Although the Bangladesh’s real estate sector has not been the fastest industry to adopt the latest technology trends, adopting to new innovations in Proptech will differentiate real estate companies Bangladesh given the rapid development of new technologies in the sector.
The internet of things (IoT), augmented reality (AR), virtual reality (VR), and artificial intelligence (AI) are some of the major forces driving the industry’s advancement. In this BProp article, we will look at several interesting new technologies in real estate today and go into detail about their function.
Artificial Intelligence
The real estate sector is being significantly disrupted by artificial intelligence (AI). It seems only fitting that we take use of the system for our own benefit in this age of technological transformation, where information is of utmost importance and everyone is connected via the internet. That’s precisely what the real estate sector is doing.
In real estate, a variety of tools are used to measure, develop, model, and identify a building’s physical characteristics. The heavy lifting is being done for us by AI, which runs simulations to determine a building’s susceptibility, identifies model faults, and automatically suggests fixes to stop modelling and design errors.
In order to better understand the needs of their clients and suggest properties that will enhance the overall buying experience, developers and realtors are utilising social media and AI-powered tools to obtain insights into user interaction data and behavioural patterns.
Big Data & Analytics
Big data is a broad term that includes gathering and evaluating massive data sets containing intricate information from multiple sources in order to decide on a certain course of action and extract information that would not be available using conventional data-processing methods. Big data opens up a plethora of new opportunities in real estate. Rather of addressing the big real estate problems like whether to invest and what kinds of properties would value the most in the future, the real estate market data that is typically utilised to identify current market trends is constrained by particular characteristics.
On the other hand, you can accurately predict the state of the market by using AI (Artificial Intelligence) in conjunction with big data analysis. Additionally, big data research can assist realtors in identifying the unique needs of their clients and meeting those demands. In the real estate sector, building information modelling (BIM) is another special application of big data analytics. Startups are able to produce 3D models of buildings by using data gathered from multiple sources.
Immersive Technologies (VR & AR)
The most intriguing technology in real estate right now are immersive ones. The advantages that augmented reality (AR) and virtual reality (VR) offer are simply astounding, even though these technologies are still relatively new to the real estate sector. When it comes to bringing life to an empty, unfurnished house that is quite dull to visit, they are revolutionary. Touring a house before buying is still common, but it involves several time-consuming tasks like getting to the place and setting up the property, among other things.
However, by providing virtual tours of the properties to potential customers, realtors are resolving these problems with the use of AR and VR technology. Clients are therefore able to examine several residences simultaneously, regardless of their location or level of furnishing. Additionally, it gives realtors the ability to show their clients various furniture arrangements based on their preferences, which expands their horizons. This enhances the overall experience of purchasing real estate and aids brokers in turning leads into sales.
Internet of Things (IoT)
The phrase “IoT,” which stands for “Internet of Things,” refers to a device that has a variety of sensors, software, processing power, and network-based data exchange capabilities. In the context of home automation, a home automation system is any gadget that makes it easier to monitor the house, whether it is for security purposes or to regulate specific household operations. For instance, virtual assistants with speech and voice recognition allow users to operate smart gadgets in their homes and offices.
Additionally, motion control sensors and devices are crucial for maintaining adequate security within and around the house by preventing unauthorised entrance. Additionally, IoT makes it easy to keep an eye on a building’s temperature, water pressure, and electricity consumption, among other systems. IoT is one of the most innovative technologies in real estate today because of these factors.
Some of the cutting-edge real estate technologies and their effects are covered in this article by the BProp team. From the Internet of Things to virtual and augmented reality, big data, and the role of artificial intelligence in real estate, we attempted to illustrate how these technologies are enhancing the experience of purchasing or selling real estate.
