- Posted in June 18 2019
- 3 Comments
With all its ups and downs for Indian Real Estate Market, 2017 was a year of significant change— in politics, culture, science, technology and more. Advancements in areas like Artificial Intelligence(AI) and, the most sought after cryptocurrency- Bitcoin has far reaching implications across industries. What were once cutting-edge technologies have made their way further into the “real world” and are poised to have a profound impact on the way business is done in 2018.
For evidence of this trend, look no further than the real estate sector, where a range of technologies are opening up the horizon and changing the rules, giving property owners and real estate professionals new opportunities to thrive. Here are five technologies which help to manage your property in India in the best way.
Based out of a recent survey, Team Raksha predicts, 75% of developers will use AI technology for at least one business application or service in 2018. This will certainly hold true in real estate, in which success hinges on an agent’s ability to nurture existing and new client relationships. In buying or selling a home, people are making one of the biggest decisions of their lives and the process can be overwhelming, not to mention confusing. It’s important that property owners/managers answer questions in a timely manner, but that was once extremely time-consuming.
Chatbots, powered by AI, is one among the artificial assistants. Property Owners and property managers can utilize virtual customer service agents and chatbots to automate discussions with clients, freeing up human time to address more complex issues. AI “employees” enable economies of scale opportunities, meaning agents can provide attentive, hands-on, high-quality customized customer care at very little cost.
2.5 quintillion bytes of data are created every day. This data holds vast troves of value for real estate owners/managers who can use it to gain insight into customers, understand market trends and improve efficiency. In 2018, big data will transform the real estate industry by making it more transparent. Home evaluation reports, sale prices and demographic data are now in the cloud and can be analyzed to provide more objective appraisals. Heightened transparency will promote better decision making and streamline the sales process- making it more efficient. In addition, property owners/managers can use big data technologies to turn customer data from sources like social media into targeted marketing that delivers the right message to the right customer at the right time.
Virtual Reality Camera turns to be one of the most demanding technologies to enter real estate marketing since the inception of internet market space. To start, VR cameras enable owners/property managers/agents to integrate dramatic camera photography and video tours into online listings. Raksha Property Management, a leading Asset management company based in bangalore, found that 90% of homebuyers rely on the internet as one of their primary research sources, and for over half, the web is their first step. Capturing their attention requires impressive, detailed visuals, and the agents and managers who pull ahead will be those whose photos and videos stand out. Drones can essentially be used as flying cameras for photos and videos. Real estate photographers can use the technology to produce sweeping shots of the landscapes around homes and 360-degree views of home exteriors.
Virtual Reality camera will also enable owners and managers to conduct virtual open houses. Less than one in five buyers make an offer without first seeing a house in person, but open houses aren’t exactly convenient for anyone involved. Drones and VR cameras allow agents to give virtual tours, saving time of buyers, sellers and agents, as well as opening the door to buyers who don’t live in the area.
For all the talk about how young generation aren’t buying houses, Raksha has found over the last four years that millennials and Generation Y make up the largest group of homebuyers. In 2018, the real estate industry will continue to evolve to be more millennial-friendly, which means more mobile-friendly. Millennials spend more time on their phones than any other age group and rely on their mobile devices to do just about everything. The owners who succeed will be those who enable prospects and clients to access all the information they need, including listings and documents, from their mobile devices. Mobile-first will soon become the norm.
Bitcoin captured Indian media headlines in 2017 as the value of the cryptocurrency soared to unbelievable heights. The impact of Bitcoin extends far beyond asset trading, however. The technology is redefining how money is exchanged and this is having a big impact on real estate. More buyers are interested in paying with cryptocurrency, which is leading some building owners to accept bitcoin as a way to gain a competitive edge. There are also emerging services that provide landlords and tenants a way to pay and receive rent in Bitcoin. NRIs can repatriate their income into their home currency using the cryptocurrency without any regulation and bank fees.
Beyond Bitcoin itself, blockchain technology is driving the real estate industry forward in other ways. It could enable property listing companies, or even managers, to improve the way property data is shared between managers, agents and consumers, leading to the creation of a listings that grants real-time access to updated property information. Blockchain tech could also provide a central database for historical title records. Finally, blockchain technology could provide a new way to verify identities in real estate transactions, speeding up the process and minimizing the risk of fraud. Hassle
The research team of Raksha Property Managers & Consultants predicts that 2018 is going to be a big year for the real estate industry. Technology will help make the process of renting, managing, buying and selling a home more streamlined, efficient, secure and convenient for everyone involved. Raksha helps its clients hassle-free business using these new technologies. For further questions, you can reach us at firstname.lastname@example.org