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SMART REAL ESTATE (REAL ESTATE TECHNOLOGY)

SMART REAL ESTATE (REAL ESTATE TECHNOLOGY)

The supply of real estate solutions has been dynamic over the past years. Globally, the supply of these services has been shifting from traditional to Smart Real Estate (SRE). Technology has improved property construction (development). Over the years, real estate technology has transformed many real estate professions. These include all dedicated software used by different practitioners, including brokers, investors, real estate-focused lenders, property owners and managers, as well as buyers.

The use of technology in property development has become cost effective and greatly improved the industry. At first, an architect will spend several days on the drawing board with large sheets preparing architectural drawings/designs. Now, with software like AutoCAD, DataCAD, Revit, SketchUp, ArchCAD, V-Ray etc., the architect can easily communicate a design concept even with 3D images for better views of a construction project. Best painting colours for a project can easily be determine on screen with technology. The stress of providing the cost of a project can easily be done with software like MS Excel, QSCAD, Masterbill, Workmate, DimensionX etc.

Advancements in technology has been shaping the way real estate agents and homeowners navigate the home selling and buying process. In today’s modern world, real estate professionals rely on sophisticated data to drive decisions, assess home value, and find ideal buyers. The category includes online real estate rental and buying websites. However, these changes are making real estate solution provision more efficient but gradually reducing the employment rates.  According to recent research carried out by Oxford University, the potential for artificial intelligence algorithms to replace brokers’, brokerage clerks’ and telemarketers’ jobs is estimated to be between 97% and 99%. Most buyers usually search for properties on the internet in the comfort of their homes.

The real estate market is competitive, and the business is unique in that competitors must also cooperate with each other to ensure a successful transaction. MLS (Multiple Linking Sites) systems facilitate that cooperation. MLS helps buyers and sellers work with professionals of their choice as well as with the confident that they have access to the largest pool of properties for sale in the marketplace. Consumers can access and view all publicly available listing information on the website of their broker of choice.

Interestingly in America and Canada, during the early 90’s, real estate agents could gather at their local association’s offices to share the properties they have on their inventory. This was to help them corporate and close deal and share their commissions as well. They agreed to compensate other brokers who helped sell those properties. The basic principle established was “help me sell my inventory and I'll help you sell yours”. Sellers benefit by increased exposure to their property. Based on these principles, multiple listing systems and services were brought into existence. This has made the real estate market an organised one. With the MLS, buyers can now obtain information about all MLS-listed properties while working with only one broker.

In conclusion, technological progress is automating brokerage and leasing tasks, bringing down barriers between potential tenants and property owners. Cloud computing developments combined with mobile and social media are resulting in cost-savings and real-time availability of information that are enabling multiple leasing tasks online. This is particularly beneficial for small companies, which are usually more affected by entry barriers. For instance, real estate listing websites provide several services ranging from basic aggregation of leasable space, to offering an online marketplace for property owners and prospective tenants. Ghana’s first MLS by Ghana Real Estate Professionals Association (GREPA) is loopghana MLS which is also synchronised with realtor.com international. In the midst of Coronavirus pandemic, African countries including Ghana are gradually accepting virtual brokerages. Buyers now prefer engaging agents through technology and schedule for viewings without in-person inspections.

Professional trainings have also taken a virtual form riding on technology. Professional associations like the GREPA since March 2020 changed all their usual physical meetings to virtual ones to enable trainings and networking among its members. Global real estate professionals’ associations like the National Association of Realtors (NAR) had their 2020 Conference and Expo virtually for its members and its global affiliates. Indeed, technology has taken over the real estate industry and players need to align.

 

Source: Ebenezer Oppong Aboagye (Realtor)

             Office Coordinator (GREPA)

 

Disclaimer:The views and opinions expressed in this article are those of the author(s) and do not necessarily reflect the official position of Real Estate Times Africa (RETAfrica). Materials on this website are given for general information only and do not in any way constitute professional advice. RETAfrica accepts no responsibility for loss occasioned by any person and/or entity acting or refraining from acting as a result of information contained in this website. RETAfrica accepts no liability in respect of material(s) contained on other websites which may be linked to this site from time to time.

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