The impact of technology on the real estate business

Ever-changing market conditions and variations in consumer behavior are slowly redefining the real estate technology business. "Real estate agents will not be replaced by technology, but by agents with technology," stated Peter Williams, CEO of Deloitte Digital. The real estate sector will not be supplanted by a single technological solution; rather, technology will facilitate changes in the industry, and those that embrace it will be the leaders. The solution will be found in the adoption of innovative solutions, which will mostly be software solutions, apps, and platforms, rather than in the procurement of hardware.

The Kenyan real estate market continues to rise as investor interest and client demand increase. Change is unavoidable for any real estate company that wishes to be competitive while this is going on. The trend toward real estate technology can no longer be ignored. Individual companies will struggle to become unchallenged leaders as the market advances by delivering solutions outside real estate products and services, such as renewable energy and smart houses, in order to maintain client loyalty. Emerging real estate tech will continue to shape the real estate business as technology and innovation continue to shape it.

Companies are establishing themselves as leaders in the emerging digital real estate market. The following are some of the most important areas for Kenyan real estate tech startups to concentrate on:

Big Data

From guiding business decisions to improving customer experiences, big data may have a significant impact on your company. Many real estate companies acquire a large amount of data that is stored in silos with no analytics performed to identify industry trends or consumer habits. Real estate companies that want to target the right clientele must first figure out who they are, when they want to buy, where they are, and how to contact them most effectively. Big data is a powerful tool for identifying the suitable purchasers and a key component in optimizing the real estate process. Bowery, Enertiv, and Coldwell Banker, among others, are real estate agency.

Using big data to target the appropriate items to the right customers and position their offerings in the most effective way possible.

Machine Learning and Artificial Intelligence: Machine Learning and Artificial Intelligence (AI) are the art of computers teaching themselves how to improve the way they do tasks based on prior experience or pattern recognition. Real estate investors use such systems to successfully control expenses, manage risks, and increase returns by employing algorithms that predict and factor in individual investor concerns. The way prospective buyers are paired with desired houses is improving thanks to real estate search analytics, which is amplifying the broker's efforts.

Internet of Things (IoT):

The Internet of Things (IoT) is an important part of home automation and smart homes. This entails automating the capacity to manage items around the house using a hand-held device or voice command, ranging from curtains to electricity. Homeowners' perceptions of property have begun to shift as a result of smart home technologies. It's changing the game for Kenyan real estate developers. Rather than selling a house shell, developers are luring buyers with internet-ready dwellings. It is also expected that real estate agents would employ IoT for home searches at some point. Voice-driven applications installed on phones will replace the tradition of consumers going online and pecking their way to their ideal home. Voice-driven applications embedded on phones will be able to immediately answer any inquiries they have.

Building Technology

With rising demand for low-cost housing that has a lower environmental impact, Kenyan real estate developers are forced to think of new ways to construct homes. The use of prefabricated building materials and modular construction, in which a building is built offsite and then assembled on site, are two of the areas of attention. A 3D printed house was first created by Winsun, a Chinese business, in 2014. They were able to save 80 percent on building expenditures and 60 percent on labor when compared to standard construction methods. These are just a few of the cost-cutting strategies being tested by real estate companies around the world.

Customers can explore pre-development or ready-to-move-in units using augmented and virtual reality (VR) from anywhere in the world. Real estate developers, hoteliers, and other enterprises are embracing technology to digitally show their products to potential customers. Real estate developers may show off the progress of under construction as well as completed homes using real-time technology and gadgets like the Samsung Gear VR Virtual Reality headset. Companies in Kenya, such as BlackRhino VR, are capitalizing on the promise of virtual reality in selling both off-the-plan and completed property developments. They allow prospective purchasers to walk through and explore the space even before the building begins using virtual reality.

Real Estate Operations Automation

In order to be competitive, real estate organizations must find new ways to boost efficiency, distinguish, and position their products and services while also building customer loyalty. The organization can have insight of a customer life-cycle from the time they were prospects to the time they become landlords or tenants, with a strong back-office operation. Companies can handle difficulties like cost efficiency and communication amongst multiple stakeholders by automating their customer relationship management, portfolio management, and facilities management.

Real Estate on Demand is a concept in which potential buyers can instantaneously access and extract value from a company's products and services. Consumers are notoriously impatient and anticipate rapid pleasure, thus they demand immediate delivery of goods and services. Amazon, Google, Jumia, and Kilimall are among the companies that have invested in same-day delivery, which is already altering supply and distribution networks. Startups like Naked Apartments, AgentPair, and CurbCall are leading the way in real estate. They are able to link potential buyers looking for a property with local real estate agents who are willing to take on a new lead thanks to their technology.