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Technology in real estate

  • Published at 11:25 pm January 7th, 2020

One cannot be blamed for saying “real estate is all about the size and price of property”

Technology appears to be the foundation of everything in this day and age, and many companies in Bangladesh have embraced the use of internet driven devices. Online retailers are a common sight nowadays with businesses running virtual stores. These have been around for years now. So why should real estate be any different?

This thought is obviously not a new one and many are familiar with names such as bikroy.com and pbazaar.com. Their services extended as far as the search of properties that home and land owners and developers put up for people to find. But technology has come a long way since then and there are pioneers who have taken it upon themselves to push the boundaries of technology in real estate.

Take Bproperty for example, whichis quickly becoming a household name. Many have already seen their adverts or have taken advantage of their services, which push the limit of property searching. Real estate discovery, acquisition, legal and financial guidance are their forte, but this article will take a look at what technology in real estate has done for the industry in 2019.

New frontiers

Looking up properties online was once just a measure to simply get an idea of pricing. Today, technology has enabled so much more information to be passed on to website visitors. Bproperty, a well establish Property Technology (PropTech) name, is always playing on the horizon to create better ways to provide information — from in-depth interior views to industry statistics — to new real estate investors as well as seasoned veterans.

A great example of what real estate technology pioneers have been doing was the successful introduction of modern virtual tours. This feature allows the visitor to take an entirely virtual walk through the property selected. This includes seeing the layout of the place, taking wind of the dimensions, and seeing every little aspect the property has to offer. This not only lets one get a feel for the place, but also enables them to picture themselves there, visually adding furniture and fixtures as they please — definitely helping with the decision-making process.

Information as a ladder

One cannot be blamed for saying “real estate is all about the size and price of property.” Once upon a time, that was true. The size of your estate used to be a reflection of you, and a larger estate would obviously cost more. The general area was secondary. But today, the area plays a heavy role in decision-making. And smart brands make sure to include this aspect in their communications.

“Promote the area, and the property will sell itself” — it’s a fairly good argument for many people. Life has gotten very hectic and incredibly tiresome for many while balancing home, work, school, medical situations. So people want homes and offices near their interest points or necessities. That’s why it is only right that real estate brands showcase these places and give informative coverage of areas,to let people know exactly what they are getting into.

Bproperty has dedicated a YouTube channel to this very thing. In it, they cover specific areas on a large scale, provide reviews of shops and restaurants, and discuss the accessibility of locations. The channel’s sole purpose is to deliver to viewers all the information there is to know about the areas, with their pros and cons, to help the investors make informed decisions.

Using giant platforms to broadcast interviews with professionals is also a great way to engage with and teach the people of Bangladesh. Shows that get into service details, industry coverage, trends and growth are great for viewers to really understand the current scenario and future possibilities.

Scale of accessibility

Perhaps the best thing about internet-based technology is how widely it makes information available. Looking for property was always a difficult task. There are just too many variables to think about, with real estate being a very financially demanding activity. But tech-based real estate brands have made not only finding but comparing properties, locations and supporting facilities easier than ever.

In 2019, many players entered the scene to provide property search functions. Some are old names entering the virtual ground for the first time, but many are entirely new. This has diversified the real estate coverage in the country, even though most are currently focused on Dhaka. But this has increased people’sparticipation in real estate activities online,since it is shining more light on the existence of the amalgamation of technology and real estate.

The oldest players are also upgrading their systems to meet the more educated needs of peopleand new players are entering the field for a slice of the action, while PropTech pioneers like Bproperty are creating new and better methods for everyone to follow.

Technology continues to move us forward in many ways and it’s no differentin the case of real estate sector. Finding and delivering property have become easier than ever, with information now more accessible. Last year was great in particular for this synergy, and we can only hope the coming years will stay on this trend of new methods of information delivery that make it easier to finalise real estate decisions.