According to recent studies, because technology is rapidly advancing and growing into society, nearly all businesses and economies are affected by it. Moreover, many businesses and work places are disrupted due to the new advancements and changes that newer technology brings. Sierra Properties has been studying this phenomenon and implementing the findings to stay on top of the real estate in Pakistan with the new technologies. This is because the real estate sector in Pakistan is no exception to advancing technology as it is also being affected and redefined by the ever-changing market conditions and changes in customer behaviors brought on by new technologies.
This isn’t necessarily a negative change, as authorities believe that despite the increasing effect of new technologies on real estate, this technology will not be replacing real estate agents. In fact, the overall real estate industry in Pakistan will not be replaced by a newfound technological solution, but instead this new technology will help enable real estate and improve it if implemented by entrepreneurs and leaders with the right knowledge and skills.
For this purpose, it must be noted that acquiring hardware or other latest tools and technology is not the solution, or the easy way to move up in the Pakistani real estate business. Instead, these can be achieved by adopting innovative solutions that will mostly incorporate software applications, platforms, and solutions. Sierra Properties is well-prepared and has trained employees from all fields, including those familiar with software and tech, and those who are able to adapt to newer technology quickly.
A simple example to showcase the importance of incorporating new technology into your business and make good use of it is the emergence of ride sharing apps like Uber. This phenomenon even has a name, called the “Uber effect.” It shows how quickly an entire industry changes when they smartly adopt a technology. It remains no news at this point, but will be mentioned simply to get the point across. Ride-sharing platforms quickly upended the entire taxi industry worldwide. Their growth was something which the taxi industry ignored at first, simply because these platforms and apps couldn’t compete with the taxi industry, mostly because of the costly taxi pendants, because of which taxi industry dominated the market.
Although many believe the real estate sector will be unaffected by the rapid advancement of technology due to its stable history, Sierra Properties believes in being prepared and growing with the world. This decision and mindset is further compounded as the real estate in Pakistan is also rapidly growing as investors are becoming more vigilant with a growing appetite to match the customer base.
It appears that the real estate industry in Pakistan cannot ignore the shift towards real estate technology and watching out for new technology anymore. As the industry evolves, Sierra Properties aims to become the leading real estate company in Pakistan by adopting new technologies to offer resources and solutions like renewable energy and smart homes that are beyond real estate products and services.
Sierra Properties Incorporating Technologies in Real Estate
As technology and innovation continue to shape the real estate industry, Sierra Properties is taking steps to to become leaders in the coming digital real estate ecosystem. Some of the main areas Sierra Properties is focusing on are listed below:
● Augmented and Virtual Reality: Virtual Reality (VR) is essential and reliable because it allows customers to observe predevelopment and/or finished housing units from all over the world. VR technology can be used by different business, including real estate developers to give their prospective clients a realistic feel of the product virtually so that they know exactly what they are purchasing.
Using real-time technology and devices is also advantageous to real estate developers because they can easily show off the progress on the developing houses and completed units alike. Sierra Properties aims to commercialize the potential of VR tech in selling property developments.
● Big Data: Ranging from driving your business decisions to creating better consumer experiences, there are a lot of ways big data can influence your business. This is why many real estate businesses collect huge amounts of data that sit in storage repositories without analytics being done to pick out growing industry trends or consumer behaviors.
To target the right clients, it is vital for real estate companies to know who their target market is, when they want to buy, where they are, and the most effective ways to reach them. Harnessing big data is a priceless tool when it comes to targeting the right customers, as well as a significant component in refining the real estate process. This is why Sierra Properties is utilizing big data to not just be able to better target its clients with the appropriate products, but to also position its products most efficiently.
● Building Technology: Due to the increased demand for inexpensive housing and accommodation which also has less impact on the environment, real estate developers in Pakistan have to consider more inventive ways of building houses. To implement this, Sierra Properties is mainly focused on using prefab building material and modular construction, so a building is assembled onsite after being constructed offsite.
This was first done by a China-based company in 2014 when they used 3D printing to construct a house. In comparison with the traditional construction methods, this saved up 80% on the construction costs and 60% on labour costs.
● Machine Learning and Artificial Intelligence: Computers using past experiences and pattern recognition to teach themselves and to improve the way they perform their tasks is known as Artificial Intelligence (AI) and/or Machine Learning. Real estate investors find these systems reliable and effective in helping regulate expenses, deal with risks, as well as gain higher returns through use of algorithms designed to predict and factor in individual investor concerns.
Therefore, matching prospective buyers with desirable properties is being improved and done more efficiently through real estate search analytics. There are various AI tools involved in making this process run smoothly, and some of these include: chatbots to automatically answer frequently asked questions, investor analytics that set accurate income and growth goals, and loan default predictors that are able to assess risk and focus on the more profitable investments.
● Real Estate on Demand: According to this concept, potential customers are able to access and extract value from their products and services instantly. This is helpful because customers are known to be impatient and are satisfied by instant gratification, which is why most demand instant delivery for the goods and services they purchase.
Many top companies and international brands like Amazon, and Google have already provided same-day delivery service, thus revolutionizing the stock and supply networks. When it comes to real estate in Pakistan, Sierra Properties wants to be the one to set the pace. With the use of technology, we aim to connect clients wanting to view a house or property with real estate agents close to the area who are prepared to take a new lead.
● Real Estate Operations Automation: Like any other business, the real estate market is also a competitive one. To remain in the competition, real estate companies must remain on the lookout for better ways for better efficiency, and to best distinguish and situate their products and services while building customer loyalty.
By incorporating a vigorous back-office setup, a company can have visibility of a customer’s life-cycle from when they were possible clients till when they finally become landlords or tenants. Sierra Properties has experienced that it is easier for enterprises to address challenges like cost effectiveness and communication between different investors by computerizing their customer relationship management, amenities management, and portfolio management.
● The Internet of Things: The Internet of Things (IoT) is a crucial element of home automation and smart homes. Among various facilities, this involves computerizing the ability to regulate various items around the house, ranging from curtains to lights and other electronic devices with a remote or even through voice command. This means that now smart home technology is changing the way home-owners view property.
With the advancement of technology to the point of making our homes smart, Sierra Properties is enticing buyers with internet ready homes instead of being satisfied with simple accommodation for a house. Due to the advancements, it is even being anticipated that at some point, real estate agents will use IoT for home searches. If this happens, then the practice of customers browsing the internet to find their perfect home will be replaced with voice-driven phone applications that will automatically answer customer queries and direct them to desired searches.
Ways to Embrace and Adopt New Technology
It is understandable to be hesitant of rapidly changing technology. However, growing with the world and being adaptive is a necessity for success. Some of the ways you can get over this wariness and embrace technology are:
1. Automating your back-office setups. This is so you can collect data about your customers. Furthermore, using simple customer relationship management and property management tools will also help greatly.
2. As your data collection grows, it would be best for you to invest in business analytics to pick out trends in your customer behaviour. This is important to ensure customers return because doing this enables you to target your customer with the best suited products and services, as well as reduce marketing efforts to the wrong market section.
3. It always helps to invest in technologies that, a) simplify decision-making, like which of your properties to invest in, for your potential clients easier for your potential investors, and b) differentiate your properties from the typical, non-smart houses.