The realty sector was slowly redefining by technology due to the pandemic; 4 disruptive trends likely in 2022

COVID-19 has adversely affected many industries, but there were only a few that made the first impact of this global crisis. One of them was the real estate sector – the year 2020 was a defining year in the history of the economic downturn, with construction operations suspended and labor migration. With negligible domestic inquiries for frequent interruptions in construction, the real estate sector was caught in a real surprise.

So many organizations/developers adopted such technology which accelerated during the pandemic. In the post-pandemic world, real estate is embracing technology and with the way big developers are creating innovative solutions, the future looks bright.

Today the technologies are emerging rapidly and are easily being adopted on a large scale after that due to the pandemic.

Some of the key tech trends shaping 2021 for the real estate sector are:

Introduction to Artificial Intelligence (AI)AI is literally disrupting many industries and real estate is no exception. Most of the realtors are now using data and smart algorithms to identify the trends of the past and hence identify/select the right assets for the future. There are applications that can estimate the current market value of an asset and predict their future prices. The use of state-of-the-art statistics and ML models is perfect for home evaluation.

Rise of Proptech: One of the oldest industries i.e. amalgamation of latest technology with real estate is now coined as proptech. It includes all the transformative technologies that will change how businesses and customers communicate with each other. The PropTech ecosystem includes technology enabled listings and marketplaces, brokers, rental management, liquidity, refinancing, home loans, appraisals and much more.

Cloud Age: Stakeholders can now access and evaluate data from anywhere in the world thanks to cloud-based applications. PropTech has three up-and-coming service models: Software as a Service, Platform as a Service, and Infrastructure as a Service.

Millennials are the biggest buyers: According to FinanceOnline, Millennials remain the biggest buyers in the real estate industry in 2021. Despite the times of COVID and other restrictions around the world, modern realities show that the population involved in buying real estate is increasing every year. Hence, it is essential to customize your offerings to suit their needs and requirements.

Smart and flexible home The use of technology like Internet of Things (IoT) has given rise to many smart devices. With Alexa and Google Home becoming an integral part of the urban lifestyle, more and more advanced technologies will emerge in the near future. The way we live and work is constantly evolving and thus architects/realtors will incorporate more and more smart home technology into the design.

Trends likely in 2022

Customer Experience Vs Customer Service: Previously, the focus was on customer service, which is very responsive and focuses on helping the company to its customers when they ask for it. However, the focus has shifted to the customer experience, which considers every single point of contact in the consumer’s overall interaction with the organization, which now includes both online and offline interactions. Furthermore, Customer Experience Management (CEM) is closely related to CRM with the goal of attracting and retaining consumers through positive experiences.

Revitalization of Secondary Markets: Urbanization and increased living standards are now reaching secondary markets and beyond. Thus, it provides ample opportunities for developers to provide redevelopment assistance and new properties. Deeper market penetration for businesses.

Conversational AI: With the advent of multiple digital platforms, Realty is now targeting better customer engagement through conversational AI. An improved version of “chatbots” will ensure real-time feedback, more efficient management, voice support, etc. According to Deloitte, “these assistants will be built for purpose, have a rich set of capabilities, and will be integrated into the end-to-end process landscape of the enterprise.”

Big Data, Machine Learning (ML): Similar to this year’s trend, the use of Big Data and ML will continue to shape the industry. According to research from McKinsey, machine-learning models can predict rent rate changes with 90 percent accuracy.

The real estate sector is slowly being redefined by pandemic-driven technology. So it is certain that this industry is moving towards revolution.

,Anilasi Varghese, AVP Sales & Marketing, Carl Infra Pvt Ltd, Bangalore,

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Published on: Friday, December 31, 2021, 10:18 AM IST

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