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Technological Push Propels Real Estate To Greater Heights Post Demonetization
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Things are starting to simmer in real estate technology. The rapid pace of technological evolution is extremely pertinent to the corporates as individual dependence on digital devices leads to a change to digital lifestyles with surge in the devices with mobility, such as smartphones and tablets enabling us to stay connected at all times. As daily interactions become conjoint with technology and dominates a large chunk of professional transactions ,Real Estate sector is ready to leverage its benefits. All organized businesses in the sector are adapting to the constant variations in technology to keep up with market trends and demands. The rush becomes acute after the recent demonetization for cashless payment options that is entirely technologically driven.
The earliest phase of technology development in the real estate sector, primarily focused around inventories for the residential side of the market, but integrated the role of technology to play a dominant role. Technology changed the mobility industry from the moment the first computer hummed in an office, and mobile technology is reshaping the industry yet again—especially in the real estate sector. Owing to the stiff competition, the need for expert online and offline marketing skills to act as a differentiator from the rest has increased exponentially. Smartphones and tablets have become ubiquitous, and the Internet is reshaped how real estate is delivered to the consumer and how consumers manage daily lives.
Technology is being used to solve deeply embedded issues in the industry. The problem that real estate professionals cite most frequently today is losing touch with their customers—a real struggle in a people-centered business. Technology has made it easy to forget the importance of face-to-face meetings. The expansion into mobile technology is just the latest in the ever-growing real estate toolbox. It wasn’t that long ago that the mobility business was almost exclusively paper-based.
As Mr. Brahma Dutt of ELEGANT REAL ESTSTES said: My Company runs off of a Web-based platform. The office administrator enters new assignments into the Web platform, and then each of us can access it with a browser and communicate with our office administrator and clients over that platform. Smartphone browsers are completely compatible with our Web platform, so our appraisers can do all these status updates from the field. I am not tethered to a specific geographic location nor a particular computer. Any device with Internet access and a modern browser is a real estate portal. It has become clear that consumers are using mobile devices and tablets to search properties and get real estate information. Since many consumers start their search for real estate online, we have to leverage technology for maximum exposure of our listings to the market.
The sudden demonetization of Rs 500 & Rs 1000 notes have acted as a catalyst for cashless economy that can only be achieved through technology. The demonetization move is set to have a positive impact on the country’s economy as it will trigger increased use of digital payment modes which would help in achieving the goal of Digital India. The curbs on the use of high value denomination notes will accelerate adoption of e-commerce websites and digital payment options such as wallets, credit and debit cards. The paradigm will shift in the minds of the Indian customers as insecurities around online payments will reduce significantly. Cashless transaction is the catalyst which can pave the way for a comprehensive digital India campaign to become a success. This demonetization move will push the industry towards accepting the digital revolution voluntarily or involuntarily and we could expect a large wave of digital transformation in the Real Estate. Those already on the SaaS & other digital platforms will not get affected by this demonetization as all the transactions are either online or through cheques. However, for many unorganized players, this move will kick-start the digital transformation journey. All these steps are proving to be a huge boost for technology based digital & cashless systems as well as impelling it rapid and widespread adoption & usage.
However, some of the areas that will deeply impacted by technology in the Real Estate sector are:
Virtual Reality (VR) has become a benevolent technological mechanism that is fast spreading to the Real Estate sectors. Due to time crunches in this fast-paced life, allotting a separate time to view homes, properties and schools has become a tough task. Tech tools like Hyper lapse facilitate by helping agents build time-lapse videos, which are used to create impactful neighborhood and property tours. Clients can view it from the comforts from their personal devices.
For any business, and especially real estate, reputation is crucial. With the vastness of mobile app technology, it has become easier to build an operational reputation. Vocal References aids agents to record the testimonials, ratings and reviews of past clients, upload them on their website or landing page, and share them across a broad spectrum of platforms.
Customer engagement is crucial, to initiate a well-rounded relationship for further purchase. How well agents engage their clients after the sale, impacts their overall customer satisfaction rate. The fact that customers have life cycles, and these cycles continue after sale, require Real estate tools that are not solely about converting the sale.
Home keeper application is aptly made for the agents — providing the agents with past client’s maintenance reminders, so that they proceed on schedule with their upkeep. Alongside, this tool allows the agent to come up with a list of ideal vendors that they would endorse to their clients to carry out the maintenance services.
Many companies have begun using CRM software to synchronize and organize their sales, marketing and customer service. This software can be predominantly useful for realty companies in competitive environment across parameters of increasing sales, reducing costs, and renovating the customer experience within sales and rentals. The ability to assimilate and incorporate data, providing precise insight in regards to target market makes CRM a valuable asset for real estate organizations. Social media sites are a rich source of data, utilized extensively for CRM data analysis. The results are then compiled by data warehousing and scrutinized to be used by consulting services.
Technology is enhancing the efficiency of Sales management and X-Showroom forms another top notch tool for a Sales Executive. X-Showroom is a tablet software solution which provides personal assistance for Sales executives in showroom. It collects all the mandatory information which a client requires from the Sales executive. The need to carry innumerable leaflet is rendered redundant through use of this tool. Alongside providing exact data, it carries product training sessions for the sales team, to decrease hassles of organizing training camps. It includes features like Lead management, Product offerings, Activity management, and Lead segmentation. Furthermore, it saves all the information on cloud, which can be accessed by anywhere- anytime.
The real estate industry is vast and has just begun to scratch the surface for opportunity for technology-enabled innovation. Given the high volume financials at risk and the proportion of the broader economy that real estate represents, there is every reason to believe the technology will be rapidly adopted and will embed in all aspects of the Real Estate sector.
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