Digital Transformation in Real Estate

Realm of possible continues to expand with the advent of Digital Transformation and it has accelerated even more during the past COVID months. We have seen more change in the last 4 months than the last 2 years from technology perspective – especially in the Real Estate industry. “Tech” is no longer a buzzword for the Commercial as well as Residential real estate and is slowly becoming foundation and will very soon empower and transform the world of Real estate offering unique experiences to the consumers of the “spaces” for the tenants.

Pandemic and Role of IT

With this massive change, the role of IT has changed. Rather than just a cost center, rather than just the technology experts supporting the industry, IT is now becoming the enabler and Digital Transformation leader for Real Estate.

*When technology leaders of Real Estate Industry were asked about the Spend on Digital Transformation, they compared the spend before and after COVID. Pre-COVID 57% were increasing their spend and in this COVID era, 70% of the executive leaders said their spending is likely to accelerate and 88% agreed that the scope has expanded.

Technology as an Enabler

The businesses are now seeing the growing need of using technology as the pandemic is forcing us to look ahead in the future. Beating competition, being first in the market with IT as a foundational tenet and as a backbone of the company. Product and Design thinking mindset that will transform how the industry offers spaces to their customer and improves tenant experience is becoming very important. The same type of technology we use at home Smart devices to control homes, alert notification systems to keep our home safe and secure, devices used to run our homes in an efficient manner to control temperature, water usage, dishwashers and laundry machines – can be brought to workplaces. This type of technology can be provided as services to our commercial as well as residential tenants.

There are huge advances in the technology world in the areas of Artificial Intelligence, RPA, Virtual and Mixed Reality, Drones and Digital Twins. And all these technologies are going to generate humongous amount of data that will be collected from spaces connected to the devices, devices used by the consumers of the spaces, and the data being collaborated, transacted and stored. By analyzing this data instantly is going to generate very valuable insights to manage and control the business outcomes quickly and proactively. These technologies are going to transform the way we construct, lease, operate and manage real estate assets.

In this Real Estate blog, we will explore how each of these modern technologies can help the owners, operators, brokers, tenants and vendors to make technology as an integral part of the business to deliver the best experiences to the customers. Stay Tuned!

*As per the Survey conducted by RealComm in July 2020