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According to a recent report by Mordor Intelligence, the commercial real estate market is expected to register a CAGR of 13.85 per cent during the forecast period of 2023-28, with Delhi-NCR accounting for the majority of this demand. Companies from a variety of industries, including IT, manufacturing, BFSI, startups, etc., are expanding into new areas or opening satellite offices. The development of technology has elevated the commercial real estate sector to a whole new level.
Through cutting-edge technology such as artificial intelligence, virtual reality, data analytics and others, it is now possible to offer virtual property tours, improve customer relationship management, conduct online transactions and improve communication between sellers and buyers. Throughout this article, we will discuss in detail some technologies that will contribute to the rise of the real estate industry.
3D virtual tours
A 3D virtual tour is a digital representation of a real estate property. It allows potential buyers to explore the property comfortably at their own pace, without having to travel. 3D tours allow buyers to better understand the asset even before the actual infrastructure is built. Buyers can explore the property in detail, from the layout of the rooms to the views from the windows. This helps potential buyers/investors make an informed decision about purchasing. Second, 3D virtual tours are cost-effective and scalable. This eliminates the need for physical site visits, which can be costly and time-consuming.
Fractional investment platforms
Fractional real estate investment platforms are allowing investors to own a “small” fraction of institutional-grade real estate assets. The properties featured above were inaccessible to most investors due to the high investment amounts required to purchase such properties. Fractional platforms are disrupting the status quo and democratizing the investment and ownership landscape in real estate. End-to-end management, seamless experience, and technology-driven approach have made these platforms the preferred choice for retail investors looking to diversify their investment portfolio with real estate. The main benefit of fractional ownership is that it allows investors to diversify their portfolios without committing too much capital. It is especially attractive to smaller investors who may not have the resources to purchase an entire property. Additionally, fractional real estate investment platforms offer investors access to a wide variety of properties, allowing them to further diversify their investments. The second factor driving the growth of these platforms is the growing popularity of joining resources; authorize investors to pool fractional amounts and invest in a variety of projects, including real estate. This has made it easier for smaller investors to get involved in real estate investments, which has emphasized the overall growth of fractional platforms.
Finally, the increasing adoption of technology has been a major factor in overall acceptance. It has made it easier for investors to access property information and make informed decisions about their investments.
Use of modern technologies.
The Indian real estate sector is witnessing a major transformation with the advent of Big Data analytics and blockchain. The industry will witness greater digital engagement of customers with property management software upgrading to offer 360-degree management and digital transactions.
Big data analytics is helping the real estate industry gain insight into customer preferences, trends, and market conditions. This data can be used to make informed decisions and optimize operations. With the help of Big Data, real estate companies can identify potential clients, analyze their behavior and target them with personalized marketing campaigns. This helps them reach their target audience and customer base more accurately, improving the efficiency and cost of customer acquisition.
Blockchain technology is also being used to streamline the real estate sector. It helps reduce paperwork and simplify the property buying and selling process. It also helps reduce the risk of fraud and increase transaction security. Blockchain technology can also be used to track ownership of properties and ensure all documents are accurate and up to date.
Additionally, state-of-the-art technology-driven property management software helps manage the entire lifecycle of a property, from acquisition to disposal. Helps streamline the property management process and ensures all documents are accurate and up to date.
The use of Big Data analytics and blockchain technology has enabled the real estate sector to be more efficient and customer-centric. With the help of these technologies, customers can now have a smoother and safer experience when buying and selling properties.
CRM software helps accumulate and manage leads for real estate. With this technology, real estate companies are automating their lead generation and engagement processes, making it easier to identify and target potential clients. CRM software allows real estate companies to capture leads from a variety of sources, including online ads, websites, social media, and email campaigns. It also allows them to track customer interactions, allowing them to better understand their customers’ needs and preferences. This helps them adapt their marketing strategies to better target potential customers.
Additionally, CRM software can help real estate companies automate their customer engagement processes, including automated follow-up emails and timely communications according to customer requirements. This fosters relationships with customers, increasing your chances of converting leads into sales. CRM software can help them track their performance and measure the success of their campaigns. These insights help teams make informed decisions about how to optimize campaigns and maximize ROI.
Furthermore, today, entrepreneurs and seasoned real estate business professionals rely on CRM-based automations to collect rents from tenants, disburse commissions to channel partners, and also send receipts to retail investors.