Technology is no more a luxury, given the state of consumer needs in today’s scenario, it has become a necessity.
One of the first and foremost shots at success for any business is to keep up with the changing market demands.
Technology has overtaken even our daily tasks. Even the news-feeds have replaced the need for newspapers. Take a look around you, and our addiction to the digital world can easily be seen. However, the dire need of this sector emerged in the COVID-19 pandemic. The businesses with online setups thrived whereas others suffered huge losses due to the incapability of reaching out to their target audiences.
However, the real-estate sector was already amending ways by incorporating technology.
The Virtual office setup was a successful idea that is gaining popularity amongst millennials. However, this sector incorporated many innovations and technologies even before the lockdown was implemented.
Real-estate sector runs on the market predictions. It is very important to understand the market, one should know how the market fluctuates. Everyone in this industry will agree that it’s very rare for a customer to invest in a space online.
However, online presence matters a lot. One will always search for any litigation on the developer after word of mouth. Online reputation is very crucial to mend the bridge between expectations, insecurities, and realty.
The real revolution came during the pandemic. Since everyone is practising social distancing and staying back home, clients are looking for a new authentic way to lookout after the projects they have invested in. Having said that, these are the changes that the many sectors needs right now, but, the real-estate sector had already anticipated this urgency.
The use of a drone is a revolutionary step that helped in creating 3D and 2D plans of the terrain which are not possible to reach due to certain limitations. This also helped in virtual site visits for the clients and live footages from the comfort of their homes. Drones solved the major communication block by keeping clients in touch with every advancement.
Most of the companies are now using AI for understanding the algorithms and the search pattern of their target audiences. Most of the developers now have an online presence to accumulate and showcase the projects to hook the customers.
How can we miss the 3D printer? Many big brands have started printing 3D models of their projects. This helps in giving a better insight into the final project.
The experiments with Robotics and Cognitive Automation is at its peak and has replaced the labour force. If this becomes a cost-effective and successful experiment then those days are not far when the builders will start investing in this technology.
The world needs to comply with the ‘New-Normal’ and the global demand for introducing more consumer-friendly products.
Real estate needs to keep itself updated with changing trends and new technologies being introduced. Many prop-tech companies are now targeting their customer base with lucrative offers and apps.
Also, the new government policies are benefiting both consultants and customers. We admit that no one invests in a property online, but, they for sure have an impact on their mind while they surf the internet and do thorough research before the final face to face meetings.
This is the right time to be a technology-empowered company.