The Indian real estate market is one of the largest and fastest growing at the global level. With an estimated growth rate of over 30% over the next 10 years and being the second largest employer in the country, it plays a major role in the economy of the country.
While an increase in demand for office space and urban/semi-urban accommodation has driven growth in the sector, new technology too has played an important role.
The Technology Spectrum in Real Estate
Computer is the closest thing related to technology that plays a role in the real estate business! Emails, the Internet, the clients and property lists in excel sheets, and proposals are some of the main ways technology plays a role in the industry. That is what most real estate agents and other stakeholders think of.
Indian Real Estate Sector
A study conducted by the ICRA claims that India’s construction industry is 3rd in the list of major sectors that affect its economy. Besides, there has been a surge in the volume of NRI enquiries received more recently. Pune, Bengaluru, Ahmedabad, Chennai, and Delhi are amongst the hottest destinations for real estate investment.
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India’s real estate market is heading towards becoming a $180 bln giant sector by 2020. It is also expected that the sector will grow at a CAGR of over 11% between 2008 and 2020. It is also worth noting that the tenanted office space sector has seen an investment of over $2 billion in the last year. it is a growth of over 400% compared to 2013.
While there are so many major factors which are contributing to this growth, I would like to share info about the technology factor that is empowering, simplifying and driving real estate.
1. Smartphones & Tablets
The latest mobile devices are not only making conventional tech activities easier and faster, they are empowering real estate professionals to find information and take decisions even when they are mobile.
While you could search the web for all kinds of related information, it is the power to use navigation and mapping systems that make your smartphones as crucial for you as a real estate pro!
There are more than enough apps out there that could make you a smarter agent. The more ‘mobile’ friendly your business model is, the more successful you are going to be!
You can no longer afford to keep mobile out of the picture for your business!
2. The Cloud
You don’t want to engage in paperwork when you are on the move. There are many reasons why:
- You need to access relevant paperwork in an instant
- You can’t print on the go (besides, it’s a costly affair)
- It is time consuming to organize all the records
An increasing number of professionals in the industry are now relying on cloud storage solutions to store their files and access them on the go.
Whether it’s a client presentation or valuable information that could save a deal at the right moment, there are many cloud storage solutions that let you save files online (mostly for free) and access whenever you need them.
Some of these useful cloud storage solutions include:
- Google Drive – Google’s cloud storage offers up to 15GB of free storage.
- iCloud – for your iOS or Mac devices
- Dropbox – You could also collaborate on Dropbox!
3. CRM Solutions
Creating an excel sheet of your clients and leads is a great thing. But it is not an intelligent system and you have to do all the work on it!
Real estate pros have to manage their leads and clients at different levels and through different stages in the buying/selling process.
The right CRM system will help you remain in contact with your current, old and potential clients.
The functions that a CRM system can help you with include:
- Customer service
- Marketing automation
- Storing contacts
Your spreadsheets cannot do all these things except the storage part!
4. Use of Drones
There are more and more real estate agents in Delhi who are using drones for promoting their business. These UAVs have become far economical than ever – in both acquiring and operation – that they are now used in capturing aerial pictures and videos of both mid-level and high-end properties.
Thanks to technology, you can now show your customers what you are selling (even before its construction is completed)!