How Are New Technologies Affecting Real Estate?

January 08, 2022 | 5 mins read

The fast-paced evolution is slowly creeping into the world of real estate. As we transition to a highly tech-savvy universe, you can witness the influence of new technologies on consumer behaviour and expectations.

It’s an understatement to say that the real estate market has altered dramatically in the previous two years. As the epidemic intensified, the real estate industry needed to keep up with technological advancements. The pandemic has guided the shift towards technology in real estate.

It is imperative to understand the impact of technology on real estate as it might mark the beginning of a new era. Here is a list of changes you can expect to see as we become more technologically advanced:

Artificial Intelligence and the evolution of real estate

When it comes to asset identification and selection, Artificial Intelligence has substantially improved the decision-making process. AI platforms process large data sets using algorithms and machine learning to find correlations, patterns, and relationships across a wide range of parameters and variables. The asset selection process has progressed from subjective evaluation to quantitative as a result of identifying such variables and analysing their impact on multi-scenario models.

AI can also assist with property valuation by using a “predictive analysis” algorithm to determine the rates of the property. Predictive analytic algorithms assess the likelihood of specific events occurring, such as changes in the micro-demographic market’s pattern, the income distribution of nearby persons, and the projection/viability of future competitive supply, to name a few. This can help you figure out what a property’s genuine value is. Markets frequently do not reflect intrinsic value, creating a compelling chance to uncover assets with a higher intrinsic worth than the current market prices using algorithms like these.

Adaptation of cloud-based technology

Real estate investors have benefited from the cloud service since they can now access data on any property from any location. The clouds help with the storing of enormous data sets on a remote server. The stakeholders can access this data to answer any client enquiries about any property they’re interested in. This reduces manual office work and saves time and effort spent looking for documents.

Virtual Tours

The best shift brought by the pandemic is the use of technology for site visits. They can now take a virtual tour of the property before making a selection. During this process, a video conference between the stakeholder and the buyer is planned, during which all property-related inquiries are answered and a virtual tour is offered. Virtual property tours give a realistic representation of the property’s appearance and feel. In real estate, it is frequently the case that the quality of the property does not meet the investor’s or buyer’s expectations – rather than relying on one’s imagination, individuals may now opt for virtual tours!

The entire world is shifting towards an era of technology and real estate is not far behind. New and better technologies have given access to ease of buying property from the comfort of your home. Brands and builders like Goyal & Co have also started adopting new technologies to give their customers an enhanced experience. Smart homes are not a dream anymore. Soon, people from all walks of life will be able to reside in comfortable homes equipped with the latest technologies.