The role of technology and how technology is improving Real Estate has inspired innovations that have made it clear that the future is here. Surprisingly, the traditional method of owning, managing, and financing real estate has been revolutionized by the introduction of reliable property listing platforms, smartphone apps, virtual reality, blockchain technology, cloud, Big Data, and the Internet of Things and to mention a few. 

These groundbreaking innovations have transformed the landscape of the real estate industry. The tenants, owners, financiers, and agents can make informed decisions better and faster today. The digital transformation has further helped players in the real estate industry increase engagements and interactions with ease and greater satisfaction in their day-to-day operations. 

The new digital resources have dramatically impacted the approachability and functionality of real estate. Thus, creating a unique experience for all its players. 

Some of the innovations in real estate that are making waves and trends include;

  • Real Estate listing Platforms for Buying and Selling 

The location principle is cardinal in operating in the real estate market. Buyers and sellers in the market consider location first in their business dealings in the real estate market. But due to technological advancement, virtual spaces are the new locations. According to Real Estate Tech Trends (2018), 95% of home buyers search for their homes using the internet, whiles 54 % confirmed that their first step to primarily searching for their homes was the internet. The smartphone in hand can help buyers and sellers interact with each other regardless of their location. For instance, in Ghana, buyers and sellers have been able to list over 3500 properties on Ghana Property Finder. In addition, the Short Stay Ghana platform has provided properties for clients who are looking forward to renting or leasing for a short period. 

Smart home technology

Source: https://virtual-staging.archicgi.com

  • Smart Home Technology 

Technology connectivity introduced to our homes has made it possible for convenience and comfort. Home appliances and devices connected to the internet can be controlled and operated from anywhere with just a click.  These technological innovations in real estate have saved costs, lowered energy consumption, and enhanced communication. 

Can you imagine putting off your ACs, lights, and refrigerators with your connected device or mobile phone? How about enhancing your security system by controlling your door and gates with devices? What about receiving notifications and updates on home devices? Life has become easy. The power of technology in real estate has created that convivence setup. 

Source: producthunt.com

  • 3-D virtual tours, Virtual Reality for Property Tours

How about looking for property and driving to different real estate firms for a site tour? That will be a time-consuming and tiring experience. 

How about using technology in real estate marketing that allows you to have a virtual tour of your desired property? It will be a great experience for buyers. Real estate developers now have the opportunity to market their real estate products to many prospective buyers.    

What then is virtual viewing? It is an exquisite experience 3-D Virtual and apartment tour brings to you beyond watching photos of your dream property.  Prospective buyers can now view their desired properties regardless of their locations in the comfort of their homes. The 3-D Virtual experience gives you a feel of walking through real estate spaces and having the chance a look at all the interiors, furniture, and state of the property before making a decision.  It could be land, residential property, commercial property, or industrial property. 

In the aspect of development, real estate developers and prospective buyers can now monitor the progress of their projects using Virtual Reality. The ability to see completed projects and those under construction have been made possible by using technology in real estate. 

 The 3-D Virtual Reality and Apartment tours have saved time and energy and bridged the location barrier in the real estate market.
Source: https://pandaily.com

  • Artificial Intelligence and Machine learning

Technology has made it possible for computers to rely on patterns and previous experiences to perform tasks. This art of computer teaching itself has resulted in the development of Artificial Intelligence and Machine learning.  That is how Artificial Intelligence has disrupted the digital ecosystem. 

AI and Machine learning has become extremely important in redefining the works of real estate professionals. It has helped in saving time and enhancing client interactions. 

Many real estate firms have reached out to customers and potential clients through their various websites with the help of Artificial Intelligence. Personalized tips and suggestions, and offering immediate assistance with virtual agents have helped answer repetitive questions. AI can read and identify the pattern of questions and generate the needed responses. This innovation has assisted real estate firms to focus on other issues of priority. 

Artificial Intelligence(AI) has transformed the real estate investment space. It has assisted in keeping track of expenses, mitigating risk, and gaining higher returns with the use of algorithms. The prediction ability of AI based on various factors has helped investors make smart and fast decisions.

What about searching for your desired property on the internet. The AI is customer-centric in its designs, thereby, can predict buyers’ preferred properties in the real estate market. It has simplified real estate marketing for developers.  As a broker, it helps save your time and money. Again, real estate developers can now use technology to market their products through personalized promotions, and tailor website displays in real-time to suit their clients.

In the retail sector, the power of AI has helped to anticipate demand trends, while optimizing and automating supplier negotiation and contracting. We have seen big retail companies like Amazon and Alibaba using AI to automate their warehouse and store operations; optimize merchandising, and product assortment.

How technology is improving real estate

Source: aviationghana.com

  • Foldable homes

Can you imagine a home that is foldable and mobile? Sound exciting? That is how technology in real estate has redefined housing. Real estate innovation has simplified construction in terms of time and cost. It takes lesser days to assemble and disassemble foldable homes.  In terms of mobility, it is easy and simple.

The foldable homes barely use foundation or heavy equipment in their assembling. However, it comes in different sizes, designs, and shapes. It can be constructed to suit individual preferences and tastes. In terms of its flexible nature, it can be modified to suit the demand at hand. The versatility of the foldable home’s structure is a true definition of technology that meets real estate.

