The entry of technology into the Indian real estate market is not a product of the pandemic situation. It has already been there for some years now. Go back about 15-20 years back, when buying a home was a totally offline process. Visiting the real estate offices, visiting localities after localities physically to see the area, visiting apartment to apartment, once chosen, almost all work and follow-ups used to be done in person. The scenarios started changing when the internet became more easily available and specialized real estate search engines started entering the market. This made it possible to search properties remotely sitting on your computer at any location that may be physically far away from you. When the home buying process cannot entirely be turned into a remote process, nowadays a majority of the tasks can be continued online without the need of the physical presence of the buyer, which has not only made the process much hassle-less for the buyer but also it helped in quickening the entire process.
Saying so, I would also like to include that the extent to which the technology is now used in real estate transactions has increased considerably since the pandemic. In this post, let’s have a quick look at how technology is altering the real estate buying process.
- Searching for properties – As already mentioned, searching for a property irrespective of your physical distance from the place is now just another normal task, thanks to technology. There are several websites now, which list properties from all over the country and world for you to browse, find, see, select and choose. Be it renting or buying, looking for properties is no longer a big deal. Select a property and connect directly from the website for the purpose of renting or buying. Transfer your token and congratulations, you have booked the property.
- Arranging funds – If one is buying a property, the process of arranging funds should not be undermined in any way. But now technology has made it easier to see the available funding option, compare their rates and select the one most viable for you. You can simply leave your name and number and the company of the agency will connect you themselves and take forth the formalities from there.
- Laser scanning for more details – This is a far newer technology that allows the seller/renter to scan their property physically and upload it for the buyers/tenant to view the greater details of the floor plan, direction, amenities, daytime/nighttime looks and several others. Isn’t it fascinating to grab all these details before choosing the one most suitable for you and your family? This technology specially made havoc in the renting process in India.
- Tracking the sale process and property management – Opted by many of the renowned builders now, the property management portal is an online portal that streamlines and tracks the customer management process over the internet. From the first token amount received to the after-sale services, all the information sharing, tracking and execution is done by a real estate customer management portal for a better and transparent transaction process.
With so much already achieved, the world is now looking at the technology to achieve an ‘instant staging’ process which will take up the ease of property transaction a notch higher and quicken the process much much more.
Do you prefer the invasion of technology in the real estate world? Or do you prefer the traditional model of buying real estate? Share your opinion in the comments below.
Also, read our article on “A GLIMPSE INTO THE FUTURE OF THE REAL ESTATE IN THE DIGITAL ERA“
FAQ’s About “How does AI technology impact commercial and multifamily real estate investments?”
Artificial Intelligence in the real estate industry is positively impacting commercial real estate brokers by saving time and money. Machine learning technology can now be used to track market movements and leasing activity on a macro level that help the brokers and investors seize opportunities and maintain a competitive edge. Coming to the multifamily industry, AI is actually helping onsite staff in leasing apartments. A recent report has shown that artificial intelligence is helping leasing agents to know which prospects will lease an apartment before even the prospect knows. AI-powered leasing apps are bringing the best technology into multifamily by automating the entire leasing funnel from start to finish and converting leads into residents. Property management is another important area wherein the role of AI can be utilized to its full potential. Now the property managers manually deal with a multitude of data about tenant profiles, tenant applications, inspection requests, and other inputs. Applying AI, there can now be streamlined data processes, systematic automation of mundane tasks, and lower redundancies, thereby making the system more efficient.