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:

 

  1. 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.

 

  1. 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.

 

  1. 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.

 

  1. 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

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