Indian consumers are increasingly relying on technology in property transactions
Did you imagine surveying every nook and corner of a property from the ease of your home a decade ago; all from your iPad or smartphone? Technology penetration is slowly increasing and shaping up the Indian real estate sector as real estate companies are trying to integrate technology to reduce the gap between buyers and sellers. However, apart from a few real estate portals used at the stage of shortlisting properties and a couple of online home fairs, the potential of e-commerce platforms to boost home sales is yet to be fully exploited. Few major technological innovations in India include growing number of vertical search engines and data analytics, mobile apps such as FlatChat and Google maps to connect various stakeholders. Retail giant Shoppers Stop launched Magic Mirror, an augmented reality-based dressing room last year to help shoppers try different outfits.
Additionally, the Indian Govt. is also trying to leverage the technological advancements by implementing single window clearance systems in a few states; land records digitisation is also underway which indicates growing penetration of technological advances in the functioning of government departments and steps towards enhancing transparency.
Are we anywhere near the global scenario?
Globally, in many mature markets, Unmanned Aerial Vehicles (UAV), more commonly known as ‘drones’ are already commonplace. Drone surveying, useful in providing 360 degree aerial views, survey large tracts of lands/estates as well as facilitate site visits without a human presence making them a popular choice over MLS (multiple listing service) for marketing luxury residential and industrial properties, warehouses and land. Making substantial impact in the field of real estate marketing are also mobile based rental management apps (such as RadPad). In the last few years, many U.S. based rental management software and property management software have mushroomed in the real estate space which make screening potential tenants, providing background checks and residential history easy and collect vital stats for tenant and landlord profiling. Virtual Reality and augmented reality experiences are increasingly being introduced at groundbreaking ceremonies down under to give a taste of how the constructed space will actually look like. Tech enabled valuation firms with web platforms compatible with smartphone browsers, automation of appraisal processes, campaigns to drive “tiny home movements” are some more examples.
As millennials or Gen Y are increasingly driving consumption patterns across major sectors, including real estate, technological upgrades are taking the limelight while designing real estate solutions for the tech savvy buyers, who are not reluctant to conduct property transactions online, provided a framework based on thorough landlords and tenants’ background checks can be devised in due course.