No one can deny a strong bond between the Real-estate Industry and Technology. Technological developments have led to momentous improvements in the functionality of buying & selling platforms. Their operations and accessibilities have become much simpler and user-friendly for everyone associated with the sector. It is now a cakewalk for the landlord to get through to their potential tenants or homeowners and vice-versa. Buying & selling platforms are swiftly and hassle-free, catering to the requirements of every stakeholder, right from a real-estate agent looking to sell a property, to a landlord in search of his dream tenant or prospective homeowner.
Whether it is for construction purposes, property management, home services, buying, selling or renting, the implementation of technology has drastically revamped the process of interaction for all associated parties. Today technology is touching the lives of everyone associated with the UAE Real- estate industry. In the last decade, technological advancements have impacted every aspect of the sector, with several breakthroughs achieved in the past 4-5 years.
Here are the top 5 technologies ready to transform the future of the UAE real-estate sector:
Blockchain technology has worked wonders in supporting cryptocurrency and tokenization. The UAE real-estate head honchos are all set to reap the maximum benefits of tokenization as it facilitates landlords in selling portions of ownership in their properties using the Blockchain technology. Tokenization allows buyers and sellers to prepare real-estate contracts with comprehensive encryption and built-in legitimacy checks. Furthermore, the blockchain ledger feature facilitates the landlords in easy and secure storage of property titles.
In this era of Coronavirus pandemic, Virtual Reality (VR) is making headlines for all good reasons. VR allows the associated parties involved in the sales & purchase of property to take a look at its condition from the comfort of their home. Virtual Reality also facilitates easy implementation of social-distancing norms by curtailing any need of physical visits of the property. Thus, VR protects all the parties involved from being affected by any type of pandemics such as Covid-19, seasonal influenza, or any communicable disease. Some of the other unique benefits of VR include – improved customer experience, personalization, low-cost, global reach and better ROI.
Machine learning (MI) is acting as a panacea for real estate professionals in making a huge business transaction. It allows the top leaders in making smarter investments and real-estate deals that assure optimum utilization of their time & money. The implementation of agile & innovative machine learning software is making it easier to make accurate predictions about the best-selling properties in the coming days, the future price of the property and rent rate, and in calculating the commission’s rate. As per the research conducted by the global management consulting firm, McKinsey & Company titled – ‘Getting ahead of the market: How big data is transforming real estate’, machine learning applications designed for the real-estate sector can predict changes in rent rate with 90% accuracy and the changes in other property metrics with 60% accuracy rate.
Artificial Intelligence (AI):
In the last few years, Artificial Intelligence (AI) has become the heart & soul of the real-estate industry. It is widely incorporated in every application used in the sector for automating tedious tasks. As per the research conducted by professional services firm – PricewaterhouseCoopers (PwC) titled ‘How AI is pushing man and machine closer together’, businesses are using artificial intelligence to eliminate repetitive tasks such as scheduling (79%), paperwork (82%), and timesheets (78%).
The implementation of AI converts raw data into actionable insights to make it easier for all the parties involved to find, view, sell, or purchase properties. Artificial Intelligence has improved user experience several folds by simplifying the decision-making process involved in the property search. AI-powered software recommends the properties to the users based on their preferences such as location, current trends; value, etc. and thus, driving user engagement. Furthermore, the usage of AI-powered Chatbots assists real-estate professionals in swiftly answering the queries of their prospective customers.
5G is all set to revolutionize the real estate industry. It means the fifth generation of wireless technology. 5G is the fastest and most robust technology the world has ever seen. The implementation of 5G is creating truly wireless workplaces and commercial buildings with higher bandwidth. The modern tenants and homeowners are prioritizing security. They prefer to live and work in secured buildings that are protected with advanced cameras and sensors.
With the help of 5G, it has become easier to connect cameras and sensors and produce high definition images to transmit them instantly anywhere.
Emerging technologies are streamlining the complex processes of the real-estate sector by creating newfangled platforms to connect buyers, brokers, sellers, and lenders. Amid coronavirus, the real-estate professionals will widely adopt virtual reality (VR) platforms to walk their potential customers and clients through to the properties and in funding upcoming real-estate projects.
The magnitude of emerging technologies in the real-estate sector has increased at an exponential pace. In the coming years, we will witness a substantial surge in real-estate firms investing their fortunes in developing software applications that most closely predict the future buying and selling trends. This will protect the real-estate sector management from colossal losses incurred due to inaccurate decisions as well as from future uncertainties.