Technology has changed the perception of our way of life, including the way we eat, shop, socialize and even the way we purchase homes. For quite some time, the key selling point for most of the real estate properties is through optimized marketing and advertising. The right form of advertising with the right approach often turns to prospective leads and helps in the sale of many homes. But ever since the dawn of the internet era, real estate agents are far more reliant on placing their listings on online forums and websites.
This has reduced the usage of pamphlets or catalogue adverts which in turn has assisted in the reduction of costs associated with advertising, with promoters and builders employing far more effective marketing techniques to reach the buyers. Approximately more than 45% of the buyers begin their search on the internet compared to a meagre 11% who prefer traditional modes like newspaper and listings. The influence of technology has opened a lot of opportunities for both commercial and rental properties. Following are the ways currently technology is changing the real estate industry.
#1. House hunting became simpler due to Online listings
The rise of popular online listings has made the process of searching and selling an ideal property much easier. Users can check detailed descriptions of the property including the overall length and dimension and compare them side by side with the photos uploaded. Information about the educational institutions, amenities and the neighbourhood can be obtained through the website.
#2. Drones offer a bird’s eye view of the neighbourhood
A few years back drones were exclusively used for military purpose, but now they have been adjusted and developed for civilian use as well. Ever since they have been used for the civilian purpose, they have become tremendously popular. Now the real estate segment is deploying drones with attached cameras to provide a better view of the entire property. Many upcoming luxury projects in Chennai have started using drones, so that people can view inaccessible places such as the roof and even the entire locality where the property is located.
#3. 3D Virtual tours have become a norm
If you are staying far away from the property or if you don’t have time to view the property in person then fret not, for virtual tours would be a wise option to get a rough idea about the property you are supposed to visit. Most of the new properties in Thiruvanmiyur have started using this unique concept, giving a much better clarity on the neighbourhood. Regardless of where you are staying, visual tours will offer an in-depth, 360-degree view of the property, including the layout, connecting lanes and streets. All you need is just a steady internet connection.
#4. Mobile apps are making the process of selling and buying more efficient
Almost all the online real estate websites are available as mobile apps making the process of selling and buying a property much easier. After registering with the mobile app, one can receive instant notifications about the property, thereby encouraging the buyers and sellers to make quick decisions. Recently many luxury apartments in Chennai had registered with mobile applications to allow easy booking of these properties. These apps are extremely user-friendly allowing the users to set their own criteria such as size, location and various features that one would prefer in their property.
#5. Artificial intelligence to lead the way for the future
Artificial intelligence is bound to drive the wayin generating leads for the future. Aside from lead generation, AI can even take care of the customer service. The level of sophistication is so high that users can get instantaneous information. As artificial intelligence is becoming more advanced, chatbots are becoming popular due to their ability to reduce the waiting time for prospective inquiries, thereby empowering the consumer to search what they exactly need in the market. By interacting with the chatbots users can find answers to simple queries such as the house prices and the availability.
#6. Exclusive Peer-to-peer communication
Thanks to the internet there are a ton of discussion forums and social networking sites where people can gather details about the respective real estate properties. This direct approach has led to the evolution of mobile applications, which connects people without the influence of agents and third-party personnel. Any unwanted extra brokerage and commission fees, making the transaction exclusively between the two involved parties.
#7. Vast potential for social media marketing
The increasing influence of social media on today’s consumers has forced the real estate industry to capitalize on the emerging trends. Social networking websites such as Facebook, Instagram and snapchat have allowed geo-fencing ad opportunities to target new range of consumers and to beat the competition from rivals. Majority of the builders in Medavakkam use this strategy to connect with the prospective buyers. Buyers and investors will just receive the ads in their mobile devices instead of getting direct messages.
As technology invades different segments, innovative practices are bound to happen. Technology has made such a huge impact on this sector that buying and selling have become simpler. People can access and search for their preferred homes with ease, making even more distant places accessible. With so many changes bound to take place, technology will serve asthe primary driver in the real estate industry for 2019 and beyond.