Harsh Maheshwari is Chief Technology Officer (CTO) of Sai Estate Consultants Chembur Pvt Ltd. An IITian from the IIT-Bombay, his stellar academic performance was followed by a technology consulting stint with Deloitte for 4 years before taking over as CTO of SECCPL.
The marketplace is that facet of human existence where entropy reigns supreme. The incessant hustles and bustles of countless transactions between buyers and sellers tend to be its most iconic characteristics. However, what no one expected was the onset of a period wherein even the busiest markets would come to a screeching halt. COVID-19 transcended from being a health crisis to becoming an unsettling economic event in no time. As humans were restricted within the confines of four walls and nations observed strict lockdowns, activities such as sales as well as production noted a disturbing slump. The real estate industry was not immune to these adverse times, and realtors across the board grappled with the complete shut-down. Even after the Government ordered the resumption of construction, developers faced the brunt of sluggish sales.
The virus outbreak filled individuals with uncertainty, consequently motivating them to purchase a property that they can call home. However, though the desire was present, buyers felt scared to leave their residence and venture out in search of their dream abode. Further, owning a house entails great investment, and given the persistent situation, several customers have become sceptical about spending their savings on under-construction options.
To curb these and more obstacles that the pandemic brought with it, realtors are increasingly turning to the remarkable technological advancements and offering contactless solutions to their clients. Here are some of the options which are acquiring the centre stage.
Enabled by the wonders of Virtual Reality (VR) under this concept, all one needs, to view their prospective home in a simple headset. By channelling this technology, agents can offer a crystal clear three-dimensional tour of the property without actually visiting the same. It enables buyers to make an informed decision without any geographical barriers. Further, one can view several options over a short time-span, regardless of their distance, visiting hours, and other constraints.
Buyers visualize their future homes to be equipped with world-class furniture and fixture, making their dream come to a reality. It has been seen that visual appeal plays a primary role in shaping the final decision of customers. With the help of virtual staging, sellers can add these fittings and other wishful items to make the property a delight for the eyes of their clients. It is the best way to transform a mere brick-mortar structure to an apartment, giving one the experience of how their personal space will look.
Digitization of Documents
Transactions in the realty sector entail detailed verification of documents so that no discrepancy arises in the future. In the pre-COVID era, sellers would provide hard copies which were later vetted by the buyer or their representatives. However, in the current times, the world has moved towards adopting a digital orientation wherein all necessary paperwork is uploaded online. This is not only safer and more feasible but also adds to the credibility as well as transparency of the process.
All the integral activities involved in the buying and selling of property such as follow-ups, data sharing, and customer support, amongst others, are being rapidly automated with the help of the various technological advancements. These innovative applications have shown tremendous benefits in terms of cost-cutting, time-saving, and increased efficiency, allowing realtors to offer seamless service as well as lucrative deals to their clients.
These are just a few ways in which modern innovations are transforming the entire industry amidst a pandemic. Some other commendable integration of these solutions can be seen in the form of virtual commerce and robust ancillary services. Impressed by the present benefits, real estate operators are looking forward to driving home more such offerings, so their customers experience unmatched satisfaction.