The eco-friendly nature, mobility, and time-saving that come with the designing and setting of the structure make it suitable for use in times of crisis and emergencies. 

In the wake of climate action, it is pertinent to highlight how real estate innovations have played a cardinal role in coming up with foldable homes as a way of helping fight climate action. The traditional method of building is harming our environment. But with technology in real estate, we can make strides toward sustainability. 

Source: boxabl.com

  • 3D printing home construction

The built environment has tosted the conventional approach of building property in several ways. One of the breath-taking innovations in the sector is 3D printing home construction.  What distinguishes the 3D printing home construction? Well, the 3D printing home construction has to do with speed, less capital, and labor. The bricks and mortar construction are believed to last longer until the 3D printing of home construction promises players in the real estate sector stronger and sustainable building materials alongside building within the shortest possible time. It is equally favorable in addressing the climate emergency. It can be adopted as an alternative unit to fight housing deficits, migrations issues, and natural disasters. this highlights the importance of technology in real estate. 

In 2014 Winsun, a company based in China pioneered a 3D printed house. It recorded a drastic reduction in the construction cost by 80 percent and 60 percent in the labor cost. 

Source: https://www.dw.com/

  • Prefabricated Construction

Prefabricated construction in our 21st Century is laudable in architecture. It enhances efficiency and productivity without compromising quality. However, the prefabricated construction captures manufactured, mobile and modular homes. The prefab construction means homes/structures built on-site by developers and later transported and assembled in the desired location. The nature of the construction makes it possible for homeowners to get viable and cheaper housing units in the real estate market. Most prefabricated homes companies are situated in areas where labor and building materials can be easily accessible.  Thus, it has a positive influence on the cost after final production. 

Japan is recognized as a prefabricated housing hub. According to the Japanese Government Statistics, the Housing, Estate, and Construction Industry have seen a landmark of 15 percent of nearly 1 million homes and apartments made from prefabricated construction. Real estate innovation has made it possible for millions of buildings in Japan to adopt this technology. Again, 10,000 prefab homes are added to the housing stock in Japan every year.

Interestingly,  Kenya is making progress with the prefabricated construction in Africa. Most developers are gradually adopting it as a suitable sustainable alternative to solving housing problems in an eco-friendly way.  

Source: http://www.constructionworld.org

  • Blockchain Technology

The relationship between blockchain technology and real estate is very important in enhancing commerce in the industry.  The novelty of cryptocurrency is still being explored in the business world today. Blockchain technology has provided the needed innovations that add value to the commercial real estate market. The automating property management, storing property documents safely, ensuring the safety of real estate business by allowing the verification of encrypted transactions, and creating a conducive environment for investing in real estate. 

The Blockchain technological transformation has made it possible for individuals to have a stake of ownership in a property. That is ownership has been decentralized. One can sell and buy portions of their stakes in the property market. Unlike the conventional method, where ownership in the real estate is centralized and owned by a few. It reflects the future of real estate marketing by making it easier to buy and sell with real estate technology.

Source: https://news.mit.edu

  • Architecture software

Property designs in the architecture ecosystem have seen the influx of new digital designing software. This possibility sits on the advancement of technology in the real estate industry. Today, architects can save time and cost in designing models, concept drawings, and blueprints with enough visual representations. 

Some of these unique architectural design software include;

The Revit
This software helps professionals in the construction, engineering, architecture space in the modeling and drafting of designs. This software helps in the effective execution of the building information modeling (BIM) concept. It is useful in meeting the demands of clients who priorities environmental sustainability in the development of projects.

 

 

 

 

 

 

Source: https://academy.archistar.ai/

Lumion
This architectural software has helped professionals with rendering and animation. It has enhanced the elegance of design, inspired emotions in designed projects, and created the needed environment and atmosphere for designs to appeal to the needs of the client. It can help one express form and function excellently and clearly, making it the go-to design software for many professionals in the built environment.

Source: Modern Victorian Design, rendered in Lumion 10 by MOrenders.

Sketch Up
This design software assists in creating simple 3D models with the right features. It has a robust toolset that gives you greater flexibility and affordability with your modeling. It gives the professionals in the real estate sector the ability to interact with complex site conditions, visualize structural connections and various building systems.

 

 

 

 

 

 

 

 

 

 

 

Source: https://www.sketchup.com

AutoCAD
This design software known as Computer-Aided Design has been very popular with many architects over the years. It helps in the development, modification, and optimization of the design process. It gives a basic visualization of drawings at a basic level. It allows for editing and drafting in 2D and 3D.  It also helps factor in plumbing, electricity, and other elements to arrive at a comprehensive design. 

 

 

 

 

 

 

 

 

 

 

 

Source: https://www.planndesign.com

CONCLUSION 

Real Estate Technology (proptech) companies are changing the industry’s landscape through the use of technology. We have seen increased productivity, efficiency, and customers satisfaction with the power of technology. The industry players need to incorporate and embrace the important role of real estate technology in achieving their overall targets.

How Technology Is Improving Real Estate and How Eden Heights integrates Technology

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