Impact of Smart Technology on Real Estate Industry
Through the years, we are witnessing several changes in all areas of business and industry as a result of technology change and real estate market is no exception. Overseas market is using new innovative methods to capture the market and thereby saving time, money and energy.
India is also gradually adopting new technologies. India’s move towards building 100 smart cities is another big step towards innovation. Technology has already increased the growth of real estate market and will keep doing it. By 2020, the entire sector will definitely be reshaped. As the disposable income is rising, there is an increased demand of buyers looking for buying residential flats and villas or commercial office spaces which can be put on lease.
Recently, China has built a 5-star hotel in just 15 days with the help of new technology method of pre fabricating. Such methods can be used by Indian real estate industry to save time.
To get a closer view, we can divide the real estate sector into 5 core components and analyze each to assess the impact of technology on the overall industry:
Prospecting: A referral and profile business development requires individual agents to market themselves as unique brands and their services like different from any in the huge marketplace of such services.
Listing Appraisal: The primary service delivered by all agents for the market value of a client’s property and be promoted as a value-add free appraisal.
Marketing: The client’s property will be promoted across multiple platforms as a piece of marketing collateral to attract a larger audience.
Facilitation: The prospective buyers in the large audience will be nurtured to develop an interest to make an offer to buy the property and maintain interest by overcoming apathy and objections.
Negotiation: Ring the deal to close by satisfying both buyer and seller in relation to that the condition of sale can be met including other important terms and conditions of the transaction.
In understanding the future vulnerabilities these steps are very important for the real estate industry. As Indian real estate industry is embracing new technology to increase efficiency and save time, this will gradually bring about a sunshine change for the Industry.
Modern techniques are being used to address civic issues in India, for example, city of Pune has an electronic system to discard garbage. Once the garbage gets full, an alarm will ring to the municipal office in many places in Pune. Then the staff of municipal corporation comes and collects the garbage bin. This is how technology is making lives easy and helping in keeping the city clean and green. Other technologies like solar lighting facilities, rainwater harvesting, and smart parking options are making real estate projects more alluring for buyers and thus making lives easy and convenient for buyers looking to buy residential property in India.
As the technology is continuously developing, there would be remarkable trends changing in Indian real estate industry in the foreseeable future.