Why Technology Is Important In Real Estate 2021?
Real Estate Technology: What It is and Why It is Important?
The application of information technology and platform economics to real estate is considered property technology (also known as Proptech, prop-tech, and real estate tech).
This technology has been more slowly adopted by some industries than others. A large proportion of the real estate industry lags behind in terms of technology. While technology has transformed the world around them, many real estate professionals continue to use traditional methods of managing their properties and making decisions.
So even if you think you are doing well in commercial real estate, it's still worthwhile to consider technology. Are you in any doubt about the importance of this to you? Here are some of the reasons why technology is so important in real estate? and Why You Should Hire a 3D Architectural Visualization Company? if you want to take your real estate business to the next level.
Real Estate Companies Become More Efficient Using Technology
Investing in technology increases the efficiency of your business. In fact, for CRE firms, it is the most compelling reason for adopting the technology. 65% of the time, real estate companies hire tech companies to improve efficiency and speed.
By using technology to handle some of the work, your employees are free to perform other tasks. This will shift the workload in such a way that benefits everyone around.
Professionals Can Make More Informed Decisions With Technology!
Companies in the real estate industry also benefit from technology since it helps them make better decisions. According to a report, decision-making rates are one of the main considerations for investing in technology by real estate companies (44% of the time).
Technology can be used not only for gathering data but also for analyzing it. By doing so, your company makes smarter decisions and is better positioned to flourish. If you don't use technology, you may miss out on valuable insights.
Maintaining a Low Operating Cost With Technology
Whether you're investing in a new computer or updating your accounting system, technology has a price. However, it is a worthwhile investment, not just a cost.
In the long run, you may save money by investing in the right tools. Technology, for example, does work instead of people, which means no one is paid. It means that you'll be able to keep more money, which contributes to the profitability of your business.
Real Estate Advisors and Brokers Gain a Competitive Edge via Technology
There are plenty of competitions among real estate advising and brokerage firms. Their early adoption of the latest technology makes them some of the most prominent early adopters. The use of technology helps them compete and win over customers in a high-stakes market. A few of the things they typically invest in are:
1- Solutions that are cloud-based. 2- Building technologies that are smart. 3- Automation. 4- Integrated systems.
Brokers and real estate advisors use these solutions to perform routine tasks without much critical thinking. By removing this burden, employees are freed up to focus on adding value to the company. In addition, brokers and advisors have more time to spend with clients one-on-one. This is something that technology cannot accomplish.
In the end, it's all about efficiency. Brokerage firms or real estate advising firms can complete more work in less time when they divide up the workload in this manner. Ultimately, that is in the best interest of the business, its employees, and its clients.
Automation Technology Simplifies Asset Management
Certain tasks involve a lot of repetition. It isn't too difficult when you do them on a regular basis, but it is time-consuming when you do them repeatedly.
Automation lets you use human labor where it's really needed, instead of these tedious tasks. Technology can routinely perform repetitive tasks with consistent quality, whereas people find it draining to repeat the same thing day after day.
How Technology Is Changing The Real Estate World?
Technological advances do not spare any industry, but real estate is traditionally slower to adopt new trends. Not anymore! We are experiencing a boom in property technology, which is transforming the way we buy, sell, and interact with properties.
Here Are The Top Real Estate Trends In 2021:
1) Big Data:
Using big data can be very beneficial for the real estate and property management industries. Our decisions will be more data-driven when we have more data.
Using big data helps owners and property managers gather real-time and historical information about their buildings and translate that into proactive maintenance - including utilities, fire and life safety, electrical and HVAC systems, and so on.
In many instances, it is able to alert property managers about an equipment failure before it actually occurs, allowing them to schedule maintenance or order a replacement before the equipment breaks down.
Property managers and tenants alike benefit from that.
2) Artificial intelligence and machine learning
In spite of being slow to adapt to new technologies, the property and real estate industries are now bringing the technology into the mainstream. AI and machine learning are helping them improve the utility of the data they're already collecting.
Currently, property search sites display properties for sale based on simple preferences such as location and size. However, these sites may soon be able to recommend properties according to each user's personal preferences, traits, and values using AI.
As a result of AI, pricing trends can also be better predicted. The technology can also be used to assess historical trends in the market of one area as well as crime, schools, transportation, and marketplace activity in that area.
Furthermore, it might simplify and speed up the purchasing process. The real estate technology startups are already creating ways to digitize homebuying and closing processes - no more reams of paperwork to deal with.
3) Virtual reality and augmented reality
The web is the first place that most potential homebuyers look for properties. Online searching and home buying will be made a lot simpler and more exciting using virtual reality and augmented reality in real estate, like 3d architectural visualization.
Real estate agents can use virtual reality to help long-distance buyers virtually tour properties they can't physically see, or to give potential buyers a chance to experience properties from the comfort of their own homes.
New home buyers can experience a virtual walkthrough of a new home and get a feel for the space even before construction begins thanks to virtual reality. Check out the video below!
Internet of Things (IoT)
IoT (Internet of Things) refers to "smart" devices and appliances that communicate continuously with the cloud, creating a continuous flow of information.
Smart sensors, which are equipped with smart capabilities, can alert owners or property managers to potential problems, allowing them to plan ahead for maintenance.
However, homebuyers may be able to access a detailed history of a home's upkeep and maintenance via sensors connected to the electrical, HVAC, and plumbing. You no longer have to guess the condition of a house or pay for costly inspections.
Eventually, we will see smart buildings - and even smart cities - that are constantly sending, receiving, and connecting data as the Internet of Things expands. That will allow big data, machine learning, and artificial intelligence to yield even more valuable insights and improvements we could not have predicted.
Will AI Replace Real Estate Agents?
The implementation of technology in real estate is, however, clearly on the rise. AI could replace real estate agents, but the question is whether it will?!
So far, industry trends do not indicate that this will be the case. As of now, only a small number of agencies have adopted technology such as Chatbots, which usually replace human workers.
For those worried about how AI will affect human workers, it is important to note that it will be less about taking away jobs than it will be about offering people the ability to work on tasks that are better suited to human professionals.
As for real estate, most of the tech adoption is intended to improve operational processes since machines cannot perform in areas where humans excel. For the buyer, selling a home is an extremely personal experience, and it is unlikely that artificial intelligence will completely replace estate agents.
What Is A Real Estate Virtual Tour?
The technology of today allows us to provide you with stunning imagery and even virtual tours on mimAR.
With a virtual tour, you and your realtor will "walk through" a property together, utilizing a prerecorded video tour of the property. There are several ways in which virtual tours can be provided, including photos, videos, 360-degree views, and interactive floor plans.
It is a great way for you to discover more about homes on the market and get information, so you can make the most of the time with your realtor. Test this now nad live the full experience of Virtual Tour!
The Mimar VR and AR technologies are known to assist real estate professionals in various ways. A leader in 3D architectural rendering with operations in Pakistan, Mimar boasts an outclass creative edge. Delivered successful projects to clients all over the world. In addition to these services, we offer numerous other ones to help you improve output, save time and money and deliver value at every stage. See our Company Profile & services or contact us for consultation.