In the realm of real estate, Cityscape – the MENA Region’s most prestigious and prominent property investment, development, and networking event – took place earlier in November. During the two days summit, real estate professionals gathered under one roof to network, learn and share insights about the fluctuating realty industry post-covid-19 pandemic. One of the key topics debated at the conference was the need for real estate companies to embrace new technology as an element of survival for 2021.
Modern technology entered our lives on tiptoe, and we have happily embraced it with open arms. It now forms an integral part of our everyday lives and has opened doors to new opportunities by providing smart solutions in almost all aspects of our daily lives and businesses. From the food to the fashion industry, nobody has ever been immune to technological advances; however, the real estate market is a niche that has historically been slower to adapt to new trends. Not any longer!
In the post-covid-19 era, the Internet of Things (IoT) is no more a technology hype but a critical component of digital transformation in the real estate industry’s road to recovery. Today more than ever, real estate companies in Dubai need to embrace new technologies and engage with their clients to fix their operations and rebuild their future. The magnitude of technology trends in the property-related industry has been increasing daily changing the way real estate agents, managers, brokers, developers, and investors operate. According to experts, nowadays more than 70% of buyers search for properties online and 85% of real estate agents use text messages to communicate with potential clients and close deals.
The UAE became one of the leaders in the MENA region in terms of tech adoption in the real estate sector. A myriad of new high-tech tools ranging from social media to real estate CRM software, Artificial Intelligence (AI) platforms to digital open houses, and blockchain integrations have helped in retaining business continuity by bridging the gap between developers, brokers, and buyers in these uncertain times.
The use of smart technologies has simplified the process of searching, viewing, and buying a property. Today, investing in property has become more effective, thrilling, and convenient with the global virtual real estate market created by the Internet. Buyers can now make informed decisions by checking all details about a particular property listing, location highlights, and developer reviews with the click of a button while sitting in the comfort of their homes.
During the lockdown situation and post covid-19, many real estate companies have shifted to a virtual business model to keep their potential clients and employees safe by limiting human interactions. The implementation of 360-degree virtual tours, virtual reality, and immersive project apps have allowed real estate professionals to engage with potential investors in a non-conventional way hence coping with inquiries in a steady flow. Besides the various travel restrictions in place, the virtual reality tour provides cutting-edge to prospective investors who can experience living in their dream property even before moving in irrespective of the location or time zone they are in.
Both traditional and emergent beliefs have shaken during the pandemic, the world post-covid-19 will have a ‘new normal’ and digital technology combined with the current uncertain times have completely changed the buying game in the property-related market. Gone are the days when searching, viewing, buying, or selling properties used to be a tedious process. The world has now stepped into a zone of digital irreversibility, new technology has created a positive impact in the real estate industry, and companies that have embraced changes have demonstrated cautiousness and future readiness.