Real estate is getting a tech upgrade that will add to its appeal in enhancing quality of life on multiple fronts. From looking for the right property to complicated paperwork and loans, registration and eventually living or renting a property -- there's no aspect that is being left untouched as geeks give creaking old systems a distinct digital makeover.
A recent Grant Thornton research points out that the pandemic has accelerated adoption of new and emerging technologies such as augmented reality (AR), virtual reality (VR), chatbots, big data, marketing automation, IoT and others in real estate. A Grant Thornton analyst said, "real estate is getting a much-needed technology led overhaul. This will change transaction experience for all stakeholders, including buyers, sellers and brokers".
Buyers will be able to undertake virtual tours of properties and will also be empowered with data like history of the property and infrastructure around it. No longer asking random people, but information will be digitised and available with complete transparency.
So, things like how far the local market is, school, sports complex, college, metro station, hospital, Wi-Fi services provider, Internet connectivity and so on will be easily available. Similarly, sellers and brokers will have better knowhow of the market, customer preferences and reach the right buyers without delay.
The Grant Thornton analyst added "Real estate companies are increasingly using new-age digital technologies in every aspect of searching, buying, selling, and home financing. Artificial Intelligence (AI) can now go through millions of documents in seconds, looking through property values, quality of construction and so on to enable data driven decision making."
Global real estate tech companies like Compass, Inc. leverage AI to provide a highly smooth and streamlined experience for buying and selling real estate assets. According to Rushi Bhatt, Director and Head of AI at Compass India Development Centre, "with innovations such as online registrations, virtual tours and automation being adopted at a rapid pace, the previously legacy-based real sector is slowly but surely transforming into a digital ecosystem."
Rushi foresees the rising demand for hyper-personalised solutions and seamless operations enabling Compass to play a leading role in revolutionizing the global real estate sector, powered by innovative technology and unprecedented connectivity.
Overall, tech tools are removing bias, taking guesswork out of the equation, introducing transparency and making the whole transaction process smooth. In recent years people are becoming more used to smart ways of living, driving, working, holidaying and so on. Real estate has been slow to catch up, but finally the change is here, making life easier for all.
(With inputs from IANS)