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How Technology Can Offer Real Time Solutions In Commercial Real Estate

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How Technology Can Offer Real Time Solutions In Commercial Real Estate

New Technology is being adopted by some industries that are keen to reap the benefit as compared to other who still operate the old fashioned way. Commercial Real Estate (CRE), has been at the forefront to embrace new technological innovations with open arms, breaking the age old pen and paper based business module. Most of the available tech solutions are not multi-purpose, they serve specific areas. For example – you might find one solution helps in searching properties, while another one might help you with financial analysis or even getting electronic signatures on leasing documents. These multiple options, at times, could be confusing so it requires complete understanding of Technology.

Thankfully, today we have more holistic and smarter tools available that simplifies the lives of real estate companies, brokers, agents, landlords and tenants. A large number of tech solutions, these days, are developed by industry professional rather than third parties, who understand the hurdles faced by the industry and how to overcome them with one-stop solutions.

One of the biggest constraints that real estate agents face is time. Agents are extremely busy as they spent a lot of time and energy in answering common questions, price negotiations and meetings. Efficiency is another challenging area. Usually there are tons of texts, emails and phone calls, when it comes to giving property tours and negotiating prices. There is a need to streamline these processes for better efficiency.

Over the years, we are becoming more and more self-sufficient, thanks to all the apps and tech solutions, all relevant information is now available at our fingertips. CRE needs to get on-board with the latest tech solutions as well, in order to have easier access to data that can help in quick decision making. Still, experts feel that almost one-third of professionals still rely on spreadsheets and other traditional methods for conducting business. The industry is lagging behind but the introduction of simple and complete solutions that consolidate data will help it to grow further.

It is important that tech solution enhances and compliments the existing experience, in a relationship driven industry like CRE. The technology should be user-friendly and must improve the experience for every user. Today we are accustomed to apps and have the ability to accomplish a task by a simple tap on our smart phone; hence the same can be implemented in CRE by developing advanced UI, which are compatible with multiple devices and can access up-to-date data.

Virtual Reality (VR) and Artificial Intelligence (AI) can also help push CRE to higher level. VR enables people to take 3D tour of properties without physically visiting the place. The realistic 3D tours help home-buyers/tenants to make quick decisions about the property without wasting time driving from place to place. AI on the other hand, can analyse tenants preferences and predict what they really want, which helps property owner to offer the best price and minimising the negotiation process.

So, what happens after the deal is made and buyer is ready to move into the property? The buyer/tenant has to arrange for furniture, movers, contractors, architects, utility companies, etc. Until now, this entire process was disjointed, resulting in lot of time wastage. It is expected that there will be more collaborative tools which will improve and streamline all the tasks that tenants face while moving into a new place. This will not only improve their experience but will also mean more business, uplifting the CRE.

It is very important that while adapting to new tech solutions, the personal touch should not get diminished. Every buyer has their specific needs that need to be addressed through personal conversation. Since buyers also have easy access to various apps, they would rely on personal advice and expertise from real estate agents who can advise them beyond what they know already.

According to CB Insights, 2016 is considered to be the best year yet for real estate tech funding, with a respectable $6.4B raised since 2012. In 2017, the CRE industry can expect some key technological innovation that will enable companies to save more time, generate more revenue and operate efficiently.

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Appoint Housecraft App For Your Interior Designing Job

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Do you have a knack for interior designing? Did you always dream about being an interior designer but could never really get a head start at it? Is your home in a dire state for a revamp? Do you like to change your interiors often?

If your answer is yes then we have the perfect solution for you. The answer to your prayers is the refreshing Housecraft App. The app is available only on iPhone App Store for free.

It is a fairly easy app that can be used to design any interior living space with the choice of several pre-fed furniture and décor items. You can use your phone’s camera and watch the power of augmented reality to place fully rendered 3D models anywhere in your world.

For example if you want to redo your living room. All you have to do is open your phone camera and scan the room. You would be surprised at how accurately it takes measurements. It then lets you drop all the furniture you can think of. You can resize each object so you can customize it according to your room. Plus, you can admire objects from any angle, in any light! Once you achieve a set-up that you like, you can save it for later reference.

The app is a break through at many levels. To start with you design your own home and test it on the app so you can actually see the outcome of your design. For people who like to mix and match and change décor items on a regular basis can use this app for better visualization of their ideas. It is easy to save room configurations and try them out anywhere. Thus great help in apartment hunts, reorganizing a room, testing how new furniture will look, and more. With their video recording feature you can share your creations with your friends or family.

