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Let‘s take a dive into some of the newest innovations in the industry and how they are revolutionizing the cost of services.
May 29, 2022 | TARSHA MEHTA | International | PropTech
The incorporation of newer technologies and the ability of a service to keep abreast with the latest innovations is often a good indicator of the success of an organization. Technology, especially digitization, has grown in leaps and bounds since its initial introduction in the property development industry. This article takes a deep dive into some of the newest innovations in the industry and how they are revolutionizing the cost of services.
Hailed as one of the biggest assets most companies in the industry have, Big Data forms a large part of the digitization process the REM Industry is currently going through. Big Data essentially is a thorough in-depth analysis of multiple data sets that allow companies to better understand user and customer requirements.
In the REM Industry, multiple companies have adopted the use of Big Data to create more efficient services that cater specifically to the needs of the user. This combined with cloud-based computing creates a system that is essentially paperless. It also allows a higher level of accountability for records within an organization. With digitization comes the elimination of a host of human interference in processes, thus making any service extremely streamlined. Cloud-based systems from lighting to access control solutions in the REM Industry have been introduced across the Middle East.
While this seems like a solution to the problem of efficiency, it raises concerns about cybersecurity. Companies offering these services have supplied cyber security certifications,single-screen integrated access, and a constant report and testing methodology that address these concerns.
Here’s a buzzword that's been making its rounds around the world for a few years now. Hailed as a major component for the next Industrial Revolution, Artificial Intelligence (AI) is an answer to the world's woes of long tedious processes. From choosing what we’d like to eat on an application to answering our questions through an AI-powered chatbot, AI has truly reduced the weariness of both small everyday processes as well as larger decision-making systems.
Within the property development industry, AI chatbots are a key factor in potential buyer management. It is often easier for buyers to ask a question into a chatbox rather than making a call or trip to the sales office. With interactive information at the tip of their fingers, buyers and users are more informed of what they want. Thus ensuring that a large chunk of the potential buyers that visit properties are genuinely interested in the property.
From handmade models to 3D computer-aided designs, space and architectural design have grown by leaps and bounds in terms of how a space can be visualized. Taking this one step further is immersive virtual reality models that allow users to experience a proposed spatial design even before a single brick is laid. Allowing the user to not just see visuals or two-dimensional images but walk through a similarly modeled space in real-time also allows them to know exactly what the output will be. It serves the essential purpose of a mockup space with a significant reduction in the cost of setup. Immersive 3D virtual reality also has a unique charm of novelty for a rather new technology.
The COVID-19 pandemic has seeped into almost every aspect of our lives and the property development market is no different. The restrictions in place have resulted in a pause to in-person events and showcases. Augmented reality allows realtors to organize digital events and tours of properties, where users can experience the offered property from the comfort of their homes. They can either view digitally created images or the real-time status of a property via their devices.
Another key shift has been the increasing number of individuals opting to work from home during the pandemic. AR also allows for companies to create a virtual work environment that employees can access from their individual homes. This in some way also contributes to the output of work done.
With the world fast accepting virtual assets such as NFTs and cryptocurrency as valid forms of payment, there has been a significant rise in unsavory dealings and fraud within the property development industry. The steep incline in prospective buyers being duped by agents and realtors has been a startling notion across the globe.
Blockchains are a technology that brushes off the fears of prospective customers that they will be duped. This is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system. Essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain. Their policy on data transparency and the barriers that do not allow third-party interference are key to allaying these fears.
With newer technology and innovations developing at a speed far greater than that of existing technologies becoming affordable, the key question arising is, ‘ Is constant change better than a latent stagnation?’. While reliability and traditional approaches are key factors in a customer choosing a service, it seems that updated technology and fast-paced adaptability trump these factors.
