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How Technology Is Overcoming The Challenges In Real Estate Industry

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The Indian real estate market is emerging like never before. As we all know, this 21st century of technological revolution hasn’t spared anything or anyone, and the real estate industry is no exception. Realtors are now coming up with unique and innovative ways not only to market their properties but also to interact with their clients. Interestingly, it’s not just the realtors; customers have also amended their ways of buying and selling properties. Their demands and preferences are changing continuously, and due to this, the industry has no choice but to keep up with the technology and make itself best suited to meet customers’ unique demands and expectations.

To many people, the matter of consideration is whether the intervention of technology in the real estate sector is a boon or bane; hands down, it’s a boon. Technology has been quite a helping hand to handle and manage this volatile market with profound efficiency. Various home-buying listing websites, virtual property tours, blockchain-based transactions, electronic signature programs, and more have only made this hectic and lengthy sales process much more seamless, making the industry more efficient and accessible than ever. Over the last decade, the real estate industry has experienced a revolutionary shift thanks to innovative and swiftly advancing technologies. Let’s see how technology is reshaping the real estate industry and making it more interesting, exciting, and money-spinning.

Attract Maximum Buyers Via Correct Marketing Medium

The first and foremost challenge for realtors, agents, and brokers is to reach their targeted audience. Gone are the days when “For Sale” boards were the only sign to attract buyers. Now, properties for sale are showcased on websites, social media platforms, and specialized real estate portals. This online presence opens the doors for a global audience, which vastly expands the pool of potential buyers.

Some of the most popular online real estate listing services in India include 99acres, Magicbricks, and Housing.com, while websites like Realtor.com, Redfin, and Zillow are well-known worldwide.

Homes Are Anytime Accessible With Virtual Tours

Technology has gifted us the ability to offer virtual tours of properties. This innovation is a game-changer for real estate marketing. Buyers can now explore properties without leaving the comfort of their own homes. It's like having an open house 24/7. All thanks to these wonderful wizard-like technologies called Virtual Reality & Augmented Reality. This not only saves time for both parties but also allows for a more immersive experience, helping buyers visualize themselves in the space.

Cloud-Computing Software To Keep Data Secure

The recent technological developments in the real estate industry target one of the most severe concerns for realtors: the risk of losing confidential data about the agency and its clients. A cloud-based storage solution safeguards your data. They store data on secure servers in remote locations rather than on physical devices, which are susceptible to theft or damage. Such systems ensure that even in the event of hardware failure, the data remains intact and accessible. For instance, a realtor using a cloud-based Customer Relationship Management (CRM) system can store client information securely. This not only protects the data from physical threats but also allows for easy access and seamless collaboration between the realtor and their client.

Streamlined Transactions With Blockchain & Smart Contracts

Technology isn't just about marketing; it's also transforming the actual transaction process. Blockchain technology ensures secure and transparent property transactions and keeps a clean record of every transaction. Smart contracts automate and speed up the closing process, reducing the chances of delays or errors. This not only instills confidence in buyers but also accelerates the entire sales cycle.

Meet Your New House-Hunting Assistant: AI & Data Wizards

Imagine having a personal real estate assistant who knows everything about the market. That's what AI and data analytics are bringing to the table. These digital wizards are called AVMs (Automated Valuation Models). These statistical algorithms can crunch mountains of data to estimate a property’s market worth based on previous information, including last transactions, location, property type, age, and other variables. This means sellers can set realistic prices, and buyers can make well-informed offers. Plus, these AI-powered assistants are available 24/7, ready to answer your questions and even schedule viewings. It's like carrying a real estate guru in your pocket! This technology helps resolve the biggest challenge of customer satisfa ction. It ensures that your clients receive prompt and accurate information.

Examples of AVM technology in India include Zameen, REConnect, and PropEquity. Popular platforms available worldwide include Zillow, Redfin, and CoreLogic.

Conclusion

In the conventional real estate process, agents, buyers, and sellers frequently meet face-to-face, relying on paper-based contracts and documentation. While these methods have been effective in many deals, they are time-consuming, labor-intensive, and susceptible to errors and delays. Therefore, in this digital realm, to succeed and stay ahead of the game, realtors must embrace and adapt new technology. Technologies like AR, VR, and AI in real estate have changed the way the entire industry works, and a lot more new technologies are in the works to take the industry to the next level. In the next series of blogs, we’ll take you on the journey of Artificial Intelligence and how it’s a groundbreaking factor in the real estate sector.

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