Real estate demands technology intervention in the modern era: Expert View

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Technologies advanced so much in opening new opportunities to businesses even during the time of crisis. Technology is considered the backbone of ensuring the continued survival of business during uncertainties. The businesses especially real estate industries are completely relying on the emerging technologies and adopting digital measures to facilitate the transaction process with the onset of the Coronavirus. The real estate business involves face-to-face interactions but the harmful existence of COVID-19 has pushed the estate agencies to conduct their operations from home. 

The roles of technologies are very crucial in the real estate industry. Emerging technologies mitigate the challenges faced by estate businesses during the lockdown period. Fletcher & Company are independent real estate agents across Derbyshire, UK. The company always has a strong desire to improve how the industry operates. Let’s see how they are doing their real estate business:

Digital authorities and contracts-The digital authorities and contracts allow the Fletchers to continuously list and sell the properties. The application of real-time agent digital authorities and contracts essentially provides the digital point of sale experience and effective solutions to the agents. PEXA-Property Exchange Australia is a virtual platform where the entire transactions of a property are completed. With the electronic devices in hand such as iPad or laptops, the entire transaction process is finished within a short period.

Online Auctions – Fletcher groups are now using real-time agent bidding platforms for registration of bidders and recording of a bid via Google hangouts. Post COVID-19 the future of auctions could be a hybrid model i.e. a combination of physical and digital. 

3D virtual tours –The usage rate of 3D virtual tours increased tremendously due to the threat of COVID-19. As per the reports, an increase of 466 per cent in adopting 3D virtual tours was visible in the previous month of May 2020. Such an experience meets the satisfaction level of potential buyers.

Open negotiation-It is an online selling platform for properties in Australia. It is flexible and encourages participation and bidding in a secure and transparent virtual environment.

PropTech is a technology targeting the real estate industry to transform the way of buying, selling, financing, and managing a property.

Artificial intelligence enhances the experience of real estate customers. These techies are developed to make the lives of human beings faster and simple.

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