Realizing the real potential of the real estate sector can change the economic situation of any country.
Technology has come to innovation due to easy access to the internet and every aspect of life is changing with each passing day before our eyes. However, the general perception is that technology has not been adapted to the real estate sector in the same way as all other sectors. It is no longer the case that a sector that has a cure for economic stagnation, in which 70% of a country’s wealth is located, should be kept completely devoid of technology, so it is important to mention here that the real estate sector I have been using the term property for the last few years.
The meaning of property
This combination of two words, a combination of property and technology, holds the secret of the development of this entire global industry. The combination of property and technology has attracted a great deal of global attention, and new business practices and emerging trends indicate that the global market has embraced the industrial revolution that thrives on this combination of property and technology in the real estate sector. ۔
In such a situation, the effects on the Pakistani real estate market are also significant on which today’s article is based. The real estate sector in Pakistan has long been plagued by fraud and outdated traditions, but things are slowly changing. We see the adoption of new technologies improving information management and making real estate transactions more transparent and easier.
Some about blockchain technology
When it comes to promoting technology in the real estate market, you will see the word blockchain in the very beginning. Even if one does not understand the science behind the word, one can guess that the chain formed from blocks and the data transferred between them cannot be changed in any way due to which this technology can transfer information from one place to another. It is considered completely safe to transfer to another place.
Fiscal transfers and transaction payments are possible through this technology. Forbes, a global journal of blockchain technology, predicts that over the next three years it will be fully integrated into the real estate domain and you will see significant transactions taking place on digital assets.
Benefits and trends
As mentioned a few lines ago, blockchain technology can eliminate the risk of fraud in real estate transactions. This technology increases the speed of data transmission and thus can reduce the duration of any real estate deal.
This is giving rise to a new digital architecture, and issues such as the actual status of land, property rights, land use and property rates are now being determined by artificial intelligence. Where the role of technology is clear and human intervention is minimal, things will go smoothly. In the same way, the blockchain has made things much easier. Many companies today use chatbots, respond to potential clients, and maintain CRM leads. Using AI you can increase lead generation and conversion rates.
The advent of smart contracts thanks to blockchain technology is also a welcome development. Smart contracts are actually a modern, digital form of paper contracts in which no third party has a role. Both parties are convinced that it is not possible to delete or amend any of the terms and conditions in the terms and conditions on which the deal was struck. According to the global magazine Forbes, smart contracts give you no room for doubt and completely eliminate fraud from day to day financial transactions.
The term Internet of Things
You may have heard the term Internet of Things. The use of this term can be seen in everyday routines, even in every aspect of human life. It is difficult to deny the role of this word in residential and commercial real estate. Those who do not know this may think that it is not a matter of knowing what is going on. This will allow you to have a greater degree of automation and thus facilitate the business.
The Internet of Things serves as a fuel for smart real estate. Commercial real estate, Generation Y trends and the emergence of smart solutions are all due to this term. Moving data from one place to another, setting up indoor navigation systems, workplace optimization and having smart building management systems is also the religion of the Internet of Things. A smart home and building management system increases the resale value of the property and thus the technology can be linked to return on investment.