Enhancing Consumer Experience will be a game changer for Digital Real Estate
The digital real estate market has seen a significant shift in recent years, with more than 90% of home buyers utilising the internet to search for properties.
Technology has revolutionised the digital real estate market by providing an immersive and interactive experience for buyers. Gone are the days of simply displaying property listings online, companies in this space are now offering detailed information on the project, the locality, and an array of offerings to engage with customers, answer their queries, and clear their doubts in no time. From virtual tours of properties to information on nearby amenities and services, buyers can now get a comprehensive understanding of the area and the property before even visiting.
To make the home buying journey even more convenient for customers, these platforms are also providing allied services such as online rent payment agreements, movers and packers services, and rent insurance. With these advancements, the process of buying or renting a property has become more seamless and hassle-free.
People are now looking for platforms that offer everything under one roof, which is what digital real estate platforms need to aim for while also expanding their services bundle.
In terms of technology, advancements in augmented reality (AR or VR), building information modelling (BIM), CRM software, artificial intelligence (AI), machine learning (ML), blockchain, and cloud technology have made it easier for developers to build, showcase, and sell their offerings online. Virtual tours that provide a real-life experience for house searches also ensure that homebound customers can easily end their home search. 3D house tours are expected to become mainstream in the near future as the technology becomes increasingly inexpensive and accessible.
Blockchain technology has the potential to disrupt a number of areas in the real estate market, including property registration, title deeds, and house rentals. By drastically lowering the likelihood of fraud and disputes, blockchain technology can increase transaction transparency and security, while also ensuring quick clearing and approval times for all parties involved. The Maharashtra government in India has already introduced blockchain technology for land records and the top Indian automaker, Maruti Suzuki group, is also exploring the technology.
In conclusion, technology has played a significant role in the digital real estate market and will continue to shape the industry in the future. Companies that prioritise enhancing the consumer experience through digital trends and advancements in technology, such as augmented reality, blockchain, and cloud technology, will be able to stand out in the market and attract more customers. The use of these technologies not only improves the customer’s journey but also brings transparency and security to the transactions. As the world is increasingly becoming digital, it is essential for companies in the real estate sector to keep pace with the advancements to remain competitive and offer a seamless experience to their customers.
(The author is Mr. Sangeet Aggarwal, Head, Product & Design, Housing.com, Proptiger.com and Makaan.com , and the views expressed in this article are his own)
