Like every other industry, the real estate industry is also looking for new upgrades that help them sustain in an ever-competitive market. To enable and fasten their growth, these companies are now turning to technology as a driving factor. Through the adoption of innovative solutions and equipping their employees with the latest technology, real estate developers are striving to achieve customer loyalty.
Here are a few areas where technology has had a positive impact on the real estate industry.
Big scope for Big Data:
As a large volume of consumers reaches out to the real estate developers, the businesses are flooded with buyer information. This information, referred to as Big Data is often left unused and discarded over a period of time. But if you want to target the right customers, say people looking for luxury apartments in Chennai in the age group of 30-45, you need to focus on the quality of leads over quantity, and this is where the data will come in handy. Analysing Big data not only helps identify your potential List customers but also track consumer spending and investment trends. With this information, you can pick the right kind of projects and location to develop and sell your unit stock easily.
When one thinks of AI, we all imagine hyper-realistic robots and futuristic machines. But AI is present everywhere right down to the targeted ads we see when we open our browser. Using deep machine learning, the programming learns and teaches itself how humans behave in the online environment. This enables it to effectively market your product, i.e the residential projects or plots to the right customers. It essentially refines the marketing process with minimal human intervention.
In addition, AI is also being incorporated in the websites to act as Chatbots to answer customer queries, to help them navigate the website, and identify the resources needed to help them.
Internet of Things:
When projects are advertised as Luxury apartments in Chennai, one expects that it has been accommodated with IoT. From 24×7 CCTV monitoring to Audio-Visual calling bells, technology has penetrated deeper into the real estate industry than expected. Some developers even offer Intercom and Internet-ready homes that are popular among the younger home buyers, as it ticks off a lot of things on their checklist. All the electrical and electronic utilities at home can be controlled from the customers’ phones at the touch of a button or through voice-driven applications in higher-end models.
AR and VR technology:
Despite the detailed plans given out to potential customers, some find it difficult to envision how the finished structure would look like. Even as the construction progresses it does not give a clear picture of the completed building. These days, this problem is solved using Augmented and Virtual Reality technology where customers can virtually walk through a hyper-realistic digital recreation of the finished project. This significantly speeds up the decision-making, allowing developers to showcase their products in a unique way and sell faster.
Project Lifecycle Automation:
Like IT firms, Real estate firms are also embracing technology in their day-to-day administrative operations. The Project lifecycle starts from planning, developing, marketing, lead handling, to final sales. This entire process can be completely automated through ERPs. This saves the company a lot of time, effort, overhead, and improves efficiency and productivity. It eliminates miscommunication between different departments and streamlines the flow of operations.
The core of any real estate firm is its construction crew, and why shouldn’t they benefit from technology. A lot of commercial construction in metropolitan cities involves Precast, and 3 D printing of structural elements, which are then assembled on site. Cement and Mortar mixing, testing of materials, etc. are all automated and executed through heavy-duty machinery. Real estate companies can thus save on construction and labour costs, while also meeting milestones efficiently. Technology has also improved site safety with automated sensors in prevention and protective equipment.
Real estate firms end up with inventory in finished products that they are unable to sell. In that case, the companies can turn to Host websites that host their projects and market them to the consumers. They get paid a commission on each sale. This usually works for completed projects where the site connects customers to ready units that match the preferences set by them.
As a real estate developer, Lifestyle Housing has embraced technology in our operations and projects to be future-ready. Our 3 BHK flats in Porur come equipped with cutting-edge technology that makes customers’ lives convenient. We also have 2 BHK flats in Porur in an economic range.