Technologies like blockchain and AI will be mainstays of real estate, disrupt market: Research

According to a report by Grant Thornton Bharat, technologies such as blockchain and artificial intelligence (AI) are becoming talking points in boardrooms in the real estate industry as the next few years will see many digital-centric transformations. The research highlights that the pandemic and the growing proptech space has accelerated the adoption of new and emerging technologies such as augmented reality, virtual reality, chatbots, big data, marketing automation, IoT, among others.

“Real estate companies are increasingly using new era digital technologies in all aspects of finding, buying, selling and financing real estate. Technologies such as AI can now navigate millions of documents in seconds, looking at property values, debt levels, home renovations, and even some of a homeowner’s personal information to enable data-driven decision making,” said Pranav K, Client Advisor, Digital Transformation-dGTl Grant Thornton Bharat.

According to experts, customer queries from selecting the right property to after-sales queries and arranging virtual tours have been completely redefined. “With Blockchain in the real estate lifecycle, we can remove middlemen from the transaction process, reducing overall fees,” Pranav said.

Since listings are available online, home buyers can search for homes by selecting attributes such as location, price, square footage, number of bedrooms, but still not finalize the property.

Machine learning has simplified this process by analyzing a person’s search patterns and creating a more personalized list of what they really want.

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