The Indian property market experienced the first wave of widespread technology adoption (property + technology) in the early 2000s, as well as the launch of online ads for house buying, selling, and renting. Since then, the prop-tech space in India has progressed steadily. Over the years, the real estate industry has operated on the conventional paradigm, with real estate business staff and consumers dealing face-to-face. Though the move from 'Real life' to 'Real-time' in the real estate market has been amazing in the previous three years. And Covid-19 has given real estate technology a huge boost. As a result, the market's newest emerging trend has been swiftly reshaping several real estate traditions. Here are a few technologies that have positively benefited India's real estate business.

Cloud Systems

As one might think, collaboration is essential when building a complicated structure that integrates engineering, architecture, and design. Cloud-based solutions enable such collaborations to take place online via a metered system that connects several technical teams, ensuring that all resources are on the same page and up to current on the newest developments in real-time.

Blockchain

Blockchain technology's future will only open up more opportunities. Smart contracts will enable properties to be sold like bitcoin or equities on a stock market, providing buyers and sellers with a new method to engage. Using Blockchain, we can boost fractional real estate ownership, decreasing obstacles such as centralization and unfair practices in the real estate sector and making it secure for investors. People may save a lot of money and time by automating and combining services on a single channel. This will reduce intermediaries like brokers and attorneys, which in turn can lead to transparent transactions.

Enterprise Resource Planning Systems

ERPs are software modules that handle day-to-day business operations including accounting, procurement, project management, risk management and compliance, and supply chain operations. Departmental dashboards with such software provide immediate visibility into the functioning of several corporate or project operations. ERPs make data analysis and decision-making easier. You may now follow listed homes and projects in real-time, where purchasing and selling can take place in a fraction of a second!

Customer Relationship Management Systems

Customer Relationship Management (CRM) solutions guarantee that leads are not lost and are followed up on in a timely manner. This software also aids in keeping track of sales numbers and properly managing inventories. Salesforce, for example, is adaptable, offers easy management and optimized procedures, and has responsive data dashboards. Real estate is a fast-paced industry, with queries and leads arriving throughout the day. CRM makes realtors' jobs easier by allowing them to manage every prospect effectively.

Augmented and Virtual Reality

AR, VR, and AI technologies provide customers with a virtual walk-through tour of the rooms, allowing them to acquire a sense of the place and decide its viability. Giving the customer the chance to inspect the property before purchasing it increases sales and buyer confidence. These are currently accessible as smartphone apps, but the user experience will improve as the metaverse evolves.

Conclusion

Going forward, the sector's future will be determined by how the business advances technologically, and in order to remain competitive, real estate developers must look to integrate new technologies and techniques in order to embrace the change. MyProp is democratizing real estate investments with fractional ownership. Get in touch with us to know more!