The ire of technological disconnect was long felt in the real estate sector. This hiatus meant customers had to spend large amount of time roaming on the streets in order to hunt for a suitable property. The trouble further intensified when the pandemic stalled street-on-street searches and ultimately impacted the overall sales. However, the market quickly evolved and steered transformation, developing an integrated system enabling buying, selling and much more over the internet. Vijay Gupta Orris, Owner and Chairperson of Orris Infrastructure, discusses the need for new age technological solutions in the real estate sector.
A number of technological solutions driven by artificial intelligence, cloud-based technology, and Robotic Process Automation have helped the sector. Gupta states, “Real estate firms are realising that they need to shift with the changing momentum and such technologies will enable a systematic and comprehensive evaluation of a large spectrum of properties in real time.”
Understanding the advent of artificial intelligence in the sector, it has significantly optimised the decision-making processes with regards to asset identification and selection. AI platforms use algorithms and machine learning to process big-data sets, which in turn helps with identification of correlations, patterns, and relationships. “This application in the real estate market is helpful with determination of property rates using a predictive analysis algorithm.” explains the Owner of Orris Infrastructure.
Further, the cloud storage solution has enabled in solving the storage problem to a very large extent. This advancement applied in the real estate sector makes it easy for the stakeholders to access data on any property from anywhere. “We at Orris Infrastructure have always endorsed such solutions, since our aim is make sure that our work is reachable and accessible from remote locations. Also, when we support cloud storage, we stand with the fact that it saves a significant amount of time and energy spent searching for papers.”
However, merely accessing the information and determination of property rates isn’t enough. The technology should also be able to make decisions, which aren’t particularly crucial to an organisation. For this purpose, the real estate sector has opted for Robotic Process Automation (RPA). Using this applied science, a number of softwares automate regular clerical jobs at site. The method is cost effective, with the estimated overhead cost reduction somewhere between 10 to 40 per cent.
“When a machine is able to make petty decisions, a lot of focus can be given to the otherwise lagging tasks. This also makes it easy to engage with potential buyers and sellers, and generate better revenues,” informs Gupta. He adds that once every process is aligned in the real estate space, even customers far-fetched enjoy the same streamlined experience.
The real estate sector has traditionally remained out of technological bounds for a better while. And the likeliness of such solutions being deployed has remained grim. Paving the way with the pandemic, the sector has learned and adapted how transparent and reliable the processes can be made. Orris Infrastructure, which maintains an online presence via its website, has also endorsed such solutions, and gone an extra mile in the adoption of technology.
Real estate market is a vast one and use of artificial intelligence is new for this sector but this has actually optimized the decision making process.