The Impact of IT on Real Estate Industry

Rapid changes in IT have brought sea level changes in the workings of Real Estate Industry. Adoption of innovative methods in technology can play an instrumental role in growth of real estate market by leaps and bounds. You will be surprised to know that India taking a leap of faith by building top 100 smart cities by 2020.

As the standard of living of people is improving, the prospects of real estate industry are booming. With rising disposable income, there has been an exponential increase in number of buyers looking out to buy villas and residential flats.

Here are some important aspects of real estate sector which can help you analyze the impact of technology on the workings of this promising industry:

  1. Prospecting: This is one of the core areas when it comes to real estate. It involves individuals marketing themselves as brands in a unique manner. This is more of a marketing technique where you have to prove how you are different from others. Basically, it involves a direct interaction with the potential clients.
  2. Listing Appraisal: This process simply involves services of agents for the prospective market value of client’s property. This is a crucial step as it will determine whether you can maximize your profit or not. Setting a professional appraisal can come to your rescue. All you need to do is set an ideal selling price so as to tempt the buyers into investing in the right property. It will involve the following steps :
    • Once your target market and your potential buyers have been defined, choose the right negotiating tool.
    • Try to make an attractive offer by talking about the condition of the home in written document.
    • Making sure that everything is in your favor to avoid last minute problems.
    • Getting the appraisal done on your own for hassle free process.
  3. Marketing: This is one of the crucial aspects wherein clients property is promoted across different platforms to lure potential audience. Some of the easy and effective marketing ideas can help you in the front. Here are a few of the things which you can do :
    • Become social and try to expand your market. Don’t hesitate to interact with your potential buyers.
    • Share various properties on these social media platforms and encourage easy tagging on twitter, facebook and linkedin pages.
    • Keep an eye on how your competitors are trying to lure the buyers. Don’t hesitate to walk an extra mile if that can help you yield better results.
    • Make your easily approachable as this can help you build important connections which can help you in the later stage.
    • Animated videos and customer friendly websites can  go a longer way in creating the right impact on the buyers. Use emotional storytelling techniques to get the attention of those who are willing to buy the property.
  4. Facilitation: This is last stage in the real estate market where potential buyers who are keen to buy the property are lured to maintain their interest. This is one stop solution to bridging up the chasm between potential buyers and real buyers.
  5. Negotiation: The final reconciliation between the buyer and the seller in relation to the sale of property. This involves real exchange of the property and is the final step in the ladder.

These are the stepping stones to understanding the future vulnerabilities of real estate industry. Embracing new technology can help you to save your precious time and improve your efficiency.  Some technological changes like rainwater harvesting, solar lighting facilities are tempting for the buyers.

Happy Reading!

The Geeky Folks