Role of IT in the Growth of Real Estate

Role of IT in the Growth of Real Estate

Historically, real estate has always been the sector that has been slow in adopting technology compared to other industries. A lot of real estate professionals continue to manage their properties the age-old way, despite the industry’s immense potential, hindering the growth of real estate.

Graana.com, Pakistan’s Smartest Property Portal, highlights how information technology can impact the growth of the real estate sector.

 

Table of Contents
How Technology Helps with the Growth of Real Estate
Enable Paperless Transactions
Improved Efficiency
Data Analytics Powers Decisions
Saves on Operating Costs
Promising New Tech on The Horizon
Gaining Competitive Advantage
What is the Right Time to Invest in Technology?

 

How Technology Helps with the Growth of Real Estate

 

automation helps with menial tasks - growth of real estate

 

Real estate is synonymous with monotonous and repetitive amounts of paperwork involved in the process. Technology can help to automate repetitive tasks and free up resources for you and your employees.

These tasks are not challenging but mindless enough to take up precious time that you can spare for more important decisions.

It can spare human labor and improve quality as a person become bored by repetitive tasks, leading to inconsistent quality and decreased productivity.

 

Enable Paperless Transactions

Real estate is infamous for the enormous amount of paperwork involved in buying or transferring property, and technology can do strenuous work along with saving the environment.

Moving large amounts of money is a big problem in real estate, and paperless transactions can help with instantaneous transactions and make the process safe for all parties involved.

 

Improved Efficiency and Growth of Real Estate

 

Spring into Real Estate Growth | Think Realty | A Real Estate of Mind

 

The number one thing that companies expect when deploying any piece of technology is improved efficiency. Technology helps to streamline the process so the workflow is not held down by inefficient process alignment.

Streamlined processes result in more free time for workers to focus on more important tasks and save resources for the whole company.

 

Data Analytics Powers Decisions

 

Solid Real Estate Growth Predicted through 2017

 

A real estate professional often relies on gut instinct and experience in the market. This decision-making method has historically worked due to a lack of a better option. These days, better heuristic data analysis can give you better and deeper insight that allows you to replicate your results consistently.

Improved and quick decision-making is one of the primary reasons companies invest in any type of technology. Understanding data analytics is a good enough reason to invest in this technology as quick decision-making removes bottlenecks and makes the company more agile.

 

It Saves Operating Costs

Technology saves direct costs as it streamlines the workload. The one-time fee of investing in an ERP or bookkeeping system will reduce redundancies and save on expenses in the long run.

It also frees you from constantly paying salaries to an employee whose work quality can suffer in the long run if the task is repetitive.

 

Promising New Tech on The Horizon

Several new technologies are coming in the near future that can be game changers and transform the real estate sector. Tokenization is an exciting concept promising to increase the number of investments in this sector.

Blockchain-based transactions will usher in a new era of transparent and more efficient transactions that will be almost instantaneous and ensure that all parties concerned will have highly secure transactions.

Significant advancements in AI are just around the corner, enabling software to be smarter and act almost as a virtual assistant automating menial tasks and saving time and money. All of the tech mentioned above has some sort of prototype model available, but further refinements will make it viable for commercial use.

 

Gaining a Competitive Edge

 

Measuring real estate capital growth isn't rocket science, is it? - MSCI

 

Companies that invest in technologies early sometimes reap the benefit of being early movers and gain a competitive advantage. Cloud technology seemed far-fetched a couple of years ago, but now clients see companies offering cloud interfaces as more advanced and gravitate towards them.

Technology helps people in the real estate market get more time with clients than filing paperwork, as menial tasks can bog down your time and distract you from more critical matters.
An integrated company is more innovative and more efficient than its competition.

This efficiency can grant it a competitive advantage in a high-stakes market. All parties enjoy the benefits of this; from employees to the client.

 

What is the Right Time to Invest in Technology?

There is no perfect time to invest in technology as it is constantly evolving. However, if a company is waiting to invest in new tech, the best decision is to take the risk, start small, and scale it as it goes. Something as simple as a cloud-based solution can help your teams collaborate remotely and significantly help with asset management.

This can be upgraded along the way with more sophisticated systems such as ERP, SAP, etc. Several very innovative solutions out there can elevate your business to new levels.

A lot of sectors and industries are continuing to evolve predominantly over the years, and while real estate has been the last to catch up, it is slowly starting to gain momentum and will eventually fully benefit from these upgraded technologies.

For more information about the growth of real estate visit Graana blog.

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