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Making Smarter Homes and Comfortable lives - Real Estate and Advanced Technology AI & Machine Learning have grown in recent years and have added value to every sector that they have been integrated into, including Real Estate

By Yash Mittal

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Technology has been playing a pivotal role in the growth of the real estate sector worldwide. While real estate has been a huge sector, technology has made it even bigger with the help of numerous innovations and advancements. Technology has led to gains not only for the buyer but also the sellers in Real Estate. With the emerging wave of Artificial intelligence, the world is changing in many ways making our lives better. Many industries are gaining success in large part by the use of AI and one of them is Real Estate.

To operate more efficiently, AI has been helping the real estate sector and the players involved by creating more opportunities in the dynamic file. To automate the processes that are much more time-consuming, AI is making it smoother and faster. Thanks to Virtual viewing, Artificial intelligence and Internet of Things, the home automation system has revolutionized in the recent past. Ideas that were once confined to Sci-Fi movies have started to become reality. And yet innovations beyond our imagination are coming our way promising to make our future even better and advanced.

Emergence of Technology

In the early 2000's we saw the emergence of Property technology, also known as "prop-tech' with an introduction to online housing portals. This changed the way consumers bought and compared properties. Online portals have gone on to disrupt the market, allowing buyers to look for properties from the comfort of their homes and compare specifications for different properties online. While these online real estate marketplaces have not completely replaced real estate agents, they have created opportunities for a more transparent and improved home buying process.

What used to be the business of constructing and selling homes is at present a completely different ball game. With changing times and landscape, the competition has upped the game by introducing a mix of well-balanced marketing, advertising, public relations, blogs and SEO content towards brand building among others measures. Digital marketing and social media have become the latest trend followed by the industry. To reach the target audience with effective tools and planning, brand's monitor what the audience is interested in and how to separate them in segments to cater content to.

Japan has been ahead of the curve in terms of use of technology in real estate, they have been using music-playing, water-spraying, bottom warming high tech toilets for more than a decade, the world is yet to up to it. Although real estate in India may be a little behind globally, the field of technology has made immense progress and there is definitely much to leverage.

Today we have numerous and marvellous technologies put to use in a manner that has worked wonders for the sector. In fact, there are some technology-driven changes which can potentially transform the sector even more!

Virtual Walk-through and tours

Giving aspiring buyers a peep into their future home with the help of virtual walk-through and exploring to what grabs their attention has recently started to become commonplace. It offers a better way for the buyers to analyze their purchase options. Since a video only shows selective images of the property that sometimes falls short in delivering the message.

AI driver run systems and security systems

For automated apartments, AI has made things convenient by connecting every appliance to your phone so that you can operate from no matter where you are in the world. With the increase in the number of High-rises in the city high-end security has become the mandate rather than the option. Optimum Security panels, burglar alarms, fire safety alarms, safety locks, fingerprint scanners are some of the more used technologies around the globe.

Chatbot Assistants

Chatbots help in sales and leases of properties. They also assist in managing customer enquiries and further segregating prospective buyers, creating and managing appointments to make things easier for the seller.

Effective data analysis and lead management

Analyzing private leads and market data has turned out to be an effective and resourceful manner to get the results quicker. It can also help to analyze historical sales record to predict the properties that are most likely to sell within a time frame. AI that is built into Customer Relationship Management software's help in analyzing the leads that are most likely to convert, thus saving some precious time.

AI & Machine Learning have grown in recent years and have added value to every sector that they have been integrated into, including Real Estate. As demand grows it gives more space for technology to grow, ultimately leading to an increase in innovations. And if the ideas of tomorrow lead us to any indications into the future, it is that the innovations have no intentions of slowing down. Self-driving cars, fully automated homes, under-water transportations, a face recognizing door alarms, robot-butlers and so much more are making their way towards becoming a part of our ever-changing lives.

Millennials Will be the Buyers

It is predicted that Millennials will make up approximately 75per cent of the workforce by the year 2025, hence making them the primary market for real estate developers. Millennials have been at the very centre of the technological renaissance. Having a different approach towards home-buying than their predecessor, millennials demand spaces that are connected digitally. What was considered luxury not so long ago, is now becoming the norm.

It has become more and more important to recognize the need for 'green' spaces to woo the coming buyer's generation. And we can move towards cleaner constructions only with newer technologies.

As AI continues to integrate itself into the world around us, it will soon streamline and enrich processes to such an extent that companies using AI will be better positioned for long-term growth than those who don't.

Yash Mittal

Director of Engineering, Tattva Mittal Group

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