How technology will change the real estate market?

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Technology as an impact in the way we do business

“The internet has reshaped how real estate is delivered to the consumer and, we as consumers manage our daily lives”. The move towards mobile technology, has affected real estate professionals. The impact of social media, e-marketing, web communication, and sophisticated IT systems has been seen in the real estate market.

From designing to construction, marketing and sale of the projects, the impact of technology can be seen everywhere. Now people are using the applications to search for property in India. 

Let us check some more impacts of technology on the Indian real estate market

Virtual reality videos, the residential property in India, is in more demand by the NRIs. The simulation of real-time experience of the property, through virtual reality videos of the flats has been on an uptrend. The customers have become more tech savvy to get property details and they are preferring builders who are tech savvy as well.

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designed graphs, comparison charts, and other details. Few of the statistical analysis, cloud computing, and data driven statistical analytics has played a key role in making the charts interactive for the Analysis, graphs and charts, the property applications provide a thorough analysis of buyers.

Professional sales done remotely, buyers are today exploring diverse options virtually, by using property applications to shortlist the properties, brokers as well as the developers also. The investors are now making transactions virtually. Builders are reaching out the potential buyers with the help of real estate websites.

Easy and quick property selection, the flow of information is available at one click, for the real estate buyers and the investors. On the real estate aggregator websites, the residential projects are listed together and, investors have the option to pick from a varied option. Based on their preference of location, price, amenities, design and area, the investors can choose a suitable project that fits in their budget. This way the home buyers do not need to pay the brokers unnecessarily.

Quick access with up-to-date information, with the growth in technology, updated details, latest news and important laws would help the investors in taking an informed decision. Most of the real estate investors are using mobile phones, to search for commercial and residential projects. The brokers, agents and the builders are gaining more exposure, by keeping themselves updated with the emerging technologies, which is helping them to generate more revenue.

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Few negative impacts that the real estate market might face due to technology

“Technology has made it easy to forget the importance of face-to-face meetings”.

  1. Excessive cost is included, when it comes to developing technology.
  2. Difficulties that professionals might face in learning new technology.
  3. It is harder for the old generation to adapt to the new business.
  4. As there is a lot of information available online, it will be confusing for the customers.
  5. Personal contact builds up relationship, which technology cannot.

Verdict

The investors are fast in adopting the technologies. Technology in realty sector has helped people find more economical, and reliable ways to gather information. It has made the real estate sector more dependent on technology.

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