Digitalization and Innovation in the Real Estate Sector.

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VR in the Real Estate

Technology is constantly evolving and altering our way of life. It has impacted almost all industry sectors including real estate. The latest technological advancements in the industry are path breaking and are here to stay. It has not only made the job easier but has also increased efficiency. Visual reality and Artificial intelligence have reformed a lot of industries and now it has made its way into the real estate sector as well. VR and AI have many practical uses especially during the lockdown when outdoor visits are restricted.
Here are some of the ways in which technology is reshaping the real estate sector today.

Technology is constantly evolving and altering our way of life. It has impacted almost all industry sectors including real estate. The latest technological advancements in the industry are path breaking and are here to stay. It has not only made the job easier but has also increased efficiency. Visual reality and Artificial intelligence have reformed a lot of industries and now it has made its way into the real estate sector as well. VR and AI have many practical uses especially during the lockdown when outdoor visits are restricted.
Here are some of the ways in which technology is reshaping the real estate sector today.

1. Virtual Reality For Property Viewing

When we think of a VR use case we usually think of gaming. VR has come to play an integral role in real estate also. A potential buyer can view a property from any location and at any time. Potential buyers and renters do have the option of looking at the photos and videos but they lack authenticity and are often misleading. Virtual property tours are highly engaging, vividly realistic and detailed. Adoption of VR during the lockdown times is not just smart but also necessary. Potential buyers and tenants amidst the lockdown can virtually tour a property right from any location with a VR headset. These days a lot of property owners and real agents are using VR to exhibit their residential or commercial space. With the aid of this technology ,operating during covid times has become so much safer.

2. Discover Properties with Image search

We all face difficulties trying to figure out the right set of keywords to search for a product or a random query in mind. Hence the search results fail to provide us with the right output. Potential homebuyers too face a similar issue, where they can’t articulate their requirements or their ideas of their ideal property. Thanks to AI and image recognition it is now possible to search properties with the help of an image. It could be a room image from a magazine or a picture of a friend’s house that you just loved. With the help of reverse property image search it is possible to find a home similar to your friend’s house or the image that you have seen in a magazine. Reverse property image search looks for a house based on the features of an image provided by the prospective buyer. Visual AI analyzes the image supplied and looks through all property portals to find a house that is most similar to the image. Features such as high ceiling or tile floor or outdoor living spaces can be extracted with artificial intelligence.The construction material used can also be auto detected.

3. Discover Properties with a voice search

We now know that we can search property via an image. Now let’s talk about voice search. We all want to go hands free at some point of our life. It helps people who are busy, to find property by just talking to Alexa or a similar service. Voice search widens the audience by allowing visually impaired property buyers to search for property of their choice just like the rest of us. The future of voice search is bright and it is here to stay.

4. Auto generate captions and descriptions for Property Images

Property websites rely on images and videos to showcase the properties. If these pictures and videos are not described and articulated well your website will lose its audience. To make the website accessible to everyone, proper captions need to be given to images and thorough description to the listings. With the aid of AI, captions and descriptions can be generated automatically. It saves time and effort and makes property search more relevant and accurate.

5. No Manual work for handling repetitive tasks

Brokers,property owners,property managers have a plenty of monotonous tasks to be performed throughout the day.These tasks get unmanageable or simply get skipped from the to do lists. Tasks such as filling out a form or doing some paperwork are executed by the agent or a property manager on a daily basis for each property.Also if a CRM tool is not used to store all of the information in one place things can go haywire.Lack of a CRM also implies lack of useful insights from the data captured. This is where a CRM such as Salesforce can come to rescue. Salesforce can automate repetitive tasks such as sending reminders on upcoming appointments, sending property brochures to the customers and also filling up forms.

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