Rapid digitization has transformed various industries including the real estate market. The rise of digital technologies has changed the traditional and often time-consuming approach of buying, selling and maintaining properties. At present, almost 70% of properties are viewed online and 85% of realtors use social media platforms to engage with prospective buyers. These advancements have a great impact on the real estate industry that is estimated to be valued at $217 trillion and is predicted to grow further with developments and technological innovations.
The growing trend of using virtual technology is a key factor in attracting business and contributing positively to business growth amidst the current challenges of the pandemic. In Dubai, for instance, August 2020 showed an increase of 11.3% in real estate transactions compared to August 2019, according to Data Finder. August also performed better by 2.2% compared to July this year.
Virtual Reality (VR) and Augmented Reality (AR)
Technology has redefined the conventional approach where the buyer has to physically travel to view homes and the agent has to adjust the schedule for every client. With the use of VR, the user can experience the physical location with the use of a headset and view properties online through 360-degree videos and 3D virtual tours on the website. The use of AR enables users to visualise the design of unfurnished properties without being physically present at the location.
The advantages of using AR and VR allows the agent and the buyer to save the time and costs associated with real estate transactions. With technology, it has become easier for users to view a property from any location and to make superior decisions due to a more immersive and personalized experience. Using machine learning and AI helps in transforming big data to understand users buying patterns. This further improves the marketing aspects with reduced costs and better ROI for future investments.
Smart Home Technology
Another increasingly popular trend is the use of smart home technology to increase the comfort and security for home owners. Alexa has enabled agents to improve sales by 5% according to the National Association of Home Builders (NAHB).
The future of real estate will keep on changing for the better with blockchain technologies and interactive visits where customers can view properties by interacting with hotspots and much more. Furthermore, the Internet of Things (IoT) will transform the customers experience by using voice apps to answer the queries of customers during their online search.
Closing the sale is often a frustrating process due to large amounts of paperwork. However, better customer relationship management (CRM) enables users to easily sign electronically and complete the process in a few days.
With the increasing usage of automation, real estate companies are challenged to become more competitive with the use of technology to maximise opportunities especially at this time of pandemic. With scheduled virtual property exhibitions, for instance, agents can now communicate effectively with investors and offer hands on advice at any point of time. Clients can also purchase items during the virtual tour. Thus, making the experience greater than traditional realtors.
A Showcase of Innovation
The huge benefits of utilising these technologies in real estate will be showcased at the first digital edition of the International Property Show, in partnership with Invest in Dubai Real Estate, a major initiative of the Dubai Land Department, on 11-20 November 2020 via Events10x.com. The 10-day digital event will gather leading exhibitors, developers, investors, and professionals from different parts of the world, in one digital platform, to offer a one-of-a-kind interactive experience for the global real estate community.
Join the International Property Show Digital Edition now! Register HERE