The multiplication of mobile devices fosters new technological applications such as inter-cloud and pervasive cloud commuting. The first one increases the connectivity of various entities and the latter aims to establish an interconnection between heterogeneous cloud and cloud architectures.
In this way, cloud computing has developed into an appealing alternative to utilising and providing IT services. Businesses are using cloud computing to store their files and application on external servers and have the ability to access data from anywhere in the world.
It consists of three main categories: infrastructure as a service, which allows access to virtualised hardware, e.g. server space or IP address. Platform as a service offers the possibility to design individual software applications with the help of the supplier’s given tools. On the other hand, Software as a Service offers software applications to be used over the Internet without having to install them on the company’s hardware (Mladenow, 2015).
However, in the real estate sector, infrastructure as a service and software as a service can play a significant role. If cloud computing is properly implemented, then it will accelerate digitization and innovation in real estate services.
The cloud will improve response time, and increase efficiency and service agility. It will improve buying and selling experience by uplifting value for agents, brokers, and consumers.
In the real estate sector cloud computing will be used in all areas of the value chain process such as project development, financing rounds, lettings, or property management – mobile access to data has become a game changer (Pwc, 2018)
Graana.com, in collaboration with the Iqbal Institute of Policy Studies, discusses the future of cloud computing for the real estate sector.
Effectiveness of Cloud Computing for the Real Estate Sector
There are several benefits of using cloud computing in the real estate sector such as:
Cost Effective
The real estate sector is depending on IT more day by day. But having an in-house infrastructure can be highly expensive since it will involve hiring resources, and maintaining servers and infrastructure costs.
But migrating to a cloud can keep the costs to a minimum. The infrastructure used for the cloud is that of the service provider, it offers a pay-as-you-go mode.
Remote Accessibility
Clouds have the ability to enable the accessibility of files from anywhere and on any device as long a real estate advisor has a working internet connection.
This will help the real estate employee share their upcoming and existing work with the clients as a reference. All the required information will be at their fingertips.
The availability of clouds makes it easier for employees to communicate and share real-time data.
Increased Security
To have a secure and efficient IT service is the major concern of businessmen. It is essential for them to have robust security that can be both expensive and challenging if the entrepreneurs are resource-scarce.
However, opting for a cloud will be more beneficial and resolve the problem as it provides an advanced solution to protect data and deploy next-gen firewalls with intrusions and malware protection to save the data from cybercrimes.
Data Insights
It is considered that data is the new oil because it plays an integral role in the decision-making process. As it helps to improve productivity, marketing, cost-effectiveness, web design and much more.
Cloud technology helps to analyse the data by providing insights needed to drive the business forward and have the ability to manage it centrally.
It has the ability to map the customer journey by connecting the dots. It will help in pinpointing the poorly performing pages.
Superior Customer Experience
If a customer gets a better quality experience, 86% of customers will be willing to pay more. Transferring to clouds provides an added advantage in providing excellent customer experience not only swiftly but cost-effectively too. It provides information to buyers and sellers remotely without having to visit the premises physically.
To use cloud more effectively some of the real estate advisors even offer virtual tours, financial calculation tools, online form fills, Omni channel messaging, customer service Chabot etc. This helps the clients to make an informed decision and in the long run, foster strong relationships that lead to better reviews and online reputations.
Timely Upgrades
Cloud computing provides automatic recent upgradation of software. Real estate companies don’t have to worry about software upgradation. This will certainly lead to saving the time and cost that need to be done to maintain the servers.
Data Recovery
The cloud computing provider saves all the data and the data loss is very minimal. In case of intrusion, there is no threat of data loss.
Generally, SMEs cannot afford to make huge investments in terms of allocating budgets towards data protection systems.
However, cloud computing helped companies to thrive by providing a cloud-based storage solution that has the potential to safeguard the data.
Better Control of Data
Before the invention of clouds, clients and seller has to make multiple copies of documents and send files back and forth. This is increasing errors and reduced accuracy. It will increase ambiguity as multiple versions of files are tossed back and forth.
It has a distinct feature: several users can access the same file from different locations and edit the information. It will reduce the error rate.
Less Usage of Paper
Cloud computing has the ability to exclude the need for paper documentation. It has a distinct feature to take digital notes and set reminders to ensure that real estate advisors never miss a task or lose valuable knowledge.
It allows the workers to show and share data with clients within a few clicks. There will no longer be the hassle of filtering through paperwork to find relevant information. The soft copies of documents can be shared with the clients to improve efficiency.
Protection of Data
Clouds has the ability to store all the data and documentation in one place and companies will no longer need a team to manage hardware. This allows the owner to save money and can be utilised to improve the process.
In case of unforeseen events such as if the office catches a fire, the data will be protected. The real estate advisor will continue to perform their work remotely.
Conclusion
As the adoption of cloud technology is increasing, it has become necessary for all sectors to adopt the latest technology to meet consumers’ heightened expectations.
However, the real estate sector will need more agile environments to perform the function better. To stay competitive and relevant, it is now more than essential to move to faster technology like the cloud to achieve business continuity as well as meet customer expectations.
It was found that compared to 2020, the use of cloud computing increased by 41% in the real estate industry. Cloud computing is certainly a way forward for any sector, especially in the real estate sector.
