Does Technology Really Affect the Real Estate Business?

The days when real estate agents used to visit their potential clients and customers personally are long gone. Contemporary times are digital times. Life happens much faster than before, and it's just a bad use of time as your resource only to target one specific individual.

Instead, property workers today rely heavily on mass media and online marketing. This is a consequence of several logical reasons. First off, you get to save time and energy by using an electronic device to send a message. Second, you can reach a whole community, instead of a single person. Third, you are not limited by the time of the day. Anyone can get your offer and respond whenever they find it suitable for them.

Apart from interactive purposes, digitalisation is bound to help your organisation internally. For example, tons of paperwork can be replaced by Cloud services, easily accessible to anyone inside the company. Again, saving time improves efficiency.

Now let's talk about the latest tech that should be utilised by any real estate company that wants to keep up with the ever growing competition.

Drones

It is likely that drones will become an essential part of every participant in the property market. The reasons why are quite self-explanatory: they enable high quality top-down real estate footage, highlight intriguing or concerning features, show outdoor amenity spaces and roofs. They can be purchased or rented, so there are even options that allow you to try it out before investing a lot in this technology. However, chances are there will be more pros than cons with this one.

Virtual reality tours

The need for this piece of equipment was emphasised with the pandemic and its restrictions. Now that people couldn't arrange being physically present at a given venue like they used to, workers had to turn to the new viable alternative - virtual reality property tours. These tours enable people to see the venues in 3D and get the feeling they're really there. Again, this type of tour saves time since buyers can see every place they like without actually having to visit it in person and then shortlist quickly. On the other hand, sellers wouldn't have to empty the place in question as often as they would if every tour was in person.

Apps

Today’s customers seek comfort and convenience. ‌Smartphone apps provide them with that convenience. The best commercial real estate (CRE) apps enable you to negotiate with clients, place proposal updates, and request eSignatures, so you can get contracts flowing quickly, and you don’t have to meet in person with your clients for every individual proposition.

There are apps such as Skype, Microsoft Teams or Zoom, which allow you to meet with clients virtually, which means you can negotiate easier with clients who are currently away. Apps can grant potential customers the option to review properties ahead of time and get a feel for the type of property they can afford before they ever start property-hunting.

Still, other apps, like LeaseMatrix, let you compare your lease prices to other leases in the region, so you can stay competitive and offer your renters a fair deal.

PropTech

PropTech, short for Property Technology, represents using information technology and platform economics in the real estate markets. It presents using information technology to help people research, sell, buy, or manage the property. With ProptTech, real estate tech companies seek to add value to their business through technical innovations.

Conclusion

The use of technology appears to be inevitable in all modern businesses, including the real estate market. That's why the Gulf Real Estate Awards '22 offer a chance for you to show that your organisation has the Best Technology. If you believe your company exceeds in this or any other category and you wish to be recognised for it, apply for our awards here.

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