The world is transforming fast, connecting the physical, digital, and biological spheres to experience the radical shifts in the use and consumption of technology. Real estate is a significant agent of growth in an economy and is connected strongly to a country’s development. It is one of the most significant sectors in a country’s economy. Therefore, adopting new technologies like the Internet of Things, Blockchain Technology, Big Data Analysis, Artificial Intelligence and Machine Learning can advance the sector.
These new technologies impact nearly every area of our lives and have the potential to transform whole sectors, including commercial real estate. In addition to advancing the buying, selling, and renting processes, technology has also changed the way people interconnect with their environment, bringing huge financial impacts to property owners. It certainly enhances the real estate business’s richer experience for the buyer and the seller. Such new technologies have driven convenience to real estate management and support rationalising business decision making.
The current emerging technology in the real estate sector is Big Data Analysis, which has opened several digital avenues. Traditionally, real estate firms used to make decisions based on professional experiences and historical trends. However, it is possible to get accurate data in real-time. It empowers real estate companies, investors, and developers to get a clear picture of prime opportunities with accurate risk assessment.
Big Data Analysis can pick up on small and crucial differences between neighbourhoods, from crime rates to price appreciation, zoning codes, and future infrastructure projects. Such potential to determine investment opportunities on a micro-level is helping REITs (Real Estate Investment Trusts) increase returns and dividends for shareholders. It enables companies to make predictive analyses and algorithmic models indicating future buying, living, and investment trends. Eventually, these technologies efficiently increase revenues, decrease costs, and enhance asset utilisation of real estate companies.
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