This is how technology is impacting the real estate industry
Real estate in one of the most budding businesses in Dubai. For many years, the real estate sector has stayed away from the shades of the technology. But not anymore. Technology is here to stay and the Dubai real estate sector has started to conform to this fact. From beginning your home search to making the final purchase, every step of buying a property is now being touched by technology, one way or the other. The fact that almost 43% buyers start their property buying process online is a substantial enough fact to pay attention to the technology.
How are things changing ?
- Photography – Real estate photography and videography has been there for as long as one can remember. With the advent of technology, we now have drones providing us aerial footage that earlier the real estate developers and buyers didn’t have access to or was very costly to get.
- Marketing – Almost all properties nowadays are listed on online property portals . Advertising and marketing your property on the internet is easier than ever. It has open a new channel of communications for the agents to interact with clients and gain leads online.
- Transaction – Earlier the paperwork used to take loads of time, but with the incorporation of technology in the documentation process, the time taken in this part of the buying has reduced substantially.
- Access of Data – In this age of data overload, you can’t hide any facts about the property form the buyer. All the information about the property is just one click away. The easy access of data has made clients knowledgeable
- Machine learning and Artificial intelligence (AI) – Real estate investors have become more smarter and they are using algorithms designed to predict the best investments customised for the individual investor. Searches on the property portal’s are also getting easier with recommendations based on search patterns. Other AI tools such as chatbots to automate question answering are also being used extensively across the real estate industry.
- Virtual Reality – It seems like virtual reality is the kind of technology that is tailor made for real estate. The ability to view your potential purchase from the comforts of your home is surely an appealing proposition. Realtors have started offering 360 degree videos and 3D virtual property tours to their clients. Also it is early days for this technology, you can expect it to start making a big impact soon.
Will technology replace real estate agents ?
To quote Peter Williams, CEO Deloitte Digital, “Real estate agents will not be replaced by technology but by agents with technology.” Fearing the technology is not a solution rather than embracing it is the way forward for the agents. Those who lead in embracing this technology will become the leaders in their respective territories. Real estate tech companies won’t disrupt the industry but rather will disrupt those who companies who refuse to embrace the change.