used in the real estate industry in the sales to prospects signs. They are installed in the “For Sale” signs to help the agents detect a prospective buyer. This technology makes it possible for the buyer to get all the information he needs about the property through a particular listing app. In the same manner, the beacon can also give the buyers a guided tour to and through the property.

ARCHITECTURE- ENERGY EFFICIENT

In recent years, there has been a campaign for eco-friendly homes and energy-saving devices. In the overpopulated areas, developers are responding positively to the calls for energy efficiency.

The US department of energy has developed the Home Energy Score, basically, this is a national rating system that reflects the energy efficiency of a home. In most cases, the agency will provide

The architecture nowadays is developed with the view of achieving a high energy efficient score and thus uses advanced house framing, cool roofs, and passive solar home designs.

DEVELOPMENT OF GREEN SPACES AMONG THE URBAN SPACES

In reality, living in the region of green areas promotes healthy living. We all know the environment in most urban regions. The parks and the open spaces offer opportunities for physical activity, stress management, and most importantly social interactions.

Real estate developers in conjunction with the local governments are realizing the need for green spaces and thus the more reason to incorporate these into the urban development planning. To further this step, the real estate developers are infusing landscaped areas and indoor gardens in newer projects.

MARKET LISTING WITH THE HELP OF THE DRONES

According to most tech experts, most real estate agents are using Unmanned Aerial Vehicles (UAVs) or drones to provide potential buyers with a comprehensive overview of the ongoing projects. This technology is providing a very special opportunity for most buyers to view the homes, the social amenities, and the surrounding areas. Taking advantage of this opportunity, most drone manufacturing companies are manufacturing drones with high-definition cameras and also with the ability to be controlled by a smartphone.

Therefore, this presents the consumer with a very unique opportunity of seeing all the features of the home before making the decision to buy it. Drone photography is extravagant and it holds very real appeal to sellers of industrial properties, large tracts of land, and even large estates.

Compared to all other years that have passed, the real estate technology outlook for 2022 is more vibrant. It doesn’t matter which part of the globe you are in, whether in the US or Europe or even in Asia buyers are really willing to purchase. Technology will be in full support of the growth of this industry. Internet of Things will continue to ply its mega role in powering the cities and projects. Therefore, let us hope for more raptures in technology and more improvements in the industry.