Of all sections, the real estate sector is one of the last sectors to embrace technology, although things are now changing. Billions of dollars were spent implementing real estate changes, from creating new real estate models to creating features for real estate platforms.
From 2010 to 21017, the investment in the real estate business has grown dramatically; more investors now invest in the real estate business as the business is very lucrative. In 2019, the real estate industry also experienced a great investment deal, although not in the physical building sector but the technological aspect of the business. It happened majorly because site and construction activities were haunted due to the coronavirus pandemic.
Regarding what has been experienced in 2020, investors will be more careful about their investments in real estate; however, this does not stop the gradual growth of the industry. Some of the predictions to be experienced in the nearest future in this lucrative industry will be higher below.
Future Proposed Value Of Real Estate
As more investors come into the industry, the value of the real estate business is proposed to increase exponentially before the end of 2022. According to some business research organizations, the proposed value of the real estate is believed to be worth about $7227.13 billion, provided the industry goes as projected. More so, investors both in the private and public sector will contribute to this proposed value based on a piece-by-piece investment.
Technological Feature For Tech Startups In Real Estate
Tech startups considering the opportunity to venture into the real estate industry would leverage artificial intelligence and big data to receive grants and funding from stakeholders and government agencies. This effort would also impair the industry’s growth in multiple folds while different business segments would be automated. Virtual tours into newly constructed buildings would subsequently substitute the regular visit to buildings and apartments, which were done physically in the past. Both leasing and buying platforms would adopt the augmented realities to provide independent tours to all the features provided by the properties listed.
More Competitive Real Estate Market
The real estate industry would soon experience more competition since there has been the introduction of low-interest mortgage rates and limited property sales. This would be the outcome of the post-pandemic economic downturn, as there would be a need to attract clients interested in buying properties either for home purposes or for commercial use. With this in mind, the bidding for properties is expected to grow gradually and experience a stabilized market demand in the subsequent months to come.
The importance and benefits of technology in the real estate business can not be over-emphasized, which helps increase sales. Over the years, there have been many assumptions regarding the real estate business; some assumptions come through while some do not. The above trends might evolve to help the sector grow and consistently increase property sales and create more real estate jobs, which will significantly help the economy.
