Impact of Software Technology in Real Estate Development
Impact of Technology in Real Estate
Introduction
Technology has played a crucial role in modern society. People use social media platforms to connect more than they do in the real world. Technology has impacted the growth of the real estate industry negatively.
Sell better and more efficiently through the use of big data
Over the last 25 years, real estate has accumulated analytical data and big massive data that can easily get accessed through technology. The data helps the companies to know their potential customers (Ullah, Sepasgozar, & Wang, 2018). Therefore, the company focuses on their potential customers, thus enabling them to focus on the right people with a high chance of buying. The information helps the company identify what the customer wants, where the customer wants the property, and where the customers are located.
Use of virtual
Real estate companies use virtual reality that enables their customers to visit their pre-developed projects even when they get located far away. When clients get located far away, the salespeople use virtual reality to show them the properties available (Clayton, Fabozzi, Giliberto, Gordon, Liang, et al, 2019). For example, when a family wants to relocate from New York to California, it will be hard for the head of the family to fly to and fro in search of the house. But instead, they can use virtual tours to discover the apartments in California that suit their budget.
Improvement of the development process
Building technology has enabled the construction of low-cost houses that are environmentally friendly across the world. For example, in China, a company printed a 3D place in 2014, which cut the cost labor cost by 60% and building cost by 80%. Innovation has become essential in building low-cost homes.
Conclusion
Software technology has had a significant impact on real estate development. They can now target realistic customers, and due to building technology, their products are affordable and environmentally friendly.
