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Is the Real Estate Industry ready for a Technology Upgrade ?

June 15, 2020by admin0

Not all industries have been quick to get on board with the rapid advancements in technology and digital sectors worldwide. The trend in the real estate industry has been that of technological ignorance. Technological innovation never managed to make its way into the way people do their jobs in the real estate industry. When one looks at an overview of the real estate industry, it becomes clear that technological ignorance is a trend in the industry. A majority of real estate professionals continue to manage properties and make decisions the ‘old school’ way, ignoring the infinite possibilities that have opened up with advancement in technology and science. But, there are a few startups that are committed to changing this situation, bringing technological innovation to the real estate world. Digitization is the way forward; those that fail to get on the bandwagon of progress get left behind. Considering the implications of the pandemic on the real estate industry, it is clear that the benefits of technology far outweigh the benefits of sticking to conventional approaches. Here are some compelling reasons to adopt technical innovation in the real estate industry

  1. Increased efficiency: A KPMG report proved that when a real estate company hires a tech company, it has improved the speed and operational effectiveness in 65%of the cases. Technology is known to do one thing in every industry that it has been implemented. It improves efficiency, and research has shown that this is the primary reason most companies look into technology consulting and technology management. We have seen many examples where technology has improved efficiency by decreasing the workload. All saved time opens up more opportunities for the employees to focus on more critical tasks. The truest testament to the improved efficiency in real estate is Bowery. This real estate industry member offers a cloud-based appraisal writing software that automates and speeds up the process compared to its leading competitors. With a mobile app, user-friendly software opens new avenues in real estate.
  2. Heightened Decision Making: In almost 44% of the cases, improved decision making is a significant factor in persuading a company in real estate to embrace technology and science. Technology aids companies not only in the data collection process but also in its’ interpretation. Technology consultations often allow companies to make smarter decisions positioning them for higher chances of success. For example, Enertiv is a company that installs circuit-level sensors on every valuable piece of equipment, tracking the crucial indicators, and analyzing their respective data streams. This is an opening for a plethora of possibilities where the safety and efficiency of various appliances and infrastructure were analysed.
  3. Lower Operational Costs: If you’re purchasing a new machine or revising your bookkeeping processes, the device charges. But you should consider it an investment, not just a cost. Investing in the right resources will allow long-term savings. For example, when technology performs tasks rather than an individual, there is no individual to pay. This means you get to hold on more money, which increases the profitability of your company. Consider Foyr, a company based in Bangalore, the Silicon Valley of India. It is an interior designing company that has an app for phones and a website that has templates and suggestions that significantly decrease the operational costs of the business otherwise.
  4. Gives Real Estate Agents the Competitive Edge: For anyone who has experience in the real estate world, it becomes clear that it is a very competitive field. Early adopters of technological innovation have risen to new heights in all other industries. A high stakes market thrives on trendsetters and pioneers who manage to rise over the competition and leave a mark on the real estate industry.

Jobs in the real estate industry are becoming increasingly competitive and require more and more innovation. The pandemic has succeeded in uncovering loopholes in every single sector. Real estate is one of them; more and more startups bring cost-effective technological advancements to the real estate industry.

ITConnectUS is a firm believer in the fact that technology is the key to progress and revolution.

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