Technology had put every business sector there is on steroids including the real estate industry. Its worth massively advanced into a US$2,462 billion based on Dylan Bird’s report analysis at Medium. Technology had made it possible for builders and project designers to actually see and adjust the difficult parameters of a project. It helped a lot in improving the efficiency of its development, distribution and facility and asset management. They are able to limit deficiencies through the following technologies:
- Artificial Intelligence (AI)
A closer look at what it does: AI is a branch of computer science that allowed the creation of intelligent machines. These machines can perform problem-solving, learning, planning and speech recognition. A core subfield of AI, Machine Learning, provides systems with the ability to learn cognitively and improved based on their own collective experience without having to be programmed to do so.
How it helps real estate? Machine learning caters to the needs of firms in building comprehensive valuation of properties, suggested models and developers profiles. This is an advancement in mathematic calculations and having the justifiable variable that made it priced so in the end.
- Internet of Things (IoT)
It is a network of tangible objects (e.g. devices, appliances, vehicles, and equipment) that are programmed with sensors that have the capacity to analyse, share and react on data through embedded connectivity. This could happen with no human participation necessary.
Connected buildings to IoT provide information that can influence any country’s economics and additionally, the value of the real estate in every commercial transaction.
- Augmented Reality (AR) or Virtual Reality (VR)
How apps for interior design are right now based on these two magnifies everything from a third-person outlook. It’s easy to get hooked in working on your house and land packages through the app because it’s just complete with everything you want to design it with.
AR can actually help project managers know if land can be developed or not because AR may collect substantial data of plot of underdeveloped land like height, width and depth.
How AR works: It puts together generated images or models to create a 3d-vision of the project upon completion. This 3d-presentation can be panned out by a certain program in which you could slice the images apart to see how it was rendered altogether.
How VR works: You have a client who needs her room redecorated but she doesn’t have an idea of where to start. What theme she’s going to pattern it with and what colours should she put in. There are a lot of phone apps like Design Home that you can actually take her room as a blank platform to redecorate it right then and there with furniture, carpets, wallpaper and many more. It’s actually like playing a game which can hook you at one point.
- Building Information Modelling (BIM)
There are so many processes that take place when constructing a building. Architects, engineers, designers and project managers work together for this to happen. Nonetheless, let’s say the architect has to come up with a planned design first. And the engineer checks it out and the project managers get everything in order. The budget, the engineer’s say of the blue print and whether the workers are actually working. All in all, it’s a continuous collaboration. But each has a task-dependent on another’s.
If an architect’s plan doesn’t conform to an engineer’s calculation of land area, they have to adjust everything all over again. So, BIM is based on a 3D model type of management, architects, engineers, floor managers and everybody else that are stakeholders. For example, an engineer spots a wrong calculation, BIM adjusts the rest of the parameters if the engineering makes his changes, let’s say of a wall. It instantly changes the number of paint cans the wall painter had to buy if his change was to let demolish a wall. Then the other calculations like the number of paints will be reduced. It saves a lot of resources using BIM.
- 3D Painter
From the old school way of building a model, for example of a mall, admit that it was one of the hardest things to ever do. Well, guess what! In using a 3D painter, you may have a chance to have lunch while it works.
You just have to enter the digital data, of your model. Let the computer interpret it into the printer and you’re all set to print out the model. It’s that simple.
These are only a few of what is on the run now out there. But these, listed here had become the inspiration of sorts.