The COVID-19 pandemic has accelerated the shift to a more digital society and prompted changes in home-buying patterns that will have far-reaching effects.
Before committing to a property purchase, most people seek the advice of a real estate investor, friends, and family members and then conduct a site visit to help seal the deal. However, after the Covid-19 pandemic made personal visits impractical, brokers and even marketing firms at major developers began looking for alternatives to the traditional methods of contacting potential buyers.
Technology has rescued the real estate sector by not only reviving sales but also significantly streamlining the process of purchasing a home. To streamline the building process further, established companies are using prop-tech innovations.
India’s real estate market has enormous growth potential. It’s expected to reach a trillion dollars by 2030, contributing 13% to the GDP. Despite the sector’s size and significance, there have been many disruptions in recent years. Historically, real estate transactions involved paper-based information and interpersonal interactions. The industry’s future looks brighter as technology simplifies and improves real estate transactions.
Numerous real estate tech start-ups in India are introducing innovative technological solutions to the real estate industry. It will enable the sector to reach a new customer base and adopt a customer-centric strategy. With 1 billion internet users expected by 2025, going digital can help real estate companies reach new customers.
How Has Technology Benefitted the Real Estate Sector?
Real estate is one of the many industries where technology significantly impacts. It allows clients to search for homes more efficiently and quickly.
For example, consumers can access listings on their mobile devices instead of visiting a physical location to look at homes. The Internet has also changed the way people interact with real estate agents.
Over the years, technology solutions have significantly impacted the real estate sector. Aside from making transactions faster and easier, it has also helped to improve efficiency and accuracy when conducting business. In some cases, technology has even made buying and selling properties more efficient than ever before.
From listing and selling properties online to developing sophisticated marketing strategies, the benefits of using technology in the real estate sector are manifold.
Read on the elaboration of these pointers below to get better know-how:
Application of AR and VR
In recent years, India’s real estate industry has flourished as more and more individuals have shown an interest in buying and selling properties.
In the property management industry in particular, new technologies are opening up hitherto unexplored areas for expansion. It is essential for real estate firms to adopt new technologies as they become available.
In India, for instance, developers are increasingly offering virtual reality films of their apartments, marking the beginning of the real estate market’s transition into the ‘proptech’ business.
There are several ways in which technology has altered the real estate market.
- Thanks to 3-D modeling and rendering advancements, prospective homebuyers may take thorough virtual tours of houses before making a purchase decision. These tours allow people to see how a home looks from all angles. They can also see the home’s appearance with different furniture and decorations.
- Marketing real estate increasingly makes use of drone video and CGI depictions.
- The whole home-buying and -selling procedure has been streamlined thanks to technological advancements.
- Potential homebuyers and real estate agents may now have virtual meetings.
- Online payment processing and e-signing of contracts between builders and buyers are also available.
Digitization of Processes
In the real estate sector, several processes have been digitized. It has enabled several benefits for both buyers and sellers. For buyers, digitization has made finding and buying a property more accessible. No need to go to different offices or meet with different people to complete the purchase process.
For sellers, digitization has made selling a property more accessible. No longer need to write lengthy letters or documents to sell a property. Instead, you only need an online presence and a seller’s portal. You can also use digital tools to manage your property portfolio and keep track of your sales data.
Availability of Tools for Lead Management and Lead Tracking
Real estate is one of the most complex and challenging industries. It requires much coordination between different stakeholders and high execution skills.
- Leads are monitored through the sales process by CRMs.
- Your business can monitor who is interested in what you’re providing and when they make their decisions. And how your company communicates with those clients with the help of a customer relationship management system (CRM).
Real Estate Data Analytics
Real estate data analytics has revolutionized the sector in many ways. With technology, real estate developers can better understand their clients’ needs and preferences.
- Real estate professionals may communicate with their prized customers and monitor their transactions. This data allows them to make more informed marketing and pricing choices.
- Thanks to real estate data analytics advancements, agents may discover suitable homes for their customers more quickly. This is due to the abundance of data readily accessible to them on the housing market.
Technology has significantly impacted real estate, making transactions faster, easier, and more transparent.
The construction industry in India has benefited from the rise of technology. It can be challenging to locate a reliable and trustworthy real estate agent who will attend to your needs during the home buying or selling process. BSCPL Infrastructure Ltd, situated in Hyderabad, is involved in many projects, including motorways, port upgrades, bridge construction, and residential development.
With over 39 years under its belt, BSCPL infrastructure limited has established itself as the country’s preeminent residential and commercial property builder. Their finished structures are situated near several retail outlets and educational facilities.
Engineers and construction professionals with years of experience make up the BSCPL staff. This firm has earned a stellar reputation in the construction industry in India and beyond. Superior services and prime locations are BSCPL infrastructure limited’s main draws. Construction by this real estate powerhouse can be found in Hyderabad, Bangalore, Chennai, and Dubai.
Investing in a BSCPL infrastructure limited’s project is a good option for those seeking residential real estate in India. BSCPL is a pioneer in infrastructure development and has recently expanded into the property business.