Right now, you are clinging to your technological device to read through this content. Probably, your psychological need for knowledge was your drive to this piece.
What is the big deal? Sophisticated technologies like the device you are clung to have allowed you to garner this knowledge in ways that weren’t possible decades ago.
Arguably, technological innovations are sparse across all industries, giving rise to productivity growth. Very much inclusive in these industries is the real estate industry. Real estate has undergone extensive periods of industrial change caused by technological progress. These technological innovations have influenced the operations of stakeholders, whether as a landlord in search of renters, realtors in search of home buyers, or government envisaging affordable housing for all.
This is much evident in the report on the Technology and the Future of Real Estate Investment Management, created by the University of Oxford. It shows that in 2020, 42% of Statista respondents confessed they see potential in Smart Building technologies. Hence, 53% of real estate companies are now directly investing in technology.
Considerably, operations and accessibility have grown easier and more user-friendly for all stakeholders in the real estate industry.
This technological interface with the real estate industry has promoted the coinage, Proptech. A combination of the duo words; property and technology.
Today, more homebuyers make their search using internet technologies than a face to face contact with real estate agents. In this case, the virtual reality walkthrough headset is mostly utilized to show potential renters the housing features from any location and at any time.
More to the utility of technology in real estate, statistics had shown that 80% of the top real estate performers are using some form of cloud technologies. Cloud technologies in real estate provide solutions on email marketing, file sharing, data storage, web hosting, and mobile applications. The efficacy of this forges Customer Relationship Management and lead management for realtors.
However, the use of these technologies to drive valuable real properties is not without limitations. The incessant innovation of technologies in the real estate industry means a constant eye kept on emergence. To this, the soaring cost of technologies can limit immediate implementation in the industry. This might seem more burdensome for a developing country like Nigeria.
Nevertheless, the values from using automated property technologies, conversational AI, blockchain technology in real estate can be an ideal focal point when evaluating the maximum returns to the industry.