As reported by Fortune, the total Real Estate property in the world comes up to about $217 trillion. The demand for the products and services from the Real Estate industry has grown with an increase in the global population. It is important to incorporate the correct technology to ensure that there are better products and services for consumers to meet this demand.
This is where the technology-based start-ups are playing a big role. Many new and innovative ideas have come up to ensure customer satisfaction in this industry. The multinational corporations in the Real Estate industry are implementing a lot of these innovative ideas.
Below are 4 of the major and popular ideas which can affect the real estate market.
Smart Buildings:
AI-based buildings which will be able to identify small problems such as leakages, repairs, etc are being proposed. Smart buildings using AI will also offer home automation. These include controlling the thermostat and air conditioner settings, reducing wastage of electricity by switching off lights automatically if no one is in the room, controlling water wastage, etc. The technologies behind this will be quite sophisticated and are expected to be very popular in the real estate market. According to GreenBiz, companies like Hitachi, Panasonic and IBM will soon contribute more to smart buildings.
Virtual House Tours:
Buying a house, or for that matter, any product in the real estate market is quite tedious. It involves moving from place to place to see the different options and keep many details in mind to just be able to compare those options. However, with the progress in the fields of 3D viewing, customers can now view all their options at the realtors’ offices. This allows them to compare all their options at once place. They can also take virtual tours of the house to get a full experience before making a decision. Companies like FeelEstate offer 360 views of the real estate property, allowing the buyer to decide whether they want to visit it or not.
Use of Blockchain:
The amount of money involved the real estate industry is quite large. Unfortunately, fraud is running quite rampant in this area; falsifying information, contracts, mortgage frauds, etc are just a few of the problems we face in this industry. However, the use of the decentralized blockchain technology can solve many of these problems. The transactions are stored permanently in ledgers which can be viewed publicly. They ensure that no information is false. The usage of Smart Contracts based on the blockchain network ensures that all parties fulfil their sides of the bargain. They are only executed when the terms on the contract are met. Platforms such as WAVES can be used for this.
Use of Robotics in Construction:
Construction is a hazardous activity for the workers and even the slightest human error can be harmful to the building. Robots will do the work efficiently, and minimize the loss of life during the construction. The use of machine learning coupled with robotics will also help build sustainable, green, and long-lasting structures to withstand natural calamities. Construction Robotics has come up with a bricklaying robot called SAM100 to reduce the high intensity, but necessary work of laying the bricks. They collaborate with the workers onsite and help reduce the work.
Such technologies and more can integrate useful services and products in the real estate industry.
At Z Nation Lab, we encourage technology-based Real Estate startups to pitch their ideas to us, so that together we can build structures which will be more safe, secure & energy efficient.
Mentors @ Z Nation Lab:
Pushpamitra Das – Venture Partner at Z Nation Lab with over 25 years of cross-industry experience with large business groups like Rustomjee, Wadhawan group, Wadia, etc.
Sunil Ranka – Venture Partner at Z Nation Lab & Founder-CEO of Predikly ( A data innovation company ). Sunil is also part of Forbes Technology council and is an active column writer on Forbes and leading CIO magazines. He was awarded Prestigious Oracle ACE awards.
Anup Mehta (myself) – I am the Co-founder and COO at Z Nation Lab with 15+ years of experience in managing a successful business in Real Estate & Finance.
So if you feel that you are doing something disruptive in the Real Estate Sector then send your pitch deck at pitch@znationlab.com
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