Technology has had a profound impact on virtually every industry, and real estate is no exception. From the way properties are marketed to the way transactions are completed, technology has transformed the real estate industry in ways that were once unimaginable. One of the most significant changes that technology has brought to the real estate industry is the way properties are marketed. With the rise of online real estate portals and social media platforms, it’s now easier than ever before for real estate agents and property owners to reach potential buyers and renters. Buyers and renters can now easily browse and search for properties from the comfort of their own homes, view high-quality photos, and even take virtual tours of properties without having to physically visit them.
According to Ms. Stuti Bedi, an industry expert and one of the Director – Corporate Communications of JMD Group, technology has also transformed the way transactions are completed. With the rise of online marketplaces and digital platforms, it’s now possible to complete many aspects of the real estate transaction online. This includes everything from property research and due diligence to mortgage pre-approvals and closings. The use of digital signatures and secure online document management systems has also made the process of signing and exchanging documents faster and more secure.
Another area where technology has made a significant impact is in the area of data and analytics. With the ability to collect and analyze vast amounts of data, real estate professionals can now make more informed decisions about everything from pricing to property management. For example, data analytics can be used to identify trends in buyer and seller behaviour, property demand, and rental rates.
As per Ms. Bedi, there is an increasing trend in the Middle East of utilizing cryptocurrency for buying properties. Numerous developers and real estate agents in Dubai, which has established itself as a crypto-friendly jurisdiction, are now accepting Bitcoin, Ethereum, and other digital currencies as payment for real estate. Nonetheless, potential buyers must exercise caution and undertake their own due diligence to ensure the legitimacy and security of the transaction.
In India, social media platforms like Instagram are increasingly being used as a new form of broker manual. Real estate agents and developers are using these platforms to showcase properties and engage with potential buyers. With the rise of virtual reality (VR) technology, prospective buyers can even take virtual tours of properties from miles away, providing a more immersive and convenient viewing experience. Additionally, AI tools are now being used to help buyers determine their requirements in correlation to their lifestyle. These tools can take into account factors like commute time, nearby amenities, and preferred neighbourhoods to provide more personalized recommendations for buyers.
Technology has also impacted the way real estate professionals work. With the rise of cloud-based software and mobile applications, real estate agents and brokers can now work from virtually anywhere, at any time. This has allowed for greater flexibility and efficiency and has made it easier for real estate professionals to collaborate and share information with clients and colleagues. Technology has brought about significant changes to the real estate industry, from the way properties are marketed to the way transactions are completed. As technology continues to evolve, it will be interesting to see how it will continue to transform the real estate industry in the years to come.
(The author is Ms. Stuti Bedi, Director – Corporate Communications of JMD Group., and the views expressed in this article are her own)
