How can technology impact the real estate industry?
How can technology impact the real estate industry?
Why would real estate need technology? Right? While you would think about the industry's straightforward approach, let me tell you how important technology can be if you want to revolutionize it. You can streamline and automate processes now with technology. We have been moving our focus from smart cities to intelligent homes, and it's never too late.
Several technological advances can give you a competitive edge in the industry. In addition to that, you need to level up to stay relevant now. Again, you shift focus from artificial intelligence to virtual reality pretty fast while a new buzzword, Proptech, saw the light of the real estate day. Proptech denotes the million-dollar industry that spends about billions of dollars within a brief time. Indian middle-class families want it all now.
From smartphones to smart homes, we escalated pretty fast. Rapid urbanization increases the demands, and you will lose relevance within minutes if you feel like you can't fulfill them. Yes, it has gotten that competitive, even in the real estate industry. There has been a techtonic shift in the past decade, and we look at many ashes of empires that failed to evolve. You won't want to be one.
So, it is time we acknowledge how powerful technology can be for businesses in the real estate space. In this blog, MarsDevs does what it is good at. It introduces you to the world of technology in the real estate industry. And in case you need technical assistance, MarsDevs can step in to help you win big with revolutionary solutions now.
Why is every business evolving to be a technology business now?
There are several questions on every entrepreneur's mind. Why are VCs and investors pouring their money on technology-based businesses? Would these businesses that do not need technology to function not get funded then? Isn't it unfair? Is it because of the status the tech businesses carry?
The questions are fair, but if you ask us if the choice of funding the tech businesses is reasonable or not. We would have to say "yes." And honestly, we are not being biased here. Technology businesses are always more efficient. And efficiencies have constantly disrupted inefficiencies. So, when you have an efficient way of doing something, you must adapt or get eaten up by it. Let us discuss this better with examples.
Consider the old ways of documentation. Let's not get to the oldest one, though. We had to first type out the agreement and print and scan it. And that's the start. Say the signer lives far from you, in another country. You had to send it via another person and wait for its return. What if you needed it urgently to make a quick decision?
The process was costly and time-consuming. All you know is that it could take days, weeks, sometimes even months in case of any issues. In addition, the document could have gotten lost, tampered with, or stolen. You never know how constant pressure can affect your productivity as a founder.
Now, we have started working with the electronic signature solutions. You just prepare the document, send it over via mail, and get the signer's signature. It takes a few clicks, and that's it. Also, no one can tamper with your document. While there could be security issues with photoshopped signatures (less than the traditional wet signatures, though), that problem can be solved with the blockchain-based verification technologies now available in the market.
How can technology help real estate step up?
So, now we know technology is essential to stay relevant. And that it helps real estate businesses in surviving the evolutionary period. But, the question is how. Let us stroll along with the ways technology can help real estate businesses with automation, scalability, and competitive advantages.
- Impact of the pandemic on the industry.
The pandemic has defined the course of many industries. It demands a remote. More buyers are moving to the virtual medium. And it is time for real estate to bounce back after the break.
Young professionals or millennials are looking for property online now. So, let the exciting sales pitch rest for a while. You need to attract them through the visual elements now. There has been a dramatic surge in the number of smartphone users. And you need to adopt intelligent technologies if you want to attract prospective buyers and make them stay. It is about making or breaking it. So, it is high time you take notice.
- Tech Startups are thriving.
We would not say that you have to do the same just because another startup is using a strategy and winning. But you should study other businesses, implement what they are doing right, and learn from what they are doing wrong. Trial and error sound great, but you will be wasting time if you keep making mistakes. That's a step back no matter how good a stepping stone failure is called.
So, learn from them. The tech startups are bringing in the latest technology. They are using these technologies in streamlining complex operations, automating processes, sales, and even marketing the products. Tech-enabled real estate businesses are leading a revolution. And you can remain a follower for long.
- Smart homes can be the new smartphones.
The last few years of pandemics taking over us have helped the internet of things (IoT) to develop extensively. And have we not always wanted comfort in our homes? Middle-class India is shifting to a more laid-back life. And as a business in the real estate industry, you need to strike when the iron is hot.
Inside a house, several gadgets and appliances can work together to make our life easier. Hustling is now a lifestyle, and everyone is giving their best at work. So, when they return home, they want to sit back, relax, and have an easier time. Technology enables that with smart homes.
- VR and more.
We often want to look at new property listings and buy or rent a flat, but that seems like a lot of work. Isn't life hard enough? So, now real estates present you with apps that can help you choose even when you sit back in the comfort of your house. Did you find the apps that help you look at properties using artificial intelligence and virtual reality?
Previously, think about how much paperwork you had to go through to get what you just bought. We all would agree that documentation is nothing but a waste of time. So, you can now adopt innovative technology and make it all digital. It would save you both time and money. Don't you think it's time to forget about the hassle?
- Cost reduction.
You can increase margins and save money using technology. For property valuation, you can use AI. "Predictive analysis algorithm" would help you determine the property's rates. So, investors can gauge growth and evaluate the future possibilities more effectively.
Look forward to the best development team.
You are new to it. We understand. Just a blog can not help you understand the market and work on getting better. Hiring a team is challenging, and you can not afford to lose more time and money on hiring and firing to find the best team. So, we are here to help you out.
MarsDevs presents you with the best development team to help you with every tech issue, from conceptualization to development, development to deployment. MarsDevs can chip in anytime you want. You need technology to stand out from the crowd and engage with your customers better. And we know how to crack the code.
So, it is time to collaborate and look forward to premium quality coding and excellent UIs that stand out. Let us get a cup of coffee and discuss what next. Share your requirements as we share our expertise. It's time to revolutionize the industry together.