Technology used by Real Estate Market

Avatar By: Prashant Rahi

From using big data analytics to price assets accurately to using virtual reality for digital site tours, real estate industry is going over massive transformation due to its rapid adoption of modern technology like analytics, augmented reality/virtual reality, and artificial intelligence.

Technology is consistently reinventing the Real Estate industry. However slow but, land and technology are finally allies! Gone are the times of traditional property dealing; technology has appropriated the planet, inclusive of office spaces, homes and lands.

Property technology or PropTech is helping in revamping the way we connect with our property, whether we need it for construction purposes, property management, home services, buying, selling or renting it. Now, when all industries are basking within the sunshine of advanced technology, why should the Real Estate sector remain within the shadows of outdated methodology? On the verge of proptech lies CREtech and REtech, representing commercial land technology and land technology, respectively. Because the names suggest, they entail the technologies and software's implemented in land applications and tools.

Asia Pacific, North America and Middle East Asia are set to witness considerable growth in demand for private land spaces during the anticipated period (2014-2025). Increasing urbanization is showcasing the high demand for real estate spaces for commercial, retail, industrial and healthcare infrastructure.

 

Figure 1: Time-series charts common in big data analytics

 

Big Data and Data Analysis

Sometimes once you are confused, what's the simplest possible way to reach a decision? Well, sound decisions are often made using data-driven facts! This emerging technology in land uses historical and real-time information to supply understanding patterns, pricing, trends, associations, potential value and demographic data, and potential value in specific locations.

How do land and technology trends like big data influence each other? Let's clear things out in straightforward words:

  1. It helps to price a property by real-time regional price analysis and forecasted future price fluctuations.
  2. The risk is extremely high within the land industry since price fluctuations are quite common. Big data provides risk moderation by predicting future prices.
  3. It tells you ways to plug and sell a property with better strategies supported by data insights.
  4. It decreases the danger of selecting the misconstrued property.
  5. It makes the Real estate industry's progress more productive by advising profitable projects.

 

Figure 2: A virtual reality headset

 

Virtual and Augmented Reality

The technology employed by land technology start-ups has made the online property search experience are so effective, overwhelming and beneficial. Properties are so reachable just at the touch of your fingertips! You'll visit potential properties online via virtual tours. For property managers, this one among the favoured property management technology trends may be a blessing. There's no got to write detailed instructions when a virtual tour can demonstrate instructions every step of the way. Consistent with the National Association of Realtors, 87% of people found photos very useful, while 46% found virtual tours extremely helpful.

The results of this innovation have led to robust growth within the AR/VR market domain. Augmented reality allows you to overlap images and make a sensible architectural image to assist customers in understanding the property even before the property is completed. Using AR, one can twist the property's designs and make them customizable.

What is the superiority of AR/VR technology in land development? Let’s check this out:

  1. It saves time because there's no requirement to visit the property physically.
  2. It is enhancing customer experience because it's straightforward, personalized and provides a more precise product representation.
  3. Since there's no travel involved, it enhances a worldwide reach.
  4. Real estate technology is providing a far better ROI while eliminating the prices for arranging the property.

 

Figure 3: Computer programming used for AI

 

Artificial Intelligence

Artificial intelligence is disrupting the worldwide Real Estate industry. The majority of the high-end realtors are now integrating data pipelines and algorithms into their decision-making process, and therefore the results are telling. Information management is that the key application of AI within the land industry.

The Indian land industry is leveraging AI to manage problems associated with the assurance and development of the real estate. In 2008, the govt of India launched the ‘Digital India Land Records Modernization Programme’ to make a system protecting convincible titles to immovable properties. The program uses AI and IoT to assigning the method.

 

Figure 4: Virtual apartment tour

 

Virtual tours

Inarguably, AI is primed to upend the important estate industry. The foremost recent technological development within the land landscape is virtual tours. Virtual tours and computer games allow the purchasers to follow 3D views of the property online. This is often especially beneficial for remote & abroad properties and people still under construction. Virtual tours that include options for concentrate, panorama, and spoken notes act as a simple and cost-effective thanks to conducting landlord-tenant meetings.

With the assistance of such technologies, the method of trying to find a property becomes more pleasant. It saves time as wrong choices are never shown to the potential customer.

