PropTech is the buzzword in property realm and technology today. The real-estate sector is witnessing a rapid wave of technological disruptions where the Property Technology or PropTech, is playing a vital role in the entire ecosystem. Be it a commercial or residential place, the real estate market in the UAE is resorting to modern technologies like Artificial Intelligence (AI), Robotic tools, Virtual Reality (VR), propelling a seamless experience in property transactions for all the stakeholders involved.
Technology as a Game Changer
With the arrival of real-estate technologies, accessing to property-market in the UAE has become easier and convenient. Various search engines, property apps like Zillow, Bayut, newly launched CRM platforms, ERP systems, etc. are altogether amounting to the overall functioning of businesses in real-estate sector. Let us find out the prominent technologies impacting real-estate sector in the UAE –
AI based Chatbots
The specific AI- powered Chatbots are revolutionizing the way real-estate business is done. If you are a buyer, you’d want to search from various online listed property-sites pertaining to your requirement. How will you come to know whether the sites are serving your purpose? Will you call each of those enterprises listed and get your information? The process entailed is too tedious and clumsy. This is where an AI –Chatbot arrives to your service! The moment you go on an online search, AI-Chatbot helps you find out the answers you are looking for. It becomes your constant companion in the process of property-search.
If you are a real-estate broker, or agent, AI-Chatbots can connect you to the potential buyers. It might start all from a general or specific enquiry, converting to an appointment and finally into closing a deal! Interesting? Your workload is immensely reduced while you can focus on other productive activities.
In a nutshell, BlockChain facilitates property transactions without involving an intermediary. Normally, fraudulent activities are rampant in the real-estate business, viz. discrepancies in time taken to close deals, accessing of deals or mistakes in property title, charging of exuberant fees, etc. are certain corruptions that you see in the business. To deal with this problem, BlockChain technology comes as a relief. The technology provides data transparency as it works on the method of sharing ledgers, peer-to- peer transaction is possible without involving a central administration. ‘Encrypted Consensus’, without meddling of third parties, is essence of the whole game!
Big Data Analytics
This technology is helping in generating analytics of buyers’ behavior, i.e. valuable insights into buyers’ preferences & interests related to property. As a realtor or an agent, you can remain updated about the current buying & selling trends in the market. This way, big data analytics can help you create predictive analysis of the future trends & helping towards achieving your sales targets. In the similar pattern big data analytics help customers, too, in the decision-making process towards an ideal purchase!
It is the AR technology that enhances customers’ experience in the real estate sector. How? Site- visit can be done rather digitally! Yes, as a customer, you can use your smartphone, AR headset or tablet, and interact with the digital environment of the actual site. RealAR Places, Commercial Real Estate are a few AR real-estate apps that let you walk through the layouts of property chosen.
Modern architecture is increasingly depending on fluid designs to get the knack of various angles, fragments & curves aspects of designing. Digital tools in the form of architectural designing software are helping to design buildings in construction business in the real-estate sector. Parametric Design, 2D – 3D modelling software, AutoCad, ArchiCad , BIM (Building Information Modelling), RHINO 3D are certain digital tools that form the concept of Digital Architecture being widely used in the industry. How’d you relate Digital Architecture to a skyscraper like Burj Khalifa in Dubai?
The worldwide pandemic & the real-estate
As you see, the worldwide pandemic due to COVID-19 has stalled businesses across industries everywhere. The demand-supply in the real-estate sector has suffered a setback, however, technology is acting as a great savior to this challenge, too. In the world of social media, realtors are connected to prospects giving them a virtual tour of the projects, quelling queries thereby balancing seller-buyer quotient .Developers are using the integrated technology like AI and Robotics to continue their construction process without interruptions while drones helping in onsite evaluation and detailed-survey. Thus, it is the technology that is enabling the real estate sector manage through crisis and come out with a flying color. After all, Smart Dubai is beckoning us all with the Dubai-2021 plan – Stay tuned! Willing to see how technology capabilities in real estate sector can help you? Contact us today!