Tech Trends in Real Estate
Anilcy Verghese, AVP Sales & Marketing, Karle Infra Pvt. Ltd is of the view that in the post pandemic world real estate is embracing technology and the future looks bright. India's real estate industry has resisted adopting tech for quite some time. Pandemic was a wakeup call for everyone in the industry. Many organizations/ Developers adopted technology that accelerated during the pandemic. In the post pandemic world real estate is embracing technology and the future looks quite bright with the way big developers are creating innovative solutions. Use of Artificial Intelligence: AI has significantly improved the decision-making process by optimizing algorithms that process big data sets and identify patterns and similarities, contributing towards asset identification and selection. The ‘predictive analysis’ algorithm is key in determining property rates by studying the market trends Rise of Property Technology (PropTech): PropTech uses IT to aid customers in researching and finding their desired property. Digitalization of the industry has already started and is here to stay The era of the cloud: Cloud-based software has made it much easier for stakeholders to access and analyze data from anywhere in the world. Software as a service, Platform as a service, and Infrastructure as a Service are three up-and-coming service models in PropTech. Virtual tours: We at Karle Infra Pvt. ltd. used Oculus Rift devices for customers interested in virtual site visits, allowing customers to experience our township (Karle Town Centre), the key highlights, and amenities on offer, right from the comfort of their home. Naturally, we saw the highest ever virtual site visits by clients during the lockdown. The first quarter of FY 2021-22 saw a 3x rise in the number of successful virtual site visits. Millennials are the largest buyers: According to Finance Online, millennials remain the largest buyers in 2021 in the real estate industry. Despite the worldwide Covid time and other restrictions, modern realities show that every year the population involved in purchasing real estate is growing. Therefore, customizing your offerings to suit their needs and requirements is essential. Smart & Flexible Homes: Use of technology such as the Internet of Things (IoT) has led to many smart devices. Developers are now taking note of these aspects whilst designing, making it easier for renovation and future maintenance. Outlook for 2022 Real Estate Trends Focus on Customer Experience (CX): Earlier, the focus was on customer service which is very reactive and focuses on assistance that a company provides to its customers when asked. Now, however, the shift has been towards customer experience which takes into account every single touch point in the entire interaction of the customer with the company which today includes both online and offline touch points. Moreover, Customer Experience Management (CEM) follows CRM, attracting and retaining customers by providing a great experience. Secondary market revitalization: Urbanization and increased standards of living are now reaching secondary markets and beyond. Thus, it provides ample opportunities for developers to take them up, providing redevelopment support and new assets. Rise of Community Living: We at Karle Infra Pvt. Ltd. have started seeing a trend in the younger generation, especially in Bengaluru, to move into a community that has good amenities. This ongoing quarter has seen considerable growth in sales - 3 times as much as compared to last year. Moreover, customers during this season are confident, displaying genuine interest in buying/investing in the property, resulting in stronger numbers for genuine inquiries. The overall site visits have also doubled since last year. This surge in numbers is not limited just to our domestic market, as there's been a 2x rise in sales for the same project in the NRI market compared to the last festive season. These numbers are a clear indication of what the future holds for gated communities. This will be an ongoing trend in 2022 as well Conversational AI: Ensuring a better CEM, these allow 24*7 contact channels with quick response times and minimal error rates. According to Deloitte, "these assistants would be built for purpose, have a rich set of capabilities, and be integrated into the end-to-end process landscape of the enterprise." Big Data and Machine Learning: With the immense amount of data and information available, real estate applications can now predict changes in property rates with a great deal of accuracy. According to research by Mckinsey, machine-learning models can predict changes in rent rate with 90% accuracy
Tags : Interviews Artificial Intelligence IoT digitalization proptech urbanization community living Big Data CRM Karle Infra