The pandemic has affected many businesses. Some businesses went bankrupt, while others could change their business models and adapt to the situation. The year 2020 was a transformational year for technology, and it has changed the way we live.
Many of us stopped commuting, dining at restaurants, and started using online platforms for attending meetings at work or school. Technology changed the way we shop and the way we workout. We were able to adapt to the digital lifestyle during the lockdown.
Proptech is one of the businesses that has been affected by the pandemic. Proptech is a combination of real estate, construction, and finance startups. Even though the economy has restarted, the demand for properties remains subdued. People are still actively searching for homes, co-working spaces, and offices.
But how has the price and their behaviour been affected by the pandemic? According to asean.org, unemployment expecting to increase in South East Asia due to the impact of COVID-19. The Philippines has an all-time high of 17.7 per cent from a 5.1 per cent in the corresponding 2019 period.
While people are concerned more about the uncertain economy, real estate professionals are left wondering how they can continue to persuade people to buy houses during this difficult time. Nonetheless, as we enter 2021, three predict technology trends that real estate professionals will adapt to use during the pandemic.
Virtual meetings on the rise
Many real estate professionals use technology like virtual viewings and live walk- through videos to make tenants feel like they are visiting the property without setting the foot inside the space.
This year, the prediction could be the quality improvement of virtual viewings, including 3D video tours and 360° virtual viewings, which would increase the experience of viewing and experience of interacting with real estate agents and tenants.
AI and data analytics
Statistical data science study has proved to help humans understand the pattern of problems regarding generalisation and prediction. The big data and massive computation power on the cloud have unleashed its full potential of AI and machine learning.
The McKinsey Global Survey 2020 showed that 22 per cent of respondents report at least 5 per cent of EBIT attributes to AI. They have become the mainstream adoption for most businesses, especially in marketing and sales.
As we witnessed, it has already played a significant role in property management and asset management services. We also use data to predict the behaviour of people who have interacted with a property. Another fair use case is the pricing prediction powered by AI to help property management professionals with profit optimisation.
AI also helps our clients and tenants make better decisions as we can mitigate risks by providing accurate predictions. Many real estate professionals use AI or space-planning or create new spaces to increase landlords’ revenues and understand market demand.
Seniors spend more time at home during the pandemic, so improving resident experience is something that real estate professionals should focus on. Senior living is a blend of healthcare and hospitality.
Real estate professionals are improving the experience of living for seniors, including making them feel more connected with the community, including offering zoom happy hours, video chats, wearable smart technology, voice assistants, tele health, and GPS tracker. Technology plays a significant role in helping seniors stay connected.
As COVID-19 forces us to change our lifestyles and business models, businesses are striving to survive. There are many areas where technology can help the real estate sector.
We will not be able to replace human interaction, but technology allows discover a range of useful selling and marketing tools to utilise during this pandemic. To the pandemic, these above technologies can help agents in a wide range of activities.
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