5 Tech Trends Real Estate CXO Should Look into 2022-23

In the past the real estate industry has mostly remained agnostic to the idea of technology adoption. However, as the pandemic broke out, like other industries, real estate was also forced to quickly embrace technology, innovation, and digitization to continue operating in the face of the crisis.

Interestingly what was initially conceived as business continuity planning became an integral part of the overall strategy. Today real estate leadership realizes the importance of technology and how it can add tremendous value. Industry players are racking up investment in the technology space and aggressively pouring money into digital asset creation, analytics, marketing automation, etc.

The uptrend will continue in FY 23, with technology & innovation becoming the core of the real estate business. Mentioned below are 5 key tech trends that realty CXOs should look into

Machine Learning, Big Data, and AI: The time for advanced analytics has finally come to India. In the current fiscal, there will be an increased emphasis on building analytics solutions based on ML, AI, Big Data, etc. AI and big data can play a pivotal role in building robust property valuation and forecasting models. Hitherto, the models used for property valuation and price forecasting are based on a few fundamental datasets such as location analysis, property carpet area, economic analysis, etc. However, in the present era of the cloud, AI can create complex algorithms based on a slew of new datasets such as social data, environmental data, recreational insights, etc. to render a more precise analysis and forecasting solution.

Internet of Things (IoT): FY 23 might be the year that will see a spike in IoT in Indian real estate, as the year will also mark the deployment of 5 G internet. Powered by 5 G, IoT will offer a cohesive platform to integrate multiple devices, metering equipment (electricity, water, etc.) and other machinery through a central server. This will enable better monitoring of device usage alongside optimization of power and water consumption. IoT will also help in property appraisals by tracking past insights, maintenance data, etc.

Chatbots: It is a multipurpose tool that will play a key driver in the ongoing automation of marketing. Real estate leadership should give close attention to chatbots as they can bring seismic changes to how marketing and sales coordination is done. The chatbots would not just help in better customer requirement gathering and data analysis but can also simultaneously handle multiple customers, thereby bringing a tremendous amount of efficiency into the system. It can also help reduce the overhead and increase the overall marketing ROI significantly.

AR & VR: In the past few years, Augmented & Virtual Reality has shown how it can add tremendous value to homebuyers. Through the help of digital visualization of properties, it saves homebuyers from iterative physical site visits. Meanwhile, its popularity will continue to rise in the foreseeable future. AR and VR are also becoming popular among architects, city planners, urban master planners, contractors, etc. It aids them in digitally studying the city plans, construction sites, etc., and making assessments. It can also help in identifying any structural default in the initial phase itself, thereby saving a lot of cost overruns.

Metaverse: The crypto asset can reimagine digital real estate. In 2023, it is estimated that investments in Metaverse will double and reach USD 1 billion in comparison to last year. Crafted with the help of some of the finest minds from Silicon Valley, Metaverse can give a highly engaging and immersive digital experience to buyers. In Metaverse, buyers won’t just buy digital homes but can also lease them. Likewise, they can host parties and events. Businesses can also buy Metaverse and use it for seminars, corporate events, etc.