The digital transformation of the real estate industry has gained momentum in recent times. Digitization has positively influenced and transformed almost every industry. The wave of innovation and competition is taking over all the sectors and hence the use of digitization has become the need of the hour. It not only transforms the core processes but also helps to improve the functionalities of the system. The advent of digitization shows the possible potential of the real estate industry and the revolution it could bring to the world of realty.
The time is not too far when the digital business models would dramatically replace the conventional methods and steps. The real estate industry has already witnessed some major changes and strongly renewed with the proliferation of the digital era which has bridged the gap between the builders and the consumers.
Let us take a look at how digitization could transform the real estate industry and open the doors to a new world in near future:
Virtual and Augmented Realty
The emerging technologies like Virtual Realty (VR) and Augmented Realty (AR) are offering unmatched experience to the buyers and sellers. The augmented realty tool allows its users, to view the property through an internet device. As compared to conventional method of viewing the property via images, VR and AR help buyers to delve into the details as good as a live review. Customers can view the property on a click of a button on their phones with access to world-class resolution and 360-degree tour through 3D renderings. Hence customers can experience the final product without being physically present at the site.
Interactive Modelling
Digitization is a boon for builders as well as buyers. Interactive modelling is transforming the way real estate projects are being constructed. From planning, designing, architecture to construction, the 3D model-based software helps engineering professionals to optimally utilize the resources.
Artificial Intelligence
AI-powered digitization is on the rise. AI is a smart technology that consciously collects and perceives the surrounding environment (data) and responds independently to make decisions. The usage of AI is not only restricted to the improvement of operational tasks but focused on revolutionizing the decision making process. Developers are constantly relying on AI algorithms to have accurate insights about market trends, preferences of buyers and improvement areas to identify the pattern and closely examine the possible future scenarios to base their decisions. The usage of artificial intelligence is spread over the various division of real estate i.e. transaction and data management, property valuation and management, potential investment areas, etc.
To conclude, Real estate is one of the fastest-growing industries. In an era where people are dependent majorly on the internet for everything, the digitization of real estate market is all the more important. While the above methods have already entered the real estate market, there are other areas of technology like Blockchain that are just standing around the corner to revolutionize the core of real estate and make the real estate business more transparent, accurate and efficient.
