The Future of Real Estate Part 2- How does technology affect real estate

The Future of Real Estate Part 2- How does technology affect real estate

Technology has played a critical part in reshaping our day to day lives. It has provided us with opportunities that have simplified life revolutionizing how we work, live and play.  Different sectors including shopping, education and communication utilize technology more especially in recent times. Real estate has equally been affected as these consumer conveniences seep in to traditional real estate services.  

Initially, real estate agents advertised listings in print media before the adoption of digital media. The movement from print media to digital media has provided a better reach helping them to generate leads.  Today, digital listings have become more popular, starting with the commonly used facebook, tik tok and other social media platforms that estate agents are using to attract and engage with their clients. Whatsapp stories and chains used to share new listings with contacts for lead generation. At a more regional and global level the advent of listing platforms has become prevalent hosting various agents; such as  Zillow and Property24.

Customers of the industry equally need speed and choice to buy or sell their properties, with space and time not being a factor in technology a growing trend on the use of Virtual Reality for property tours is slowly gaining foot.  Virtual Reality or popularly known as Virtual Tours have even made it possible for developers to give their prospective an opportunity to walk, feel and experience a property that is still under development.

Focusing on detailed and manual transactions based on piles of paper has always been a part of real estate. The process of transferring property from one party to another has always been very time-consuming and tedious. Transaction management is much more efficient and simpler through the use of e-signing platforms and automated workflows.

Slowly different countries such as Australia, are moving towards digitizing the process of transferring property through the use of e-conveyancing platforms. Lawyers and financial institutions are now capable of submitting legal documents and for transfer of property and funds electronically. This significantly reduces manual paperwork making the process convenient.

gosmartvalue.com a Botswana based automated valuation platform is one of the many globally used platforms for residential property valuations, making property valuations, easier, more efficient and less subjective in todays era.

Nearly every home, shopping mall and office property owes its existence to capital from a real estate lenders. However, acquiring a real estate loan has always been a considered very complicated process. The use of technological advancements such as big data and artificial intelligence have simplified the home loans process. Recent solutions as provided by Protech company such as MortgageMarket.co.za which provide customers with the ability to shop for home loans from different lenders allowing them to negotiate the best deal. These provide them with choice, transparency and convenience.

Similarly, property management tasks such as lease renewals, compliance and screening of potential tenants, collection of rentals and the logging of maintenance issues can be overwhelming to implement. Automation of these tasks has improved efficiency, reduced costs and created seamless workflows. Tenants are now capable of paying their rentals online, logging their maintenance issues and getting reference numbers which allows them to make follows ups from anywhere. This has made property management easier and much more convenient for both the tenant and land lord.

Regardless of whether we talk about energy efficiency, ventilation or security of a building, many are leveraging from the internet of things. Technology helps many buildings to be energy efficient through the use of motion sensor lights, smart HVAC systems among others. Smart home automation devices allow the user to have complete control of their home environment whether it is the temperature or the lighting. These have help to enhance the customer experience but also saves energy and house management costs.

Security is a top priority for many homeowners and potential homeowners just as it is in a construction site. The utilization of safety frameworks for homes has become very popular as they protect families and homeowners from dangers and risks. There are different security frameworks which include CCTV, motion sensors, alarms, voice and face recognition software. These offer better safety, protection and comfort compared to just manually locking the doors.

Technology has played a pivotal role in real estate. From the listings and viewings, drafting of agreements, financing to the construction and development technology has offered solutions to industry players. Social media platforms such as facebook, whataspp and wechat, offer faster communication and a better reach for listing properties. Virtual tours provide improved customer experiences from the development phase of the project, anywhere at anytime. The closing of deals and transactions has also become much more faster and efficient through the use of technology. E-signatures have simplified application processes for financing and conveyancing. Above all else, technology has made it possible for us to have more at our finger tips. Smart buildings technology allows us to control heat and cooling systems along with lighting and security. The appeal to have more control and more automation enables energy efficiency and safety.  At the end of it all technology has simplified real estate transactions and processes, it has brought more control to the end user, we expect this trend to increase as different technologies penetrate the African market, both indigenous and global.  

One thought on “The Future of Real Estate Part 2- How does technology affect real estate
  1. An excellent analysis of the present and future impact of technology on the property sector. Needless to say, all sectors advances are heavily reliant on the of adoption and use technology. Our economic advancement is highly dependent on us being early adopters of technology.

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