New Real Estate Technology: Disruptive Ideas Transforming the Industry
Grow Your Business, Not Your Inbox
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Digital disruption is all-pervasive and the real estate industry is notably fostering dozens of new ideas that are capable of creating a big explosion in the evolution of real estate tech. Technology is undoubtedly becoming a catalyst for this change and is already making substantial ripples in the industry.
It all began with a simple digital revolution wave. Who knew then that it would become instrumental in bringing about a transformation in the industry? Sales that were once taking place by deciding through still images being uploaded on websites gradually moved towards transactions through a smart-phone. Standard angle pictures of a property became a thing of the past as it gave way to the 360-degree realistic viewing experience of the property. Advertisements on television and print which were once a medium of communication and promotion became obsolete as social media applications like Facebook, Twitter, LinkedIn or Instagram, became the most preferred options by realtors for promoting their products. Before we even knew it, adoption of other technological capabilities like Cloud and Internet of Things (IoT) progressively became a way of life. Majorly because these systems began fusing the physical and digital worlds in order to create smart spaces. They were applying Virtual reality and real-time data analytics to make life easier for the seller and incredibly transparent for the buyer. Functional mobile apps also popped up that successfully redefined the property search experience for consumers. These and many more such technological inventions have disrupted the industry, spoilt us for choice, and made everything simpler, faster and more integrated. They have literally increased our dependency on real estate technology.
Why is this shift happening? Why are we relying on technical platforms? Why is there a real estate tech boom?
To begin with, technology has been an incredibly powerful driver of change in the real estate marketplace. It has been instrumental in streamlining this ecosystem which was till now buzzing with traditional and incumbent structures. It became a viable solution to change the mindsets of millions of potential customers that further helped in facilitating the market. And as the buyers started evolving, realtors who were looking to engage and convert better started opening up to the plethora of opportunities and alternative solutions that technology provided. One of them majorly being, time. Time is of the essence today and customers want to see things on the go. They don’t have the time to make multiple visits to various properties just to check them out. A lot of time and money is lost in travel simply to inspect properties. But thanks to virtual reality, today buyers can now view properties from multiple property owners while sitting in the comfort of their home. This immersive experiential experience showcases in detail as to how the property looks from the inside as well outside.
3D Videos Giving a Live Experience to The Customers
There was a time when families went together to hunt for the right place and then took a call together on what suited everyone’s need. However, a number of constraints have alienated people from doing so. But not anymore; Technology is enabling sellers to take projects to a potential customer’s homes or wherever they are with the entire family and then view the space together and take a call on it. A 360-degree video viewable through 3D glasses or virtual goggles offers clients 3D virtual property tours right on their devices. Every bit of the property feature that is relevant to the customer’s decision-making process is visible. This is a great alternative to professional static photos that were once uploaded on websites for viewing.
If you come to think of it, very recently I came across a couple of realtors who were still putting their best bet on the brochure, linearly playing videos & sample flat. Their marketing strategy of attracting potential buyers was still stuck on renders. Sadly they did not realize that in order to remain competitive it’s about time buyers and sellers move on and start space walking into their dream space. Today innovative Proptech companies are organizing Virtual tours that are basically an interactive walk-through of a property to a buyer. This walk gives them an immersive experience of the space simply through an app while they are on the go.
Why just viewing, virtual technology is helping realtors gain a deeper understanding of potential customer preferences. How? They have taken the guesswork out of the decor and designing process and given buyers the ability to see exactly how the interiors and exteriors of their space will finally look like. Customers can conveniently interact with space through an impressive preview of their floor plan, the colours of their wall, the fabric, and textures of the furniture and placement of other décor elements. They get an honest depiction of their potential purchase in the most cost-effective and immersive way. Virtual tours have also built in layers of algorithms that help buyers select from different options, compare and then decide. This means that in case you don’t like a particular element in your yet to be executed space, the design team can make instant changes tailored to your liking. You certainly won’t have to stick to what you get; it’s all about getting what you actually want.