Digitization is a buzzword in the UAE property realm and technology industry today. The real-estate sector is extensively adopting emerging technologies such as PropTech, Artificial Intelligence, Robotics, Virtual reality, etc. to offer a seamless experience to all the stakeholders involved. The advent of digital technologies has made it much easier and time-saving to access the property market. A user can now access all the required information that will help him decide between buying, selling, or renting. The interaction takes place through property applications and search engines such as Bayut, Zillow, etc. in just a few clicks. Ease of use is the prime factor driving the usage of digital means in the real-estate sector. Commonly Used Digital Technologies in Real-estate Sector: Some of the prominent digital technologies which are revolutionizing the realestate sector in the UAE and across the globe are as follows:
Augmented Reality or AR has proved to be a boon for potential buyers, especially in the Covid-19 era. AR facilitates the realtors in organizing digital tours of the site for potential buyers rather than physically visiting the property and risking their health. Augmented Reality applications also allow users to take a quick look at property layouts from the comfort of their own homes. The potential buyers can view the condition of the property and all its salient features using their smartphone, AR headset, or tablet. Due to its speed and convenience, augmented reality has been highly successful in enhancing the overall customer experience of the real-estate sector’s clients and customers. Some of the most popular AR real-estate applications are RealAR Places and Commercial Real Estate.
Big Data Analytics:
The role of Big Data Analytics has been pivotal for realtors in analyzing buyer’s behavior and gaining valuable insights into the type of property they prefer. It also allows realtors in staying updated with the prevailing buying & selling trends in the market and in predicting future buying trends. This allows realtors to develop properties as per the consumer’s expectations and ensure no property is left unsold. Big data analytics also assist potential buyers throughout their decision-making process for their ideal purchase
While making the purchase decision, potential buyers visit several online listed property websites to discover the properties that most closely match their requirements. The process is very bulky and tedious for the buyers as it involves calling customer services every time to have their questions answered. Artificial intelligence (AI) powered Chatbots are the revolutionary innovation that allows potential buyers to get quick answers to their questions in just a few clicks. The moment buyers access the online portals, AI-Chatbots appear on their screen ready to assist them in finding out the answers to the queries. AI-Chatbots facilitate the buyers in making constant comparisons during the process of property search.
AI-powered Chatbots also assist real-estate brokers in connecting with potential buyers. With AI-Chatbots, real-estate brokers can swiftly resolve all the queries 42 BLOG MAY-JUNE 2021 PROPTECH received from the potential buyers on their web portals which often results in an appointment and later converts into a sale. AI-Chatbots allow real-estate brokers to expand their sales & profits in a minimal time and take off their workload for them to focus on urgent and productive tasks.
In the last few years, there has been an exponential rise in fraudulent property transactions. Millions of buyers globally have fallen prey to the malpractices adopted by realtors. Furthermore, there are also errors committed by the realtors such as updating incorrect property title, challenges in accessing deals, etc. which delayed the closing process. Blockchain technology is a savior for buyers as it offers data transparency. It operates on the concept of sharing ledgers that support peer-to-peer transactions without needing central administration. ‘Encrypted Consensus’, without the meddling of third parties, is the real essence that makes Blockchain technology an apple of everyone’s eye in the real-estate sector.
The foundation of strong architecture highly depends on its fluid designs to get the knack of different angles, fragments & curves. The implementation and usage of digital tools at a wider scale in the form of architectural designing software is working wonders for the building architects in creating robust and efficient building designs. Some of the popular digital tools used by architects globally include – AutoCAD, ArchiCad, RHINO 3D, BIM (Building Information Modeling), 2D – 3D modeling software, etc.
Role of digitization in the Covid-19 Era for Real-estate Sector:
The global pandemic – COVID-19 has halted the operations of every industry and the real-estate sector is no exception. There has been a significant decline in construction activities across the globe since April 2020 due to the safety reasons of the workers. In these turbulent times, digitization has emerged as a great savior. The real-estate developers are leveraging emerging technologies such as – Robotics and Artificial Intelligence to ensure the construction process remains uninterrupted. The real estate industry is using drones on a large scale to perform onsite evaluations and surveys.
Global real-estate firms are resorting to cost-cutting measures to overcome the massive business losses caused due to the pandemic. The top priority of the real-estate head honchos is to curtail the expenses on creative marketing, advertising, and content production as these activities do not generate any direct revenue. They will be choosing digital platforms & social media channels to advertise their upcoming projects which are still more cost effective than television advertisements or other modes to promote their products. Certainly, digitization has a crucial role to play. A shift towards digital marketing will yield fruitful results for the real-estate sector in terms of cost and business expansion.
There has been an exponential rise in the demand for PropTech solutions from the real-estate sector as the realtors are eager to leverage data to unlock profitability and galvanize their user experience (UX). Digitization or digital technologies will complement the UAE real-estate sector by providing buyers and realtors instant access to insights and tools, for agile customer engagement.
Digitization will facilitate the real-estate sector to integrate with a global market and make their business operations more transparent. It will drive a 360-degree transformation of their sales and customer engagement. Without a shadow of a doubt, embracing digitization is a win-win situation for both realtors and buyers.
(The author, Aditya Rawat is the Content Specialist & Client Nurturing Officer at KAIZEN AMS)