The Best way to beat disruption in the real estate sector is to become a TechProp company. Traditionally established companies do not have to take a back seat or get left behind in this era of startups & digital disruptions when everything today is going online. On the other hand, they can fight competition & do things a notch better. They can make use of their expertise & experience in a positive way.
Difference between TechProp & Prop Tech Companies
Usually Prop Tech companies focus on narrow functions or segments. These are sections with high friction levels or portions underserved by traditional real estate businesses. The Basic aim of Prop Tech is to provide digital technologies for reducing costs, increasing revenue, removing friction & deliver a better experience.
Tech Prop companies on the other hand, refer to traditional real estate businesses which are able to transform. These companies accelerate innovation, develop new skills, participate in the ecosystem & disrupt themselves to emerge stronger in the changing digital age. Tech Prop companies have expertise in diverse areas including agency, valuation, investment sales & project marketing. Moreover, they have always been at the forefront of technology.
Ways Real Estate Companies Can Embrace Digital Transformation
Digital transformation is taking place among all businesses across the globe & so escaping from this fact is not possible. The Real estate sector is no exception & so property developers are now adopting modern technology for improving customer experiences. Alongside this they are also able to boost sales & increase operational efficiencies. However, some real estate developers are slow in adopting these tools & technologies for transforming their business. Here are a few ways you can embrace digital transformation.
- Rich Media Visualization for Improving Customer Experience – Rich Media Visualization is multimedia content which is rapidly transforming how property developers market their homes. With the help of photo realistic renderings, they can now offer virtual tours to clients & reality experiences. Interactive media are another step forward & win-win for both, the developer & the home buyer.
- Collecting Property Data with Internet of Things (IoT) – Internet connected smart devices are causing disruption across real estate market when it comes to commercial property management. Internet of Things (IoT) cut down operational expenses by providing older commercial & residential properties with new automation features. Every activity nowadays generates digital data.
- Adopt A Building Information Modeling (BIM) – This is an intelligent 3D model-based process, providing Architecture, Engineering & Construction (AEC) professionals to design, plan & construct more efficiently. With BIM you can manage buildings & properties & utilize it for reducing construction costs, communicate, improve workflows & collaborate. This software benefits architects by helping them manage design, allows investors & property owners keep track of operations & engineers to utilize it for modeling & energy systems.
- Transformative Insights from AI Powered Data Analytics – Artificial Intelligence algorithms help real estate investors make a decision who uses data as a foundation. They can find insights into market trends, establish realistic growth goals, & seek lucrative opportunities. With deal-matching, streamlining property management, BIM automation & even predicting loan defaults, AI is transforming the real estate industry. Machine learning enables developers control expenses, manage risk & increase investment returns.
- Digital Image Classification will Streamline Workflows – This is one of the most important aspects when it comes to advertising property for sale. Manual sorting of images & choosing the best one for a property portfolio might work for a small project. But this may not be possible when you have hundreds of properties to sell. Digital image classification can be automated using machine learning for tagging & categorizing them within minutes. Images can be quickly classified by features, room types, exterior style and/or categories.
Northstar Homes’ Have a Leading Edge
Northstar Homes offering luxury apartments & premium villas in Hyderabad are one of the first real estate developers adopting digital marketing. We are steadily moving towards integrating automation in all fields of their construction activities & marketing as well. Northstar Homes has emerged as an industry leader in the lifestyle space. Young at heart buy way beyond the years, Northstar believes in embracing technology for creating an enduring quality that delights our patrons. Building value for everyone associated with us, we have a leading edge when compared with our competitors in the real estate market.