With the current fast evolving preference of real estate consumers to be serviced in the most convenient way possible, tech companies are constantly moving to outpace each other, however, despite the developments, companies still have to ramp up efforts to cope with the growing demand.
The infusion of technology came quite late in the real estate sector as traditional players have been aloof in adopting automation which will put the sector’s accounts in an open book. They believed that a transparent ecosystem could translate into less relevance.
However, investments in technology have proven to be crucial in the sector. This is shown last year when venture investors poured out over $800 million in real estate technologies compared to the $33 million allocated in 2010. The shift in priorities has led to the success of today’s real estate powerhouse companies such as WeWork and Airbnb.
For instance, the retail real estate, specifically, has recently been fraught with shutdowns. Among these are the case of Best Buy and Toys ‘R’ Us. This pressures landlords to scout occupants back to their lands. As such, more deals between real estate-engaged business and tech firms are being forged this year.
In fact, Steven Lowy, co-CEO of Westfield, a mega-mall, emphasized that “retailers need technology within the store.”
“Consumers today expect to be very, very well serviced — with technology,” Lowy was quoted in a CNBC report. He noted that the industry needs technology to adopt a more convenient way to make payments and for visual merchandising, among others.
“The [retail] world is evolving, and evolving at a much faster pace than most people think,” he added.
However, rapid advancements of technology have been prompting the emergence of a myriad of solutions that claim to resolve and cut down the red tapes of the real estate industry. As such, how can we determine which is the most investment-worthy technology to help people accurately search for their desired property and ramp up processes toward a sale transaction?
One company, RESAAS Services Inc., believes its offering is the answer to ending all glitches encountered in the sector.
Using a cloud-computing software, RESAAS has established a system that connects real estate middlemen such as agents, brokers and multiple listing services through one platform.
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