How technology is changing the face of the real estate industry

10 June 2020

People do not see anymore the process of a search for property like some impossible mission. Nowadays, some technologies can fit the whole process in one smartphone. We offer you an insight into how technologies are changing the situation on the real estate market at the rental and large landscape.

Technology in real estate
Technology in real estate

The practice shows that many millennials live life on their conditions. Moreover, they always aim at perfecting their quality of living. This can be traced through the challenging choices they make in different spheres of their lives. This relates to challenging job positions in faraway foreign countries, choosing eco-friendly life or travel. Some may think that such choices are weird, however, all of that pushes innovation in different spheres. Real estate is among those spheres. 

The varying preferences of consumers

Experts have noticed than the generation of millennials has disturbed the real estate market. According to the latest study by FICCI, at least 40% of working millennials are migrants who have restrictive budgets, however, they still think a lot about convenience and flexibility. Such correlation shows their wish to live in the comfort that is ruled by provisions that are driven by technologies. Those professionals who move not only around the globe but also around different job positions are more likely to opt for houses with a lot of facilities or a rental apartment rather than investing in real estate that does not suit their requirements. Moreover, with the latest pandemic economic climate millennials are expanding their horizons even further. 

Technology is an important add-on

Varying preferences of consumers
Varying preferences of consumers

Experts are waiting for a huge upswing in the rental market that is mostly related to macro conditions. Besides, technology is forming a supportive environment for the whole rental ecosystem and, as a result, making the whole process simpler and accessible for possible clients. 

As we mentioned before, technology has put the whole process of a search for a new property on a smartphone. Moreover, it is influencing various stages of a rental lifecycle. Everything begins from starting point and search to payments and move-ins, and even to live in the apartment or house. Below we are going to discuss how technology is altering the situation in the real estate sphere at large and the rental market. 

  • Search
Technology and Real Estate
Technology and Real Estate

With the extensive usage of technology, more various properties are being listed on real estate websites. Such improvement helps not only real estate companies or homeowners to realize their assets but also offering more options for possible clients. 

Clients can get access to multiple properties that are listening on certain websites or even use filters on AI-driven apps to find properties according to their needs. For example, one client can single out liked properties that are based on its price, location, number of bedrooms, accessibility to certain facilities, and many other factors. 

Real search has been substituted by a virtual overview of landscaped gardens and designed interiors. Modern AR and VR tools also help clients to take a virtual tour of topographic nuances of the house to make proper decisions. 

  • Transactions 

Nowadays, thanks to technology, various processes from registration to payments are moving in the digital world. As a result, customers have a better and smoother experience.  All financial and paperwork fuss like registration agreements, token payments, deposit payments, ore relocation of documents can be operated through smartphones now. 

Moreover, blockchain is being actively used to simplify transactions and take away middlemen of the process and, as a result, lessen the cost and make transactions more secure. 

  • Living 

One of the longest stages in the rental ecosystem, Tenure, was totally forgotten in the current solutions. Nowadays, purchasers search for properties that have complete solutions for their lifestyle management. With current technology, positive engagements and interventions can happen through a whole period of living of the tenant in the rented property. 

Nowadays, such home solutions like IoT and AI help their residents to control home appliances and electrical with quick clicks on the phone, next to assuring homes safety. Such improvements offer a great change in the lifestyle of clients. 

  • Maintenance 

Modern solutions based on AI offer great support in property management. They study and provide solutions when systems of emergency maintenance should be replaced. This way not only homeowners but tenants can benefit. Moreover, technology is crucial in keeping a lookout on certain rental trends in certain areas and change the tenants’ rents when their leases officially end. 

Summary

Current tendencies show that the renting ecosystem is on the brink of a full remodeling with the help of consumer requests and technology. Secure data about the visitors, smart and protected entries, concierge services through smartphones. quick resolving of daily errands that are based on client’s request – are only a few of many solutions that technology is implementing in our lifestyles, changing fundamentally real estate market and especially rental sphere. 

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