Real estate technology is undoubtedly booming. It is here to disrupt the real estate space by evolving the way I look at real estate investments.
New-age tech-enabled platforms are evidently assisting buyers/investors to view multiple properties without shifting out of their houses. The platforms adds value by taking the real estate industry to make it better. Spurred by an ever-changing digital landscape and the latest consumption patterns.
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REAL ESTATE TECHNOLOGIES TO USE IN 2022
Few real estate technologies can surely witness significant momentum in 2023. Such technologies enable a systematic and comprehensive assessment of a large spectrum of properties in real time.
The rise of artificial intelligence advancement in real estate
Artificial Intelligence has significantly optimised the decision-making procedure with regards to asset identification and selection. AI platforms clearly use algorithms and machine learning to process big-data sets to understand correlations and patterns. Yet, it also understands relationships across a broad spectrum of parameters and variables. By identifying such variables and evaluating their impact, the asset selection process over time has undoubtedly advanced. Well-designed AI algorithms constantly test the feasibility and influence of parameters. This can often result in substantial insight triggering a ‘butterfly effect. Thus, the butterfly effect is the perception that few changes can have non-linear unpredictable that effects on a complex system. Furthermore, AI can also assist in the prediction of any safety hazard or construction defects saving time and money.
Increased adaption of cloud-based technology to ease the work
The cloud service has been clearly a boon to real estate stakeholders. The reason is that they can now access data on any property from anywhere. Additionally, the clouds help in the storage of large data sets on a remote server. It can also be accessed by stakeholders to answer any customer questions about any property they want to inquire. This lowers manual office work and saves a substantial amount of time and energy spent searching for papers. According to Rapid Scale’s research, "about 80% of top PropTech companies are adopting some form of cloud technology." Cloud computing comes in three main service models, each of which caters to a specific set of corporate needs. Software as a Service (SaaS), Platform as a Service (PaaS), and Infrastructure as a Service (IaaS) are the three paradigms.
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Robotic Process Automation
It refers to the use of software or bots, to automate regular clerical jobs at the site. It does not need high-level decision-making. For example- regulating contracts and coordinating signatures and approvals amongst multiple vendors. Other frequent clerical duties that are automated with the usage of bots include data gathering on buyers and sellers. Also data maintenance, and data compliance reporting.
It is a more cost-effective option. Companies that have implemented RPA have witnessed a 10% to 40% reduction in operational costs. 1 RPA allows an employee to concentrate on higher-value duties, such as interacting directly with prospective buyers and sellers. This raises the likelihood of more deals being closed, resulting in a direct contribution to a company’s revenue. It substantially reduces the chance of human error, resulting in more dependable results. As a result, data compliance becomes simple.
The emerging real estate technological advancements in space have disrupted the industry. It is approachable for the retail investor, transparent, and also, more reliable for the end customer. These innovations and developments will enable real estate to sustain itself in this technology-driven world and secure its own cozy place in the competition.
Which real estate technology do you like most?? Share your reviews, please.
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