2021 has finally ended, and here we are finally about to see each other on the other side. No doubt, this was a year with turbulences and uncertainties but at the same time pushed us to stretch our boundaries and find innovative ways. As every cloud has a silver lining, so has this year as the pandemic revealed vulnerabilities and shortcomings in the technological capabilities and untapped the potential in many sectors, especially the real estate sector. It enabled the inclusion of the latest technology trends in which the industry was lagging.
Every year, we hear all sorts of predictions and assumptions about the real estate sector; some of them turn out to be accurate, while others go down the drain. Due to Covid-19, many people anticipated that 2020 would be the year of lows for real estate. But it was not at all the case. The year started with jam-packed virtual meetings and tours instead of face-to-face meetings and property tours. The real estate business aggressively made up for being one of the last markets to adopt digitisation by following the most popular real estate technology trends.
Graana.com brings you a wrap up of real estate technology trends in 2021:
Smart living gained a lot of attention this year and for the right reasons. Smart Living encompasses technological breakthroughs that allow individuals to profit from new ways of life. It entails unique and cutting-edge solutions to make energy more efficient, manageable, cost-effective, productive, integrated, and sustainable. Smart living improves people’s safety and comfort in their homes and many other areas of their lives. It applies cutting-edge technology to systems and physical characteristics, such as the Internet of Things (IoT), Big Data, and artificial intelligence (AI), to decrease environmental impact and increase people’s quality of life.
With the Internet of Things, the real estate technology business is becoming the future of housing. Realtors can use this as a marketing tool as more and more people prefer a smart living lifestyle.
The primary technology trend this year remained to make buildings safer for residents. Touchless entrance, special HEPA filters with UV lights, and automated sanitisation methods were some of the technologies incorporated. Secure touchless door access is now increasingly a sought-after amenity in commercial buildings. The concept of a touchless entrance system eliminates the need to touch surfaces with your hands. It prevents the transfer of any disease, not just Covid. It also provides an added layer of security by entrance systems designed to be opened from smartphones. For every office, residential community, and commercial location, contactless entry control has fast become a must-have.
In 2021 VR and AR gathered significant importance in the property market it always deserved. Despite hardly a few tech-savvy realtors like Graana.com, the inclusion of AR and VR in the real estate sector was not that evident. The pandemic made it a necessity and not just an added advantage. It allowed people to buy and sell their properties, even quarantined at home.
Furthermore, the younger generation is accustomed to modern conveniences and like fresh, up-to-date features. Just images and videos do not suffice for cutting-edge millennials and the younger generation. A 3D virtual tour is a tremendous millennial-friendly tool for allowing customers to walk around the property. AR and VR technologies expanded the reach to a great level, allowing a broader audience to be accessible. Now, people anywhere in the world can explore property using these technologies.
Blockchain is relatively a developing trend, but this year generated a lot of awareness about this technology and its potential to significantly transform the real estate industry. Data is the pivot of the real estate industry. But unfortunately, it often gets tapered due to the huge number of human involvement and their subjective nature of judgement. Blockchain allows transparent and fast transactions without any human error. It completely eradicates any fraudulent activity in transactions and keeps a true account of all details. Also, it cuts out the intermediaries from the entire process, saving extra commissions and making the process faster.
In 2021, the scope and efficiency Artificial Intelligence brought were stunning. Artificial intelligence is increasingly being used by real estate companies in all aspects of home purchasing, selling, and financing. Algorithms can now sift through millions of papers in a matter of seconds, examining property valuations, debt levels, home upgrades, and even some personal information about a homeowner. AI assists in making data-driven assumptions rather than gut instincts, and potentially biased market knowledge AI can be used to compare market data. AI also gives sales comparables, leasing transaction data, and operational forecasts, which assist realtors anticipate future competition.AI is the future of real estate marketing and data collection.
While numerous technological trends gamed up in 20201, machine learning has been the game-changer. Manual data collection and spreadsheet calculations used to take months to find the ideal place to invest in and a lucrative property. This procedure now takes minutes, thanks to technology that allows feeding massive data into machine learning algorithms to deliver realistic assessments to investors. It is beneficial for the realtors and helps tech-savvy investors assess how much rent a particular property may generate rapidly.
Consumer expectations altered, with many people looking for short- or medium-term rentals that minimise human interaction. Smart security systems and other technology facilitating contact-free experiences have become more popular. Contact-free tours resulted in safety, efficiency, along with saved resources.
Disruptive innovation is required for businesses in every industry to remain relevant in the marketplace. Those who do not, unfortunately, fall behind and become outdated. It is impossible to thrive in the real estate industry without proper technological changes. The unwillingness to adopt new technology can impede innovation and growth. If realtors want to stay relevant in the market, they must constantly jump onto the latest trends and technologies and implement them. This was a wrap up of technology trends in 2021. Let’s cross our fingers about what 2022 brings while embracing and innovating the newest ideas. Get to know latest technology in Pakistan.
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