How Technology Is Impacting Real Estate Brokerages In Dubai?

According to real estate technology statistics, 73% of buyers used their mobile devices to make a purchase. 44% of prospective home buyers scouted for buildings available for sale online. With more millennials buying properties than ever before, expect this trend to continue. Real estate brokers need to adapt to these changes and shift their strategies from traditional marketing approaches to more digital centric ones.

Another study shows that 78% of respondents said that the trend of using technology for real estate is growing. We are already seeing real estate companies integrating technologies like virtual reality and augmented reality to deliver a more immersive shopping experience for real estate buyers. Are you interested in learning how technology is impacting real estate brokerages in Dubai? If yes, then this article is for you.

How Technology Is Impacting Real Estate Brokerages In Dubai?

Here are some of the ways in which technology is influencing real estate brokerages in Dubai.

1. Virtual Tours

Gone are the days when you had to call up the prospective burner to your office and then take them to a property location they are interested in buying. Thanks to virtual reality and augmented reality, you can provide them with virtual tours, which they can enjoy from the comfort of their rooms. 

This gives them a feel about how the property looks and feels in real life, which makes it easy for them to decide whether it is the right property for them or not. As the technology matures, you can deliver an experience which is much closer to reality. 

They will feel like they are actually standing inside the property they are interested in buying, instead of treating it as a virtual tour. Some of the best real estate brokers in Dubai are already using this technology to their advantage and delivering interactive and immersive virtual tours which are as close to reality as it can get.

2. Transparent Transactions

Blockchain technology has brought about a revolution in the financial industry. It has removed all the hurdles and obstacles involved in making payments and removed friction from the process. The transparency and security offered by blockchain technology is hard to beat. This has made it a lucrative option for making payments.

Moreover, you don’t have to worry about going through different banks, payment methods, modes and payment gateways. Not only that, it even saves you from worrying about exchange rate fluctuations and other issues associated with geographical boundaries. This means that you can make payments to anyone in any part of the world almost instantly. Blockchain technology will make real estate investing more accessible for the masses.

3. Smarter Market Analysis

Data analytics, artificial intelligence and machine learning have completely transformed the way brokerages tend to make future projections. With access to vast amounts of data, analytics tools to analyze that data and artificial intelligence and machine learning to identify patterns, analyze trends and make future predictions, brokerages can easily balance demand and supply equations. 

They can predict how much property prices will appreciate in future based on historical data and how many units will be sold next year. These insights enable them to ensure availability of property to take advantage of this uptick in prices. 

3. Streamline Property Searches

Emergence of real estate platforms and websites have taken the pain out of the process of finding a real estate property you are looking for. All you have to do is to answer a few simple questions such as which area you are interested in, what type of property you are looking for and the size of property and the platform will show you a list of properties that meets your criteria. You can narrow down the search results by using filters that allow you to find the exact real estate property you are looking for.

4. Enhancing Customer Experience

Apart from virtual reality and augmented reality technologies, virtual tours, real estate brokerages can also leverage customer data at their disposal to offer personalized recommendations. Not only that, you can even personalize the whole customer experience by only showing the properties they are interested in buying. A personalized experience is what your customers expect from your business and if you can provide them that, they will become your loyal customers.

5. Improved Collaboration and Communication

According to the research conducted by NAR, 94% of real estate agents communicate via email, 90% of agents communicate via text messages while 36% of real estate agents use instant message applications to communicate with their clients. Technology has made it extremely easy for both prospective buyers and real estate brokers to communicate with each other. 

With the emergence of new real estate platforms and websites, finding your dream property is a breeze. Similarly, brokers can take advantage of these real estate platforms to find prospective clients. These platforms act as a bridge connecting buyers with sellers, charging commission on every sale. It is a win-win situation for all parties involved.

How did technology impact you as a brokerage in Dubai? Share it with us in the comments section below.