How Real Estate Market is Changing through impact of Technology?

Technology has changed the way the most business is transacted. While some industries have moved with the technology trends and changed with ways with which business is transacted, and established the industries standards, but real estate is one of the notable exception. More over this notable exception assumes added significance in the business world as real estate is more than 200 trillion valuation world-wide and this business is still not technology savvy. Real estate industry is divided in fragments, where as some small players have adopted the technology for the real estate business, but still many large players who are right on the top of the list are still building and upgrading their Real Estate proprietary technology solutions, while some are contacting the solution providers for getting customized Real Estate Applications development for them. Like every industry the Real Estate industry is also trying to reinvent itself with technology and this reinvention is also necessary to reduce further fragmentation in the industry which makes it less competitive and outdated way of working.

Now It is time for the Real Estate industry for Technical upgradation

Many technically matured players in other industries have moved from a model of restricted use quite a long time ago and follow an outsourced consumption model of running application in the clout via AWS, the real estate players are yet to take it up for the most part. The other reason behind this technology upgradation by the other industries is the cost-effective applications available in the consumption model that allows companies to focus their attention to their core business and in process stay ahead of others in the technical innovation.

Real estate industry remained slow not only in adopting consumption model and leveraging the cloud but also slow to the adoption of applications that could transfer it from a slow and inefficient industry to a fast and efficient and vibrant industry. The adopted technology of real estate industry is out dated and causing great loss to the business as it is based on the traditional way of doing the business.

Now it is the time for real estate industry to come up and adopt the technological innovations as adopted by other businesses. Here are the few technologies that can become part of real estate business and become mainstream in real estate business and make this industry to achieve new high in real estate business operations.

1. Adoption of Virtual Reality: The most exciting and useful tool that is becoming very popular among the consumer and businesses and joining the real estate industry is Virtual Reality (VR). Clients are able to have a tour of the property without visiting it through Virtual Reality and have a real feel of actually walking in the property itself. Forward thing real estate agents are moving beyond the photograph of the property- and even 360-degree video- by offer the clients a 3D virtual property tour right on client’s devices where they can experience scale of rooms, location, sizes of doors and windows. But this is all in the early state of adoption and in future we will see a more innovating adoption of VR. 
   
   
2. Use of Cloud: The use of Cloud platform in closing the real estate deal cannot be ignored and is going to become a great platform with wide-ranging implications in the future. Everyone who has ever purchased real estate knows that how deal closing process is a long drawn and frustrating process. With the help of cloud and better data management applications, the entire process can be streamlined and completed for both the commercial and residential properties purchase- even right down to getting the documents signed digitally. With the cloud technology adoption, the entire process which used to takes months can be processed in weeks and days. 
   
   
   
   
   

The cloud technology has led to the formation of online property exchanges like the one in Australia (PEXA). These exchanges help the real estate clients like lawyers and financial institutions to deal with the work of transfer the necessary paperwork to the land registries and help in settling financial aspect of real estate transactions settlements digitally without any complications and with complete security.

3. Adoption of Block Chain: The technological innovation that is getting lot of attention in the industry circles is Block-chain and cryptocurrencies. Both can be used in the real estate transaction as these offers a great level of security and transparency to both real estate sellers and buyers. It is hoped that in the time to come the block-chain technology is going to make a real impact in the real estate business world over, as it addresses the following real estate problem

Helps in exchange of some type of information between multiple parties without any difficulty Provides complete security and privacy in the deal.

Reduces the tempering of sensitive information by other parties which are major concern of real estate deal.Reducing the administrative costs of the transactions.

4. Internet of Things (IOT): With technology going to a lever of hyper connectivity is affecting not only in expansion of the local real estate markets but also markets world wide. With the help of IOT companies in New York city are helping real estate agents and owners with ability to monitor a premises in a real time. Buildings are able to send reports on the status of equipment, utility interruptions, security status and other environmental status. Now companies call directly call the police and local authorities for the safety of the buildings by automatically locking down the portion of the building when the triggers are set in . with IOT Not only real estaste companies are going to be effected but it is capable of helping buyers in thier decision to by real estate also.
   
   
5. Use of Web and Mobile Apps for Instant notifications: Large number of Custom Mobile App development company Call +1(408)-372-0967 are developing specific apps for real estate business both for agents and clients which notify the latest properties hitting in the market recently. Apps are able to notify and direct both the buyers and sellers to a particular real estate agent who can arrange a virtual tour of the property at the time convenient to the parties concerned and help in finalizing deal.
   
   
   
   
   
   
   
   
   

The technology adoption by the real estate industry is still in the stage of infancy. The above mentioned technological innovations are few years old but adopting all these technical application like VR, IOT, Cloud and Block chain can take at least one more decade to have area impact on the real estate business in the world as till now many small players are still hesitant to adopt to the technical innovations. Home buying and selling is not going to remain same in future as innovations in technology is going to make it more vibrant and innovating.

Ganesha Webtech Solutionz is a Web & App developmentcompany Call +1-(408)-372-0967 having a thorough experience in development of web and mobiles applications for various industries including Real estate industry. We have a team of Android mobile app developers and iOS app developers who can develop apps for any specific industry including Real Estate with latest technology innovations including cloud, VR , Block-chain and IOT. We have a satisfied client base world wide.Our motto is to provide the best and latest in the predefined time frame and cost as far as possible.