How Technology is Changing the way Real Estate Functions?

, Technology

Technology has changed the way business is done. Even real estate hasn’t escaped from its influence. An ‘interesting’ enabler, technology is changing and reshaping the sector like never before. Smartphones and the Internet are reshaping how real estate is being delivered to the end-customer.

If you are looking forward to a business setup Dubai or a company setup in Dubai or even a Dubai Freezone Company Setup, then looking for ‘relevant’ real estate is the next logical step. And, how does one do that? The situation gets even more complicated, when you are setting up business in a new country, amongst new people and in a new environment; technology is the answer.

Let’s see how and why technology is reshaping the way real estate functions now.

#1 Mobile technology has changed the game. It’s the age of the mobile apps. The mobile technology is all-pervasive now, and as such, business is working overtime to adapt to its needs and challenges. This is true of the real estate sector too. There are mobile apps that help you search the best rentals, best buy-in options for different segments of properties and at all price points, and at locations near to where you work or prefer to stay.

#2 Losing physical touch with the customer base. In a people-centric business, the struggle is always to find the relevant clientele. Before the advent of technology, it was easier to touch base with clients, establish a personal rapport and as such, start a relationship. Real estate is based more on relationship and conversion rates are higher with personal relationships. However, with technology, that has changed completely. Clientele could now be based anywhere in the world, and as such, need to be approached only through their mobile phones, laptops, etc. So, real-estate which was essentially based on establishing personal relationships has lost out on its core itself. Now, it has to compete better and faster on technology platforms to vie for potential clientele attention.

#3 Cost of technology is an important consideration. Technology is an expensive business. Building suitable platforms and running a business on it or as in the case of the real estate sector, transitioning the business is an expensive ‘business’. Real estate agents, realtors and consultancies now need to compete for better technology, and often better technology comes at a steep price. All businesses may not have the kind of budget earmarked solely for technology. But, that is the need of the hour and like it or don’t like it, everyone has to compete for it in the scenario of changed dynamics.

#4 Best part of technology has been the ‘mobility’ factor. Earlier, the modus operandi of business in the real estate sector was setting up a physical location office space, and then, tapping potential customers. That has changed for good! Now, real estate consultancies, realtors, agents are all set in business, if they have an internet connection, on their mobiles or laptops. The customers are also all online where they need to be tapped. Mobility has changed the way business is done now and there are a lot of advantages in that.

Technology is in a state of flux and is constantly evolving, and reshaping the world around us and especially in the real estate sector! Only time will show the way the real estate sector progresses, thanks to technology.

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