Get All Access for $5/mo

How Technology Can Enable Boom In Real Estate Sector This Year Through cutting-edge technologies, it is now possible to provide virtual property tours, improve customer relationship management, among other things

By Aryaman Vir

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Pexels

According to a recent report by Mordor intelligence, the Commercial real estate market is anticipated to register a CAGR of 13.85 per cent over the forecast period of 2023-28, with Delhi-NCR accounting for most of this demand. Businesses in a variety of industries, including IT, manufacturing, BFSI, startups, etc. are expanding to new areas or opening satellite offices. The development of technology has elevated commercial real estate to a whole new level.

Through cutting-edge technology like artificial intelligence, virtual reality, data analytics, and others, it is now possible to provide virtual property tours, improve customer relationship management, conduct online transactions, and improve communication between sellers and buyers. Throughout this article, we will be discussing in detail some technologies that will contribute to the boom in the real estate industry.

Virtual 3D tours

A virtual 3D tour is a digital representation of a real estate property. It allows potential buyers to explore the property from the comfort of their own pace, without travelling. 3D tours allow buyers to get a better understanding of the asset even before the construction of actual infrastructure. Buyers can explore the property in detail, from the layout of the rooms to the views from the windows. This helps potential buyers/ investors to make an informed decision about the purchase. Secondly, virtual 3D tours are cost-effective and scalable. This eliminates the need for physical visits to the location, which can be expensive and time-consuming.

Fractional investment platforms

Fractional real estate investment platforms are enabling investors to own a 'bite-sized' fraction of institutional-grade real estate assets. Marquee properties have previously been inaccessible for most investors due to the high investment amounts required to purchase such properties - Fractional platforms are disrupting the status quo and democratizing the investments and ownership landscape in the Real Estate Sector. The end-to-end management, seamless experience, and tech-led approach has made such platforms the preferred option for retail investors that are looking to diversify their investment portfolio with Real Estate. The main benefit of fractional ownership is that it allows investors to diversify their portfolios without committing too much capital. It is especially attractive to smaller investors who may not have the resources to purchase an entire property. Additionally, fractional real estate investment platforms offer investors access to a wide variety of properties, allowing them to diversify their investments even further. The second factor driving growth of these platforms is the increasing popularity of joining resources; authorising investors to pool fractional amounts and invest in a variety of projects, including real estate. This has made it easier for smaller investors to get involved in real estate investments, which has emphasised the overall growth of fractional platforms.

Finally, the increasing adoption of technology has been a major factor in the overall acceptance. It has made it easier for investors to access information about properties and to make informed decisions about their investments.

Use of modern technologies

The Indian real estate sector is witnessing a major transformation with the advent of Big Data analytics and blockchain. The industry is set to witness enhanced customer digital participation with the upgradation of property management software to offer 360-degree management and digital transactions.

Big Data analytics is helping the real estate sector gain insights into customer preferences, trends, and market conditions. This data can be used to make informed decisions and optimize operations. With the help of Big Data, real estate companies can identify potential customers, analyze their behavior, and target them with personalized marketing campaigns. This helps them to more accurately reach their target audience and customer base, improving the efficiency and Customer Acquisition Cost.

Blockchain technology is also being used to streamline the real estate sector. It helps to reduce paperwork and simplify the process of buying and selling properties. It also helps to reduce the risk of fraud and increase the security of transactions. Blockchain technology can also be used to track the ownership of properties and ensure that all the documents are accurate and up-to-date.

In addition, Property management software powered by cutting-edge tech is helping manage the entire lifecycle of a property from acquisition to disposal. It helps to streamline the process of handling properties and ensures that all the documents are accurate and up-to-date.

The use of Big Data analytics and blockchain technology has enabled the real estate sector to become more efficient and customer-centric. With the help of these technologies, customers can now have a more seamless and secure experience when buying and selling properties.

Automation

CRM software helps accumulate and manage leads for the real estate sector. With this tech, real estate companies are automating their lead generation and engagement processes, making it easier to identify and target potential customers. CRM software enables real estate companies to capture leads from a variety of sources, including online ads, website, social media, and email campaigns. It also allows them to track customer interactions, enabling them to better understand their customers' needs and preferences. This helps them to tailor their marketing strategies to better target potential customers.

In addition, CRM software can help property companies automate their customer engagement processes, which include automated follow-up emails, timely communications according to the customer requirements. This fosters relationships with the customers, increasing their chances of converting leads into sales. CRM software can help them track their performance and measure the success of their campaigns. These insights help teams to make informed decisions on how to optimize campaigns and maximize ROI.

Additionally, today, entrepreneurs and seasoned professionals in real estate businesses are relying on CRM-based automations to collect rentals from tenants, disburse commissions to channel partners and also send out receipts to retail investors.

Aryaman Vir

Founder and CEO of MYRE Capital

Business News

Want to Start a Business? Skip the MBA, Says Bestselling Author

Entrepreneur Josh Kaufman says that the average person with an idea can go from working a job to earning $10,000 a month running their own business — no MBA required.

Leadership

Why Hearing a 'No' is the Best 'Yes' for an Entrepreneur

Throughout the years, I have discovered that rejection is an inevitable part of entrepreneurship, and learning to embrace it is crucial for achieving success.

News and Trends

Edtech in 2023: A Year Of Layoffs and Funding Crunch

Edtech unicorn Byju's was engulfed with multiple problems this year, which led to skepticism about the entire sector

Starting a Business

They Showed Up to Apple With a Product They Built in Their Dorm Room. Now These Entrepreneurs Are on the Way to Changing the Way Fans Watch Sports.

How Rahat Kulshreshtha and Gaurav Mehta launched Quidich Innovation Labs, technology that is literally changing the game of sports viewership.

Business News

How Nvidia CEO Jensen Huang Transformed a Graphics Card Company Into an AI Giant: 'One of the Most Remarkable Business Pivots in History'

Here's how Nvidia pivoted its business to explore an emerging technology a decade in advance.