By Shailesh Goswami
Buying a commercial space today is far easier than you would imagine. Innovation and technology have infiltrated the process of property buying and selling by making it simple, speedy and savvy. The application of transformative modern techniques like virtual reality augmented reality, and the internet of things has altered the way prospective buyers desire, imagine and eventually buy a space.
There is no denying the fact that till almost a decade ago, real estate stakeholders had no indication that technology would create a lasting impact in the ever-evolving real estate sector. And when they comprehended and applied the same, their properties became more mainstream and extremely popular amongst clients. But what they did not interpret was that just like them, technology had constituted the creation of a new breed of buyers that are in sync with the trending times. A smarter and tech-savvy buyer!
Such buyers are unmistakably up-to-date with advancing technological techniques, real estate capabilities, the sectors buying situations as well as their underlying problems. They are thorough with their research (undertaken through various websites, online articles and blogs) and thus know exactly what they are looking to purchase. This includes expecting high-tech experiences and being significantly conventional.
Gone are the days when property buyers had to hunt for a decent real estate broker, spend hours telling him about the ideal property and then spending months searching for the right one. Technology has made prospective buyers smart as well as self-reliant. They dont have to depend on the third party as much as they used to before. Online listings across umpteen online portals, VR headsets and the power of touch screens gives them a 360-degree preview inside the property of their choice in the comfort of their home. They do their own study, explore the place online, learn about price variations and strategise future dynamics before making any purchase decision.
Realtors must acknowledge that advances in technology means that buyers are now also looking for properties that include smart features and enable the use of smart amenities. They want homes that simplify their everyday lives, while giving them a sense of security, comfort and practicality.
As the internet of things makes an entire building smart, buyers want their homes to reflect these innovations, but not just internally. Buyers are look at properties that can integrate technology into security, appliances, ventilation, and even public spaces.
There is no denying that todays prospective customer knows how to stay ahead of the game, all thanks to technology. They have seamlessly integrated it into their lives at breakneck speed and are enjoying the immersive experience they receive. They definitely dont want to compromise on something that is evolving globally and has a futuristic scope.
Realtors need to work in tandem with the growing needs of smart buyers in order to stay relevant. It may not be long before realtors find themselves replaced by the savvy buyer who has checked out a property online and is willing to move ahead with a purchase then and there.
As a realtor, if you still putting your best bet on brochures and a sample flat, or making your clients see unfinished homes with sub-par amenities, it is time to catch up with technology.
Shailesh Goswami is founder and CEO of Foyr.