Real Estate Technology
Technology in Real Estate – Affects and Effects
April 25, 2023
The tectonic shift in the Indian real estate sector since the early 2000s as a result of adopting technological advances cannot be overlooked. Like all industries, the digital age has provided the transactional realm of real estate with a backbone to thrive upon. For realtors who build and manage large and a large number of properties, technology has affected the operations and has subsequently seen a positive effect on the market.
Versatile Roles Played by Technology in the Indian Real Estate
- Enterprise Resource Planning (ERP) –
Numerous software modules are now used rather effortlessly by the majority of realtors to manage the mundane activities that are a mandatory part of running an established business venture. Procuring everything required and accounting are huge aspects of project management that are easily managed with the help of software. Risk management and waste control is further monitored and facilitated by software. Using 3D renders during the phase of designing has not only enabled creativity but has achieved the feat of making visual tours possible. While 3D rendering is still in its nascent stages, the benefits of using the same are far more likely than not.
- Cloud Systems –
The final product of any real estate venture is a result of a series of complex intricacies that are aligned to meet the end goal of not merely building a lucrative investment opportunity, but to further market its niche. The process therefore involves a team of mutually exclusive bodies to work together and while each part plays its role to serve the holistic purpose; it is pivotal to collaborate on a viable platform. Cloud systems make room for collaborative efforts to communicate and cooperate together.
- Marketing and Customer Relationship Management (CRM) –
One of the earliest effects of technology in the real estate industry is often attributed to sales and the conception of novel ideas as part of the same. Beginning with online classifieds, new business models such as co-living and coworking spaces began to achieve credibility via online marketing. Today, realtors and channel partners are able to discover interested parties and vice versa on the online platforms with more ease than they do, in the traditional method.
- Property Management Softwares –
Gone are the days where the realtor had to meet with their tenant or their buyers in person to complete payments or manage accounts with regards to their own properties. Via online payment methods and by availing the various softwares that allow for seamless and effective management, property management is no longer tedious.
- Big Data and Analytics –
From geo-spatial data to maps; with RERA’s quarterly data on construction to access on buying trends; everything is available in today’s digitally revolutionized times. Risk analysis, regulation, and room for making the effort that could help make relevant changes in one’s approach towards property development; technology today is a hustling realtor’s paradise. The right kind of effort made towards establishing oneself is not devoid of challenges but it is aided by a wide range of big data analytics that wait to be leveraged.
- Technology During Construction –
While realtors promise state of the art amenities, the installation of globally viable infrastructural details in any given property requires the usage of technical and technological advances that demand one to remain up to date with the global markets. Road networks, waste management, and plumbing and drainage systems are some of the key aspects of construction that see consistent and progressive changes.
The technological evolution as it accompanies and in some cases as seen today, decides the path paved for the social evolution, influences all businesses today. Digital revolution may have become the tide of the hour in the now and a one that leads rather evidently, to make way for growth. The influences of technological advances in the real estate sector are promising and only just beginning to see practice. The effects of the same are beginning to show in the design and sales aspects as of today and soon, will only see more. After all, real estate is the largest asset class in India and the nation is anticipating developmental milestones despite all odds.