The advancement of technology and wider reach of internet has certainly affected the method of interaction between people. From large corporate business to small-enterprises, technology is turning the face the way industry used to work. Indian real estate sector has witnessed the major impact of this technology advancement. With apps, VR, AR, property portals and other methods coming in, Indian real estate is losing the human touch and face-to-face interactions.
The best example is the way we shop, which has undergone a massive change over the past few years. We don’t have to step out of our home, as the internet offers us everything with a click of the button. Shop and order, items get delivered to your home. The click of a button can change your life. Like these, there are many such dramatic changes happened past few years. The real estate isn’t spared with this digitization change. Real estate has turned out to be commoditized and home purchase is now an investment play done purely for long-term financial gains.
However, this also has given the rise of digitization in the real estate sector in property buying process for home buyers in an effective way. The introduction of Augmented Reality (AR) and Virtual Reality (VR) in real estate has further boosted the losing touch of human hands from property search to property buying.
Search and Purchase in Digital World:
The home buying process starts from property research and ends at purchasing it, the human involvement in researching about the property is negligible in today’s world of digitization. Earlier home buyers looking for a residential apartment had to visit the project on-location to understand the construction and have a better understanding. However, with the digitization, home buyers can virtually take a tour of the project right from the computer itself. With 3D designs and Aerial Drone videos coming up, real estate developers are posting the clear walkthrough of the apartment and the entire project on their website. However, having a personal visit to the location is still the part of the process of home buying.
The Video Walkthrough of Property:
Developers in India are now offering video walkthrough, a step ahead of viewing the property. This Virtual Reality thing as defiantly transformed the industry. Began with the gaming and entertainment industry, VR has struck the right cord in real estate. Prominent Developers like Lodha Group Builders and likewise have already started using this strategy to lure more customers. House -hunters, from the comfort of their home, can virtually take a tour of the project. This certainly brings down the inconvenience of timing and location.
The Loss of Human Touch:
The Internet has a profound effect on the real estate sector. Human involvement in the search and discovery phase is on the verge of extinction. With the use of mobile and laptop/desktop, the search thing has become handy. Presently, there are several real estate portals that help buyers in comparing different projects on the parameters of budget, location, infrastructure, accessibility, and future perspective. In fact, the live chatting option on the website helps the buyer to address the grievances.
However, the final stage of home buying process has human involvement from finalizing the property and closing the transaction or buying the property, because it involves a lot of in-person meetings and paperwork. The home buyer after shortlisting the project interacts with the developer or agents for further process. In fact, here human interaction is crucial, where the perspective buyer shifts from digital device to face-to-face interaction.
Is Future of Real Estate Purely Digital? A Question Remains:
The impact of digitization in real estate sensed is real and has changed the way we see. However, with the emotional journey involved in purchasing the property still requires human interaction, customer service is essential to create a professional level of sales. A home buyer personally visiting the location will give a precise picture, which the digital will still lack. While digitization enhances the home buying process, human interaction still remains the ‘need” of the industry and cannot become obsolete now or in the future.