 

 

 

 

From using big data analytics to price assets accurately to using virtual reality for digital site tours, real estate industry is going over massive transformation due to its rapid adoption of modern technology like analytics, augmented reality/virtual reality, and artificial intelligence.

Technology is consistently reinventing the Real Estate industry. However slow but, land and technology are finally allies! Gone are the times of traditional property dealing; technology has appropriated the planet, inclusive of office spaces, homes and lands.

Property technology or PropTech is helping in revamping the way we connect with our property, whether we need it for construction purposes, property management, home services, buying, selling or renting it. Now, when all industries are basking within the sunshine of advanced technology, why should the Real Estate sector remain within the shadows of outdated methodology? On the verge of proptech lies CREtech and REtech, representing commercial land technology and land technology, respectively. Because the names suggest, they entail the technologies and software's implemented in land applications and tools.

Asia Pacific, North America and Middle East Asia are set to witness considerable growth in demand for private land spaces during the anticipated period (2014-2025). Increasing urbanization is showcasing the high demand for real estate spaces for commercial, retail, industrial and healthcare infrastructure.

 

Figure 1: Time-series charts common in big data analytics

 

Big Data and Data Analysis

Sometimes once you are confused, what's the simplest possible way to reach a decision? Well, sound decisions are often made using data-driven facts! This emerging technology in land uses historical and real-time information to supply understanding patterns, pricing, trends, associations, potential value and demographic data, and potential value in specific locations.

How do land and technology trends like big data influence each other? Let's clear things out in straightforward words:

  1. It helps to price a property by real-time regional price analysis and forecasted future price fluctuations.
  2. The risk is extremely high within the land industry since price fluctuations are quite common. Big data provides risk moderation by predicting future prices.
  3. It tells you ways to plug and sell a property with better strategies supported by data insights.
  4. It decreases the danger of selecting the misconstrued property.
  5. It makes the Real estate industry's progress more productive by advising profitable projects.

 

Figure 2: A virtual reality headset

 

Virtual and Augmented Reality

The technology employed by land technology start-ups has made the online property search experience are so effective, overwhelming and beneficial. Properties are so reachable just at the touch of your fingertips! You'll visit potential properties online via virtual tours. For property managers, this one among the favoured property management technology trends may be a blessing. There's no got to write detailed instructions when a virtual tour can demonstrate instructions every step of the way. Consistent with the National Association of Realtors, 87% of people found photos very useful, while 46% found virtual tours extremely helpful.

The results of this innovation have led to robust growth within the AR/VR market domain. Augmented reality allows you to overlap images and make a sensible architectural image to assist customers in understanding the property even before the property is completed. Using AR, one can twist the property's designs and make them customizable.

What is the superiority of AR/VR technology in land development? Let’s check this out:

  1. It saves time because there's no requirement to visit the property physically.
  2. It is enhancing customer experience because it's straightforward, personalized and provides a more precise product representation.
  3. Since there's no travel involved, it enhances a worldwide reach.
  4. Real estate technology is providing a far better ROI while eliminating the prices for arranging the property.

 

Figure 3: Computer programming used for AI

 

Artificial Intelligence

Artificial intelligence is disrupting the worldwide Real Estate industry. The majority of the high-end realtors are now integrating data pipelines and algorithms into their decision-making process, and therefore the results are telling. Information management is that the key application of AI within the land industry.

The Indian land industry is leveraging AI to manage problems associated with the assurance and development of the real estate. In 2008, the govt of India launched the ‘Digital India Land Records Modernization Programme’ to make a system protecting convincible titles to immovable properties. The program uses AI and IoT to assigning the method.

 

Figure 4: Virtual apartment tour

 

Virtual tours

Inarguably, AI is primed to upend the important estate industry. The foremost recent technological development within the land landscape is virtual tours. Virtual tours and computer games allow the purchasers to follow 3D views of the property online. This is often especially beneficial for remote & abroad properties and people still under construction. Virtual tours that include options for concentrate, panorama, and spoken notes act as a simple and cost-effective thanks to conducting landlord-tenant meetings.

With the assistance of such technologies, the method of trying to find a property becomes more pleasant. It saves time as wrong choices are never shown to the potential customer.