Real Estate Market has become digitized today with the usage of advance technology and it goes without saying that the real estate has benefited from improved efficiencies. The shift towards computers & mobile has transformed the business dimension by 360 degrees and paperless transactions have become a norm these days. Today’s worker is more mobile & connected and telecommuting has reduced the office space needed to accommodate the employees. The development in Cloud Computing and Cloud-based information combined with mobile & social Media are resulting in cost-effective and real-time property information, which means many leasing activities are happening online.
A recent breakthrough in the technology has led to the development of proposed real estate recommendation engine that could personalize online searches by suggesting items aligned with the user’s interests. According to the survey conducted there has been 25% increase in the rate at which prospects are converted into actual sales or leases. All the overhype about IT intervention making the real estate industry boom is well justified, as each transaction detail to catering the interested property buyers are made digitally. The current statistics revealed that 71% of consumers begin the search for a property by visiting the websites or apps of real estate agents underlying the essential fact that real estate companies need to constantly upgrade their websites & property management software to survive in the market. The Real Estate companies are milking huge amounts of Public Relations and Clientage via Social Media exposure and Green technology by successfully maintaining YouTube Channels, Facebook, Instagram & LinkedIn Pages and personal Blogs.
The improved functionality of enterprise software such as Microsoft SharePoint and Onedrive combined with communications applications e.g. Skype & GoToMeeting has cut down substantial trouble & business cost. With the consolidation of real estate data on the web and the rise of smart buildings the role of broker will be converted into advisor in the near future as owners will prefer online services for engaging tenants and exposing them to a wide array of properties and making it easier to cost-compare. The application of drones or unmanned aerial vehicle is another peculiar advancement in IT sector that real estate agents will look forward to in 2018 as it will help gain a competitive advantage by providing flyovers of properties for exclusive properties and agents.
The Beacon Technology will allow the ‘for sale’ sign to be embedded with the microchip and transmitters that can detect the buyers using an app. The buyers will get the overview of the property without making an appointment and in return the agent will get the information about the potential buyer. The investment firms who fail to adopt this high tech advancement can count their days in the industry. In the coming years Artificial intelligence will blow away the business world particularly the real estate market. So yes, technological innovations have improved real estate business causing flexibility in operations & high profitability warning the companies to not take it lightly for their own sakes.