Pakistan’s Real Estate (RE) business has certainly seen its fair share of ups and downs over the years by being at the whim of economic and international trends.
The current movement involves technological advancements and very swiftly it has taken over much of the RE industry by storm as the past few years have witnessed a broader landscape of changes come to the forefront.
The real estate industry has always been an ever-booming industry. A tech-enabled transformation can equip RE industry to increase revenues, expand margins, and ensure transparent transaction processes fortifying investors’ confidence and enhance foreign direct investments (FDI).
Following are some of the most common innovative ways through which technology is helping the RE professionals and customers efficiently.
Real Estate Cloud Computing
With Cloud Computing you can access data anytime and anywhere without getting into the fuss of writing emails or making phone calls. It astonishingly offers flexibility to the customers and realtors due to its ability to store data, and easy access for anyone. It allows real estate businesses to operate smoothly and efficiently because of its various cloud computing features like remote access shared storage and data mining.
So, it enables you to manage your work wherever you want.
The cloud delivers following key services:
- Improved Customer Care Relationship
- Data Tracking Services
- Save data storage costs
- Improved Security and increased productivity
Virtual tour of house through VR
Get rid of a hectic journey of driving around for an entire day and visiting just a few properties by using VR which enables investors or property seekers to visit as many properties as you want virtually. This virtual staging allows you to get clients through the property, thereby eliminate expenses on property visits, saving buyers both time and travel expenses.
Artificial Intelligence in RE
Artificial Intelligence and machine learning are impacting the real estate industry and have brought the technology of the sphere to the next level by enabling easy analysis of the potential customers, regulators, business leaders and competitors, staff and lots of other essential details, like paperwork, taxes fees, etc at your convenience.
The advanced algorithms of AI provide an opportunity to stakeholders to learn from the unstructured data pool to make an informed decision, such as granite countertops versus Formica, by analyzing imagery pixels and thus provide a more detailed, precise home value.
Block chain ensures transparency
Real estate transactions are often conducted offline involving face-to-face engagements with various entities. Blockchain, however, opened up ways to change this. The introduction of smart contracts in blockchain platforms now allows assets like real estate to be tokenized and expedites contract processes, saves time and reduces costs.
Block chain technology can upgrade the traditional listing system by creating a transparent ledger system where brokers and agents could see the entire transaction history of a property.
Real Estate Mobile app
The key to digital transformation is being where your customers are. With apps being the latest customer-oriented trend, now-a-days users spend a hefty amount of their time surfing apps.
It serves as an efficient platform for buyers and property owners to have access to all the property related information and make the processes automate and streamline. It ensures transparency by providing all relevant information at their door-step and saves people time who often roam and search for sites to buy their dream home.
Factually, firms that move aggressively and develop comprehensive strategies for integrating technology into practices are already making their way into the sphere.
Adopting and incorporating technology in daily operations has allowed companies to free-up valuable time and resources for future development.