With the country finally catching up to the age of digitization, almost all sectors of the economy have started adapting to technology, including the real estate industry. The real estate industry has kept a traditional approach, as it has been slow to adapt to innovative trends. However, with the Covid-19 pandemic severely disrupting market dealings, the industry has been forced to adapt itself to the current trends of digitalization such as Smart Construction Technology.
Despite being in their initial stages, technologies such as artificial intelligence augmented reality, and virtual reality is being considered the future of the real estate market.
To help you know more about these innovations, Graana.com brings you the types of advanced construction technology impacting the real estate industry.
What is Smart Construction Technology?
Real estate construction technology, also known as PropTech, consists of digital solutions pertaining to the construction and real estate market. Through the use of innovative software, these technologies offer services that can elevate customer experience and provide solutions such as property verification or investment predictions.
The international property market is dotted with artificial intelligence technology, ranging from chatbots to data analytics. Moreover, scores of data collected through social media, internet searches, and connected devices can be combed through by AI, allowing it to use this information for providing accurate market forecasts and predicting trends related to housing prices and demand.
Currently in its experimental stages, AI can be used to reach out to potential clients with a personalized sales pitch. The AI system pinpoints interested buyers and investors based on data collected through their internet searches. This system will make it much easier to find the right buyer for stagnant properties.
Virtual technology has immense potential in the real estate industry, even more so considering the state of the current pandemic. Potential buyers can go through a property in Virtual Reality, and view every aspect of it with ease. This would be a major step up from using simple pictures online, as a two-dimensional visual can be extremely limiting. Buyers can avoid the hassle of visiting every property individually and going through the same process over and over again.
Real estate firms can create VR home tours that include showcasing the interior and exterior of the property, and letting potential buyers walk around the neighborhood. This technology opens up doors for international property markets, allowing prospective buyers to purchase property on the other side of the world without ever stepping foot there.
Augmented reality works similar to virtual reality; however, instead of transporting you to someplace else virtually, this technology augments or modifies your actual surroundings. This technology can have multiple uses such as buying furniture for your home or doing renovations. Augmented reality will show you the final product of your renovations, allowing you to see if the renovations will suit your home or not. The same concept works with buying furniture for your home. This can save you the regret of buying something that does not go with your interiors.
Smart housing refers to homes and apartments that utilise information technology to enhance the living experience. This includes automatically triggering air conditioning, heating, lighting, or alarms based on sensors and actuators. These microchips are able to detect changes in the environment such as natural light and regulate the intensity of light inside, saving electricity and bringing down your overall costs.
Sensors and actuators are linked to the core systems of the home such as heating systems, air conditioning, lighting, and fire alarms. These sensors can detect minor changes in their environment, based on which they regulate these aspects, maintaining the home at optimum levels.
3D Printed Houses
A new trend that has caught the attention of PropTech companies all over the world – 3D printed housing is a cheap and quick way to build new houses and entire gated societies. Despite being in its initial stages, several technology companies are laying down 3D printed concrete blocks, making complete houses. The whole process can be finished within 24 hours. If this technology is commercialised, it may eradicate the housing crisis completely, putting a shelter above the homeless.
Geolocation technology has the ability to visualize complete city maps, showing property data and topography information. With maps such as these, you can use filters to filter out property based on several factors such as parks nearby, industrial areas, pollution, and rivers. This can ease the process of finding the right property in your desired location.
PropSure Digital Solutions is currently the only company in Pakistan that has real estate projects offering geolocation services. The PropMap offers a visual map with millions of registered properties for you to go through.
The real estate industry has finally caught up with the digital age as several technology trends are set to transform the industry, most importantly Smart Construction Technology.
Ranging from Artificial Intelligence to Augmented Reality, these real estate technology trends will completely alter the market in the coming years, turning it into a more efficient industry with satisfied customers. Moreover here is a list of safety tips for visiting the construction site in Pakistan that people must give a look.