The Influence of Technology On Real Estate
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Like every other industry, technology has made
inroads into the real estate industry too. From the construction of buildings
to property tours and bookings, technology has transformed every aspect of the
industry. It has been very quick and agile in embracing and integrating
technology seamlessly into day-to-day operations and management. According to
JLL's 2023 Global Real Estate Technology Survey, 91% of occupier respondents are willing to pay
a premium for tech-enabled spaces.
Technology is now looked upon as a strategic
investment that creates long-term value. Real estate technology boosts
efficiencies across the sector and increases transparency. The Global IT Market
in Real Estate is expected to grow from USD 9.55 billion in 2023 to USD 15.61 billion by 2028, at
a CAGR of 10.32% during the forecast period (2023-2028).
Let’s explore in detail how technology
influences the real estate sector:
- Property
listings aided by comprehensive databases
Technology enables efficient data collection
and curation which makes property listings more reliable these days. One can
view an exhaustive list of properties under one roof with advanced tech. You
can filter properties based on price, location, and property type among others.
Property searching and buying has become a more personalized experience for customers,
thanks to tech tools that sift through vast amounts of data to locate the most
relevant properties for buyers.
- Augmented
Reality (AR) and Virtual Reality (VR)
AR and VR tools have taken property buying to
the next level. Individuals can make better-informed decisions with the help of
AR and VR tools. The AR(VR) in Real Estate Market is expected to grow from USD 791.69 Million in 2021 to USD 2,774.42 Million by
2027. Property buyers get a realistic sense of the layout and design
of the property through virtual property tours and walkthroughs. Moving
forward, AR and VR will become an inseparable part of the industry.
- IoT-enabled
smart homes
The smart home market in India is expected to
show an annual growth rate (CAGR 2023-2028) of 10.31%, resulting
in a projected market volume of US$9.2bn by 2028. Smart homes have taken the real estate sector
by storm with the integration of the Internet of Things (IoT). The advent of smart homes attracts consumers
who want to be more in control of their living experience. The remote monitoring
and management of appliances and systems have elevated the experience of the
inhabitants. IoT enables automation, paving the way for optimized resource
consumption, increased security and improved comfort.
- Enhanced
property management
Property management becomes easier and more
transparent with tech-enabled tools. There are numerous property management
software and mobile apps that facilitate rent collection, process maintenance
requests, and manage tenant communication. The emergence of tech has helped
property managers to gain valuable insights into tenant behaviour and
preferences.
From streamlining processes and enhancing
efficiency to providing new avenues for property search and investment,
technology has reshaped the way we approach and navigate the real estate
landscape. As we move forward, it is essential for industry professionals,
stakeholders and consumers to embrace emerging technologies and foster
innovation. The integration of tech solutions not only enhances the overall
real estate experience for buyers, sellers, and investors but also lays the
foundation for a more interconnected ecosystem in the future.
Article authored by: Team Propfynd
Date: 5th January, 2023