Debasmita C
| 17-01-2024
A Few years ago, digital transformation in any industry was not inherited; rather it was an adoption. It was the best of times, and it was the worst of times; the season of lights and the season of darkness when almost all industries found a path to survive through digital transformation. It was during the pandemic, the timeline of both hope and despair earlier in 2019, when much of the world moved online and truly turned into a global village with a new era of consumers with diversified tastes, cultures, and beliefs. This was the digital transformation's roadmap to elevate the global metabolism of business to 'restore the lost timeline.' Slowly the second language becomes closer to the first language in business...Origin!
Today the next thing comes to view the technology to innovate and thrive, from the strategy of survival to the strategy of sustainability. The little big secret inside the investment of the real estate sector is to make a difference in the way people live. Understanding the new ways of living will be the big, exciting challenge of tomorrow with massive consequences on real estate property values. All it takes is not to build or invest in smart properties but to invest in sensible properties.
Digital transformation is all about mapping the future. More preciously, a metamorphosis. Various specific phases of technology lead ultimately to complete development. Cabinet minister Piyush Goyal advised the investors to focus on the substantial use of digital transformation to help revolutionize the real estate business. He also revealed that India will become the third-largest construction market globally in the next 2-3 years.
Bangalore, known as the Silicon Valley of Asia, India's fastest-growing tech hub, is the hotspot for real estate investors and tenants worldwide. There is a shift in consumers' behaviour also, especially in the IT hubs e.g., Whitefield or other best areas in Bangalore. Demand for the house for lease in Whitefield, especially ready-to-move flats near Whitefield, is high. Investors throughout India are looking for the best place to invest in Bangalore to serve the tenants. Technology is the driver behind the limitless growth in the real estate market. The developers and investors in the fastest-growing cities in India or abroad of this market are leveraging these innovative technologies for optimizing operations, improving productivity, and elevating CX.
Artificial Intelligence is considered a game changer in the real estate scenario in India, especially in tech cities like Bangalore. Lots of Investors use AI and ML to gain insights into the real estate market as well into which locations in Bangalore to enter (e.g., Whitefield, Sarjapur Road, Maithri Layout or prime localities in Bangalore). It is through analyzing how properties in these locations will perform in the future. They use AI for comparing the additional market data, including retention rates, terms of lease and average vacant days. AI can provide the predictive analysis of lease transaction data and operational forecasts.
Apart from this, the new AI technology helps to predict which tenants will renew the contract and which tenants will leave the property after the expiration of their lease. This predictive data makes the underwriting assumptions more accurate.
Property search becomes simpler with the AI-powered algorithm and machine learning that provides users personalized recommendations based on their preferences. Henceforth, it is time-saving and helps buyers and tenants discover properties matching their unique needs.
The data analytics or the predictive analytics provided by AI and ML is quite reliable to forecast which markets will perform and continue to be strong. That is because that hard data provides inclusive analytics not only at the property level but at the market and submarket levels.
Suppose you have a fierce, competitive real estate housing environment with physical showroom spaces, and you are on the internet but not using the metaverse. In that case, you are missing clear channels for showing properties. It holds a strong correlation with physical real estate. Metaverse helps the internationalization of your real estate business without a limitation of physical location. This is also a sustainable business practice to reduce their carbon footprint through remote work. The metaverse can also bestow the benefit of the virtual property view.
Interestingly, recent data shows that 54% of buyers will not interact with listings that do not have 3D tours. BIM (Building Information Modelling) is the process where the project team shares all the data regarding a project that includes graphical 3D models, such as what material the property is made of, how much it will cost etc. All the information related to the property is just a click away from potential buyers or tenants.
Clearly, the thing that is transforming is not the technology — it is the technology that is transforming you.
This technology is ideal for investors, buyers even tenants to carry out speedy and safe transactions. It reduces the risk of fraud and the need for middlemen. Blockchain can even help review the properties' status and history.
IoT technology can create sustainable, user-friendly, and efficient buildings. With smart thermostats, motion sensors, and security systems; investors or developers can optimize operations, reduce energy consumption, and enhance security while offering personalized experiences.
These Three Musketeers are the fundamental technologies to boost investment ROI in the real estate sector. Rest apart, other technologies are
It is all about customer service with personalized responses. It helps clients in several functions like
Study shows that 63% of clients are likely to return to portals with live chat support. Additionally, the AI chatbots automatically send follow-up emails to leads to grow the business perceptibly.
As per a survey submitted by Deloitte, leasing or purchasing such a property is difficult for investors where tenants cannot gain seamless waning attention spans. Thus, IoT technology and mobile apps should be implemented to improve front end experience for tenants and end users. Environmental and security technology investment is necessary to improve tenants' experience.
Example- App based entry, virtual events to enable community building among tenants, tenant newsletters, contact information for property management and maintenance services etc. If this all is done digitally, it can save time and effort.
Digital transformation is a language in the real estate sector, a fundamental way to fit in with new consumers across the globe constantly. It makes a lasting relationship with clients possible, but without language, you cannot feel that you have a legitimate, respected presence. You are without a voice, without power. Writing your investment journey with this unique language represents an act of demolition the old, and a new beginning.
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