In an exclusive interaction with Express Computer, Vipin Singh – Head of Technology, Housing.com, PropTiger.com, and Makaan.com shared his views on how technology has played a major role in helping people and businesses adapt to the new normal after the Covid-19 pandemic.
Some edited excerpts:
How has tech adoption during Covid-19 helped the Proptech companies?
The Covid-19 pandemic has had a major impact on the way we live and work, and technology has played a crucial role in helping people and businesses adapt to the new normal. In the real estate industry, proptech companies have been at the forefront of using technology to help people buy, sell, and manage property more efficiently.
The adoption of technology during the Covid-19 pandemic has greatly benefited proptech companies in several ways.
1. Virtual property tours: With restrictions on physical movement and in-person interactions, proptech companies offering virtual property tours, and 3D modeling have
seen a rise in popularity. These technologies have allowed potential buyers and renters to view properties remotely and make informed decisions.
2. Increased demand for online services: With lockdown measures in place and the need for social distancing, there has been a surge in demand for online services, including in the property sector. Proptech companies offering online platforms for property search, booking, and management have seen a significant increase in users and transactions.
3. Digital solutions for remote working: The pandemic has also led to a shift towards
remote working, which has resulted in a need for digital solutions to support this new
way of working. Proptech companies provide solutions for remote collaboration,
communication and project management have seen an uptick in demand for their
services.
4. Online property transactions: The pandemic has also accelerated the trend towards
online property transactions, with proptech companies providing platforms for online
buying, selling, and leasing seeing an increase in usage. This has allowed for the
continuation of property transactions even during the lockdown, reducing the impact on the property market.
5. Improved efficiency and cost savings: The use of technology has allowed proptech
companies to streamline their operations, reduce manual processes, and automate
repetitive tasks, resulting in improved efficiency and cost savings.
6. Enhanced customer experience: Proptech companies have been able to provide a
better customer experience using technology, such as virtual tours, real-time updates,
and personalized recommendations.
How the in-app and web experience journey of Homebuying being fully tech-enabled has helped the company grow multi-fold during Covid times?
The use of technology in the home buying process has helped REA India (Housing.com) grow substantially during and after the Covid-19 pandemic. The ability to fully digitize the homebuying journey, from searching for properties to virtual tours, paying rent on credit, digitized rental agreements, and online bookings, has allowed our company to continue operating and serving customers despite the challenges posed by the pandemic.
Furthermore, the rise of remote work and flexible living arrangements has led to an increase in demand for online real estate services, further boosting the growth of proptech companies like Housing.com. This trend is expected to continue even after the pandemic subsides, as more and more people become accustomed to the convenience and safety of tech-enabled homebuying.
By providing a convenient, safe, and efficient way for customers to search for, view, and
purchase properties. This has enabled our company to continue operating and serving
customers even during lockdowns and other restrictions and has also allowed it to reach a wider audience through online marketing and digital advertising. Additionally, the use of technology has allowed the company to streamline its operations, reduce costs, and improve customer satisfaction, all of which have contributed to its growth and success during the pandemic.
What are the major real estate technology trends that will drive the growth of the industry as a whole?
Some of the major real estate technology trends that are expected to drive the growth of the
industry include:
1. Virtual tours and 3D modeling: The use of virtual tours and 3D modeling technology
allows potential buyers to explore properties remotely and make informed decisions
without having to physically visit the property.
2. Artificial intelligence and machine learning: AI and machine learning can help
automate tasks, improve the accuracy of property valuations, and assist with marketing
efforts.
3. Blockchain: Blockchain technology can improve the security and transparency of
property transactions, making them more efficient and secure.
4. Internet of Things: The integration of IoT technology into properties can improve the
energy efficiency, security, and overall functionality of a home or building.
5. Co-living and co-working spaces: The rise of the gig economy and remote work has
led to an increased demand for co-living and co-working spaces, which can be easily
managed and maintained using technology.
What are some major impacts of Data Science, ML/AI on the real estate industry?
The use of data science, machine learning (ML), and artificial intelligence (AI) in the real estate industry have had several major impacts. Some of the key ways that these technologies have impacted the industry include:
1. Improved property analysis and valuation: Data science and ML/AI tools can help
real estate professionals and the end consumers better understand market trends,
pricing trends at the city and locality levels and making more informed decisions about
property values.
2. Enhanced property management: AI-powered tools can help property managers
automate tasks, such as meeting scheduling, unified CRM, tenant screening and
the maintenance schedule, and make more efficient use of resources.
3. Improved customer experiences: AI-powered recommendation engines, smart &
human like chatbots and other digital tools can help real estate companies improve their
customer service and provide more personalized experiences for buyers and renters.
4. Increased transparency and security: Blockchain technology can help to improve
transparency and security in property transactions, enabling buyers and sellers to trust
the accuracy and legitimacy of information about properties.
5. Reduced Frauds: With more and more digitization, the risk of cyber and financial fraud has also increased. ML/AI models are proving to be very effective ways to detect
fraudsters based on their browsing history/pattern and safeguard genuine consumers from these fraud elements in a near real-time manner.
6. Content Quality: Real estate portals suffer from user-generated content in terms of
fake listings, duplicate property images and bait listing with lower pricing. ML/AI models
have shown the way to detect these cases and mark anomalous and fake listings so
that consumers get to see the genuine content only.
