It is no secret that technology has virtually transformed every industry in the world. From empowering the manufacturing industry with tools like virtual reality, augmented reality, and various other forms of mixed reality to artificial intelligence and machine learning helping doctors and health care professionals tend to their patients better — there seems to be no limit to what technology has done and can do to make our lives better in a million different ways. And there isn’t — take the real estate sector, for example. Sure, this one has been a tad slow to embrace advanced technology and its many wonders, but it is now starting to help real estate companies see what they can truly achieve with a little bit of assistance from technology.
That, in turn, is driving more and more companies in this sector to want to jump on the bandwagon. A study found that among the top 400 real estate organizations worldwide, as many as 53 percent have already committed to relevant technologies, i.e., they have invested in at least one or more real estate-related technologies. A small number of the companies that participated in the study mentioned above also said that they integrated automation for analyzing performance, benchmarking, and more in their operations. But their kind is growing — and as that happens, allow us to help you understand precisely why real estate companies are increasingly focusing on technology as they pursue growth.
1. Flexibility: With the gig economy being a compelling reality, real estate companies need to adapt to the ramifications it has for their industry. Given that the critical need here is agility, firms are now leveraging technology to do things like instantly calculate the market value of a house, allowing owners to sell it off quickly. Suffice it to say that companies are getting creative with how they make use of technology to tend to the continually evolving demands of the real estate industry.
2. Cost-effective: Today, people in the world spend a significant portion of their salaries on renting accommodation. It has, of-course driven the demand for affordable solutions — something that technology seems to have an answer for. Among the many ways, it does so is by enabling a reduction in the cost of building houses. They have also empowered companies to tend to the requirements of people who can’t afford to buy a house, by using technology to offer solutions like rent to home and more.
3. New business models: Given the cut-throat competition, the inability to innovate could mean the end of the road for a company. Companies are relying on tech to enable novel business models, such as end-to-end lending assistance with buying a house, flexible leasing options, and so much more.
With technology by its side, this industry is set to grow and achieve new heights for the foreseeable future. And for any company that intends to leverage this trend would do well to engage the services of a real estate web development company to help them jump on this bandwagon!