As the impact of the coronavirus pandemic is felt across the globe, the US real estate market is witnessing a major reshuffle. In fact, in the months of April and May, nationwide home sales dropped to their lowest levels since the housing and financial crisis that began in 2007. Much has changed since the coronavirus hit the world in December 2019 and because of health concerns, stay-at-home orders and economic uncertainty, many businesses including real estate are going through a painful rough patch. However, in an attempt to revive the US real estate sector, many real estate companies are embracing digital transformation. Here is how digital transformation in the US real estate sector and advanced technologies are helping the US real estate get out of its worst phase.
Virtual Reality (VR) and Augmented Reality (AR)
When it comes to real estate, customer experience is the key to carry out a successful sale. The customer would want to have a complete feel of the property before making a purchase decision. It is all about the visual presentation of the property. But in times of crisis like these, buyers are hesitant to visit the property to make the purchase decision. So, real estate companies are using VR and AR technologies to help them with the customer buying experience. These technologies are transforming the way we sell, buy, and maintain real estate. With the help of AR and VR, sellers can build a life-like virtual 360-degree and 3D model of the property that the customers can virtually visit and experience without actually visiting in person.
Internet of Things
As we are aware, IoT is causing disruption across many industries and the US real estate sector is not an exception. Internet-connected smart devices are especially useful when it comes to commercial property management. It helps to automate building maintenance services, enabling users to track operations of machines like elevators, HVAC systems, and lighting systems by collecting data like maintenance cycle, operating time, and idle time. IoT can also play a key role in capturing the energy consumption pattern of systems and initiating predictive maintenance to ensure smooth operations. This way, IoT provides properties with powerful new automation features that also cut operational expenses.
The real estate sector is slowly beginning to understand the importance of digital transformation in a data-focused world. Moreover, with Artificial Intelligence (AI), infiltrating every industry, it makes perfect sense to explore what AI can do for the US real estate sector. AI-powered software can be a solution for improving the ability of a real estate company to provide accurate, comprehensive information about a property to clients. Also, AI may help brokers and agents to better predict the future value of a property in a specific market.
Big Data and Data analytics
The real estate sector can pile up a lot of data like the information about the property, owners, renters, agents, and so on. So, unlocking the potential of big data and data analytics is inevitable for the success of a real estate company. By leveraging big data tools along with advanced data analytics, real estate companies can collect, summarize, aggregate, and analyze huge datasets to gain useful information and perform various functionalities of the business. It can be used for making a prediction as to the market conditions, property buying, or investment perspectives or price.
Disruptive innovations in the technology space are fueling the growth of the smart real estate space. As lockdown and restrictions ease, the US real estate sector has begun to recover on their transactional volumes. This is the right time for real estate companies to revive their business and get back into the profit zone. As a leading global technology solutions provider who helps companies navigate through this digital world Intone helps real estate clients create value from process efficiencies and data-driven insights. We do this through real estate technology which includes enterprise solutions that provide for connected processes, connected data, and process automation. We provide global real estate firms with solutions involving and creating more effective client and tenant experiences through digital CRM to enterprise platforms that optimize space and asset management and deployment alternatives and decisions.