Also Read: 5 Real Estate Tech Startups in India You Can’t Ignore

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5 Real Estate Tech Startups in India You Can’t Ignore

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5 Tech Startups in India You Can’t Ignore

The real estate sector is one of the biggest contributors to the country’s economy. It is no wonder that the sector is booming with newest technologies that are changing the age-old industry norms and raising industry standards. Here are five tech start ups that you need to take note of:

NESTAWAY

5 Tech Startups in India You Can’t Ignore

If you have ever faced a rental problem and most of us have, this is the thing that you need. NestAway is India’s home rental network for singles that offers rental solutions via latest technology and best design.

Founded in January 2015, NestAway is an app that lets you find, book, pay, move-in and out of a rental home anywhere in India. They basically manage both parties in a rental situation and turn unfurnished houses in to furnished homes and offer them at affordable prices on sharing basis. Deepak Dhar, one of NestAway’s four cofounders, says “It’s a new concept for owners and a solution for tenants. Plus we’re solving the youth housing crisis of upwardly mobile urban migrants in cities.” It began in Bengaluru and today is spread in 9 metro cities of India.

Website: nestaway.com

NoBroker

5 Tech Startups in India You Can’t Ignore

A Bangalore based real estate search portal, NoBroker eliminates broker and directly connects flat owners and tenants. Founded in 2014, NoBroker claims to work on the basis of technology that identifies and abolishes brokers. Started as a rental platform, they have now forayed into brokerage free buy/sell property as well. They verify each listing to make sure they are owners and no middlemen. They offer maximum information in the most accessible format, thus saving you time, money and energy to actually go physically hunting for house.

Website: nobroker.in

SmartOwner

5 Tech Startups in India You Can’t Ignore

Find the biggest market for investors here; all the opportunities that you won’t find on general market. SmartOwner brings forward some of the carefully curated investment opportunities from the fastest growing cities in India. Projects are vetted by law firm after meticulous checks. It verifies all the listing to make sure the pricing and specifications are in line with the market trends. Thus it offers well calculated risk and returns. People benefit from the curated high-return opportunities.

Website: smartowner.com

Approach

5 Tech Startups in India You Can’t Ignore

Approach helps you to conveniently and accurately manage scientific data which enables you to grow your business strategically instead of hit and miss methods. Real estate is a growing sector and it needs such solutions where management can take accurate decision based on solid data. Approach lets you manage your inventory from any location. Cloud telephony lets you track all your campaigns and calls from anywhere. Automated SMS and Email Marketing allow you to connect with your audience and also offer in-depth analytics of click-rate and subscriber activity. You can now even calculate the returns on investment from all your media spending and campaigns.

Website: approach.one

GrabHouse

5 Tech Startups in India You Can’t Ignore

Established in 2013, Grabhouse is a no broker website that helps people find flats, flat mates and tenants quickly and without much effort. It is the first venture that is a 100 percent broker free house renting platform. It is able to achieve this by using powerful technologies that allow stakeholders to enhance their business. Their target group lies between 18-28 years; they are mostly students or young professionals who are looking for decent places to stay while saving a buck. Even on-ground assistance is provided after lead generation for a nominal fee.

Website: grabhouse.com

 

Also Read: Technology And Real Estate: Reaching New Heights

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Alibaba Now Enters Housing Rental Market In China

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Alibaba Now Enters Housing Rental Market In China

Alibaba, the Chinese e-commerce giant, signed an agreement with Zhejiang province to use the company’s technology in order to build an online system for house rentals. As per the agreement, this system will include all the apartments that are put up for rent by an individual, government, developers as well as agents.

The Xinhua news agency reported that the Hangzhou City in Zhejiang province will be able to use this application to seek houses on rent. The website by Alibaba will help people at every stage of the procedure, right from searching for a home to apartment contract signing and later payments.    

Han Junqing, director of Hangzhou Real Estate Registration Center, said, “Information on apartments, user reviews, and credit ratings of owners, renters, and agents will all be shared.”

The system is called the Smart House Renting System and will be supported by Alibaba’s technology, data, and commerce credit system. The government sources have revealed that it can prevent fraudulent deals.

At present, the housing rental market in China is dominated by real estate agents, and fraud and disputes are not uncommon in all the major cities. There are big real estate players with their own apps however that information is not shared with others.

People seeking homes for rents often have to refer to different apps and compare their offers as these companies lack the Zhima Credit from Alibaba subsidiary Ant Financial’s which is a much more mature credit system.

The government of China is prioritising the rental market’s development to rein in runaway home prices in the country’s big cities. The Central government chose Hangzhou among the first 12 cities to take bold reforms to boost the rental market.

Also Read: Technological Solutions That Are Helping The Commercial Real Estate Industry

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