Ehab Al Mosawi
Founder and Managing Director
Boon Real Estate
The modernity of the real estate industry is continuously evolving according to the technology available. We now hear of smart and environmentally friendly buildings, smart cities and renewable energy. Additionally, it is no longer about buying real estate via traditional methods such as real estate brokers or real estate consultants; there are now several new methods available through the use of technology, digitization and artificial intelligence when it comes to investing in real estate. A recent study conducted by Oxford University in 2020, stated that 53 percent of real estate companies invest directly in technology. In this article, I will be highlighting the technological tools and methods used in real estate:
PropTech:
PropTech is a term which came from two words: real estate and technology. It includes various solutions and means that contribute to the growth and development of real estate programs in general. It is one of the emerging modern industries which is expected to grow and flourish significantly in the coming years due to the increasing population in the world. The new generation of consumers and real estate owners have a desire to choose smart solutions that facilitate the search for a property for rent or sale, as this contributes to the speed of arrangements in obtaining the appropriate property.
Listing platforms (for renting and buying Approved real estate):
Currently, the way customers find properties has changed through listing platforms that provide all information related to the property, without meeting real estate agents. These sites contribute to saving time and effort for both real estate companies and potential clients.
3D Virtual Tours:
Closely related to search applications with solutions that enable potential buyers to take a virtual tour of properties during selection, it eliminates the time and costs of visiting many properties, many of which can be excluded from the list of potential choices of the client through virtual viewing or an initial selection. Virtual reality tech allows us to conduct realistic virtual tours of any unit and this method is often used by listing sites and real estate websites alike.
AI Chats:
Customers using real estate software expect to receive the best services and experiences enabled by tech. So, communication channels should be available 24/7, with the response time being as quick as possible, and an almost zero error rate. These conversations can take place via chatbots.
Big Data:
Databases and data warehouses are used to store huge amounts of information collected about consumer preferences and trading information. Real estate applications based on machine learning models and analysing data to predict changes in real estate metrics helps customers understand which property is a better choice for their investment, as in the case of commercial real estate and others.
Blockchain:
This can be used for partial real estate investing and allows property owners to sell portions of their stake in a particular property. The technology is also used to enable important documents such as title deeds to be stored securely, as is the case with other business sectors. This technology relies heavily on a large database and a decentralized form of information. Mobile Applications and Social Media: Mobile phones are one of the most efficient technologies used in the real estate industry, which has led to the development of various apps in real estate rental and purchase platforms. These applications offer many advantages to potential customers compared to other means of locating real estate. In addition, databases are constantly updated, providing timely information on new properties on the market. Social media is the most popular platform at the moment, when it comes to finding real estate listings.
Internet of Things (IoT):
Homes, apartments, and smart devices are changing the way we live in many ways. Smart devices are generally powered by the Internet of Things (IoT) and have become one of the major trends in property management. IoT refers to the practice of embedding sensors and computing technology into the different elements we interact with every day. The ultimate goal of this technology is to provide people with a more comfortable, enjoyable, and economic lifestyle.
Using Modern Technologies for Drones:
The innovative use of technology in real estate has led to the use of drones for displaying and selling remote properties through external and aerial photography of the hard-to-reach location.
Air Quality Management (AQM):
Air quality is an essential element in choosing a property in order to live in an unpolluted area, where advanced devices are used to measure air quality inside buildings or within modern cities.
Virtual Real Estate (VRE):
With the increasing popularity of cryptocurrencies in the market, the concept of virtual real estate has been developed, and the risk rate is very high, as there is no legislation for this activity in addition to the absence of a physical entity as is the case in ordinary real estate, and caution must be taken in dealing with it.
This article was published as part of the seventh edition of Property Finder Bahrain’s Trends Report.
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