No field of life has been left untouched by the ongoing technological revolution. In fact, countless models and businesses are disrupted by technology and the number of these disruptions is continuously growing. Additionally, the advent of the ongoing coronavirus pandemic further escalated the situation.
Like every other industry, the real estate sector isn’t left unaffected by rapid digitalization. Technology has greatly transformed, reshaped, and modernized the real estate sector. Now, most people prefer searching for property for rent online instead of just relying on real estate agents. The presence of numerous property portals has made the process of property finding quite convenient, particularly in large real estate markets such as the UAE.
On this note, let’s delve deeper and know-how technology has impacted the real estate sector.
The Crucial Role of Big Data
Big data is the need of the hour; everything depends on it nowadays. From creating a better customer experience to driving business decisions, everything around us is influenced by big data in one way or the other. Because of the important role that big data plays in today’s world, many real estate businesses are also utilizing it.
As you are aware, big data is basically raw data sitting in silo repositories. However, when analyses are done, they can easily trace out the latest industry trends and client preferences. The real estate companies who want to reach out to their target audience make use of big data for finding their potential clientele.
By harnessing big data, they can conveniently sort out their target audience; people who want to buy, rent or sell properties. Different property portals in the UAE harness big data for refining their search. And doing this enables them to show 100% accurate results.
AI, Machine Learning & The Real Estate Sector
Another integral part of technological innovation is the incorporation of Artificial Intelligence (Ai) & machine learning. Real estate investors can make use of these technological systems to effectively track and control expenses, manage risks and gain higher returns. They can do this by using algorithms that are designed for predictions by factoring in individual investor concerns. Likewise, real estate search analytics is improving the way potential buyers are matched with their required properties, expanding the broker’s labor.
Some of the AI tools commonly in use include using chatbots for the automatic answering of frequently asked questions, carrying out investor analysis that sets income and growth goals. It monitors the whole analysis using an intelligent robot that also helps in loan default predictions that can access risk and focus only on profitable investments.
The Use of Augmented & Virtual Reality
With the advancement in technology, virtual Reality (VR) has become a reality. Long gone are the days when you have to physically visit a property to get an idea about it. Now, you can easily do it by sitting right there in your lounge using virtual tours. It allows customers to tour pre-developed or ready house units from anywhere in the world.
Real estate developers, hotel owners, and other business owners are making use of this technology to give their potential clients an actual feel of the product virtually. Whether you want to search for an apartment for rent in Sharjah or a villa for sale in Dubai, you can do both by sitting anywhere in the world using any property portal in UAE.
By using real-time technology and devices, such as the Samsung Gear VR Virtual Reality headset, real estate developers can practically show off the progress of the houses under construction as well as the already completed units. Companies like Azzizi Developers are already making use of VR in selling property developments both off-the-plan and finished.
By use of the power of virtual and augmented reality, they allow their prospective buyers to walk through and experience the space even before construction has started.
The Way Forward
The real estate sector is forever evolving, and the industry is certainly headed for a revolution. Therefore, the real estate companies that don’t adapt to the latest tech will be left far behind as well as those who refuse to embrace the change.
So, it’s safe to say that investing in the latest technology as a real estate company is a key differentiator that will make you move forward.