Posted: January 31, 2020 | Author: Franz D'sa
The field of real estate is now a lot more intensive and the amount of competition is a lot more than it ever was. The volume of habitable land is only decreasing – which means that the prices will always rise over-time. In order to stay ahead of the curve – real estate businesses have to set-up a diverse and dynamic business plan; and this would require a great deal of restructuring, especially when it comes to the domain of advertising and marketing.
Newer technologies have paved the way for easier and more holistic avenues of consideration when it comes to trying to acquire more or, broaden one’s base of customers. In this blog – we will look at some of the best and most applicable – new technologies that can (and already are) be(ing) used by real estate businesses to maximise their overall efficiency.
These are the top 5 new technologies that can easily be incorporated by a real estate business –
1) Artificial Intelligence
Also known as AI – is a conduit that uses technologically enhanced intelligence based on human behavioural data to provide solutions to people.
AI is created by software creators and engineers and is incorporated across a lot of fields and platforms today.
Some of the ways in which it can be helpful are –
- Better information/products/ services to the right audience.
- Better analysis of the market and more accurate predictions of the future.
- Better CRM
- Improved transaction process
2) Voice Search
What this means is that nowadays, a lot of people are opting to make their enquiries through speaking it to a smart device rather than typing it out in text. This saves their effort and time; and, gives them a sense of living in and with the new times.
These kind of smart devices are created to be extremely intelligent and interactive and their ultimate use is to help people smoothen their lives.
Some of the ways in which it can be helpful are –
- A lot of people are shifting towards making enquiries through voice searching.
- Smart devices are only getting smarter.
- Integrates perfectly with the new concepts of smart homes.
- Most smart phones today come installed with voice searching technology.
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3) Virtual Reality
More popularly known as VR – is a computer-generated virtual world designed to mostly showcase a certain rendition of either an as-close-to-real – reality, or one that is entirely different from it. VR is used across a lot of fields and sectors today. Other than various business and selling purposes – it has also been found that it can be used as a therapeutic aid.
Some of the ways in which it can be helpful are –
- Property showcasing
- Property staging
- For interior designing
- For architectural/engineering visualisation
4) Data Analytics
Data is the new oil; and if you haven’t heard this phrase over the past year or two – you’ve definitely been living under a rock. Data and its analytics have been paving the way to create the kind of technology that would resonate in the best possible way with the requirements of people in today’s times. This means that data is the oil and technology – the fire. Without the right kind and quality of the oil – there wouldn’t be a good-quality fire.
Some of the ways in which it can be helpful are –
- Location insights.
- Land/property pricing.
- Revised advertising/marketing strategy.
- Accurate appraisals.
- Insurance services.
- Overall minimisation of risk.
5) Blockchain
Created to support the (in)famous Bitcoin – A blockchain was created as a platform to allow for safe and verified methods of payment across various parties. However, it wasn’t long before people realised that its benefits extended to a lot more than simply transacting money. Today – it is extensively being used as a means of uploading and storing documents, to provide verified titles of property owners, to verify payments, and a lot more.
Some of the ways in which it can be helpful are –
- Safe and secure transactions.
- Safe documentation of records.
- Smart contracts.
- Decentralise the whole process.
- Tokenisation.
In the end
Technological innovations and inventions are here to help us to make our lives easier, better and a whole lot smoother; let’s always make sure that we make the best possible use of all the gifts we are being endowed with!
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