AI and Blockchain Radically Transforming the Realtors in India

New-age technologies rapidly shaping the real estate market changing the face of the real-estate sector dramatically. Pandemic burgeoning the virtual adoption of new and emerging technologies like artificial intelligence and blockchain technology transforming the Indian housing market significantly. COVID-19- induced pandemic pushed Indian realtors to harness the power of virtual reality, augmented reality, big data, marketing automation, chatbots, etc., which have become increasingly prevalent in the real estate sector.

Several real estate companies in India rely on new digital tools to connect to millennial buyers and prospects who are searching for properties and homes online, implementing smarter approaches to create automated platforms to make the home-purchasing experience easier.

Techsaga is a leading IT Company in Real Estate Industry, helping real estate companies to accelerate sales, enhance customer engagement, reduce expenses, and increase profit margins for the past 10+ years. Transforming the real-estate industry through groundbreaking technologies like Virtual Reality tours, digital twins, IoT, and Digital marketing.

Blockchain and artificial intelligence (AI), help real estate experts in the process of buying and selling properties and if reports are to be believed in the coming years, artificial intelligence and blockchain technology will be increasingly prevalent in the real prop-tech estate sector.

Therefore, instead being wasting time making cold calls or sending emails, real estate companies are now exploring digitized platforms with automation and personalization functionalities. AI is facilitating in the real estate industry through AI-enabled chatbots that enable realtors to automate customer relationship processes without losing out on the personal touch. Additionally, AI-enabled tools help real estate agents to determine a property’s value in a given market accurately through marketplace data.

In the real estate sector, technology facilitates customer-focused virtual interventions such as 3-D digital tours and chatbots to attract customers.  Virtual Reality and Augmented Reality are being used to stimulate the physical experience of the project site and offer premium functionalities.

The lockdown restrictions during COVID-19  prompted real estate developers to shift to an online mode to sustain the business momentum. Realtors addressed the sense of urgency during COVID-19 and catalyzed digitization in the real estate ecosystem by adopting next-generation tools such as mobile apps and online buying platforms.

Technological innovation is progressively empowering the real estate sector and has simplified the way we do things. Online real estate marketplaces have created opportunities for a more transparent process through VR, AR, and Blockchain.

1. Virtual Reality Solutions

With time, more and more home or property buyers are looking for properties online before visiting them physically. Whereas the typical method involves the visitation of multiple properties before deciding on the one they want to buy. Visiting a property can be a time-consuming and often expensive process. With the advent of Virtual reality, homebuyers can have a virtual tour of the property through 3D modeling, allowing them to have a virtual walkthrough of a property, Buyers can visualize their future properties even without visiting the property physically. Furthermore, VR assisted with conversational AI, VR interior design, digital staging, and other software to make the house-hunting experience easy for buyers.

VR technology is making properties more accessible to all, with consumers looking at properties and neighborhoods from the comfort of their own homes.

The adoption of new-age technology in the real-estate sphere is beneficial for online buyers as with the virtual property showcasing, buyers are able to make a sensory connection to their futuristic homes without setting a foot aside.

2. Artificial Intelligence (AI)

AI is revolutionizing the real estate sector as changing nature of the industry is forcing it to take a fresh look at the way of business after COVID-19. AI, being a next-level technology has the potential to improve many facets of the industry from the pre-construction stage to the development of the home. In fact, immersive technologies like AI has facilitated consumers in property valuation, pricing information, location, etc. for which the buyers preferably need to pay a visit physically.

AI technology incorporated with data -analytics, ensures there must not be any flaws in a construction plan, which helps avoid unnecessary changes during the construction process. Real estate companies employ AI algorithms to bring improvement in the marketing, finance, and accounting areas of business.

AI “chatbots” integrated address inquiries about properties to enhance engagement. Incorporating chatbots into websites, allows companies to save on customer service costs and optimize time spent answering routine questions. Also, AI-enabled automated security systems make buildings smarter and safer, improving overall security.

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3. Blockchain Technology Coupled with Data Usage

Real estate professionals are now embracing Blockchain to handle significant disruption. Blockchain combined with AI and the Internet of Things (IoT), integrates databases in real-time,  allowing users to share encrypted data in a seamless and non-corruptible way, preventing it from hacking. If anyone wants detailed information on an interesting property, they can use efficient and reliable blockchain-based listing services.

The primary benefit involved of using a Blockchain is real estate investors can directly link to a service, and vice-versa, without any intermediaries, making their business clutter-free and saving on costs. The implementation of Blockchain in the real estate space helps developers to have real-time transactional data while choosing raw materials, enabling them to choose the right price due to the transparent process. For an instance, sometimes buying raw materials is a complicated process for developers because they lack knowledge of the right source and platform to buy raw materials.

Blockchain can help standardize every real estate process which requires comparison or verification of data, beyond security. Blockchain can be employed to have insights on realistic data for processes in the life-cycle of real-estate projects which include processes within the real estate development lifecycle, such as product specifications, pricing, smart contracting, and procurement. Many processes use blockchain technology during the entire lifecycle of a project, from the pre-feasibility stage to the execution stage to the maintenance stage, helping real estate firms to drive sustainable operations.

Wrap up!!

With customized real estate application solutions, Techsaga is the best blockchain development company empowering real estate companies and realtors to reap benefits like accuracy, speed & better connectivity using AI, VR, and Blockchain technology. Our technocrats enable real estate giants to have seamless operations with the digitalization of property management, offering robust and scalable software development solutions like real estate management software, property management, and HOA management systems, as well as real estate valuation, RETS, IDX, and MLS (Multiple Listing Service) platforms.

TAG: Blockchain Development