The real estate market is one of the biggest beneficiaries of digital transformation. The collaboration of technology and real estate has given rise to a phenomenon known as “PropTech.” In general, this term refers to companies seeking to add value to their real estate business through the use of a technological component. In this article, we will be talking about how technology can improve the real estate business, and allow us to take instant decisions.
Data visualization is in trend these days. Several real-estate businesses are using 3D imaging, virtual reality, and other data visualization methods to explore the hidden potential of real estate assets.
Portfolio Analysis and Business Intelligence
Technology in real estate can improve business intelligence. Using technology, one can apply analytics to measure values, construction costs, and other valuable statistics to make predictions and generate high ROIs on potential investments.
Using virtual tours, planning and budgeting becomes a lot easier. 2D and 3D elevations during space planning can save a lot of money and rework. With technology, one can visualize his property in different shapes and color combinations. Accordingly, he can have an accurate time and cost estimate. These kinds of data and design software can save time and money.
Location Analysis Tools
When you integrate technology into your real estate business, you give your future investors and buyers a virtual tour of potential locations you want to sell them. Besides, it becomes easier for you to tell them more about decision-making factors like upcoming development plans, tax incentives, and others. Your buyers can zoom in to see buildings, neighborhood amenities, and comparable rents. These location analysis tools make their decision-making a lot easier.
With technology, you can smartly build smart homes. As a business owner or constructor, you can introduce new technologies and link existing systems together to improve the productivity of buildings, workplaces, and workers. You can keep an eye on the construction tasks assigned to the team.
With technology in real estate, workplace management becomes easier. Now, you can measure and analyze the use of space in a single location or across the entire portfolio. Apply the results of the analyzes to optimize the use of space and improve participation.
There are many other areas in real estate where technology integration can bring drastic changes. No wonder, the internet is full of free AI and other tools, but only an expert can guide which technology to use and how.
If you are in the real estate business and looking for a digital transformation, feel free to contact us. We have been working with this industry for the last decade. Share your requirements, and our experts will be in touch with you.