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This is a Guest Blog by Gaurev Kapur, CEO and Managing Director, BroBazaar
Real estate brokerage businesses have proliferated in India since the government liberalized the country’s housing market. The brokerage firm serves as a hub for anyone in the real estate market, including those looking to purchase, sell, rent, or lease.
The real estate industry has a reputation for being slow to change and resistant to new ideas and methods. The conventional brokerage houses promoted themselves primarily through their in-house research teams and individualised attention to clients. In the past, real estate brokerage, like many other industries, relied on personal connections to make deals. As technology has grown in significance, this way of working is changing as well.
The need for residential and commercial building brokers is projected to rise in tandem with the economy and the expanding urban population. As more people from rural areas move to urban centres, there will be a greater need for reasonably priced housing and retail space. This creates a great chance for those in the real estate industry to boost the quality of homes, stores, and other commercial offerings.
The increasing population, accelerating economic growth, and rural-to-urban migration in India have caused several environmental challenges in major cities. Due to this, a growing number of individuals are increasingly interested in eco-friendly architecture. People are also becoming more aware of the materials used in construction and their impact on the environment. Green buildings are often defined as environmentally conscious and resource-efficient structures. People who buy homes today not only know about these structures, but they also look for them because of the benefits they offer.
The Indian government introduced the Housing for All initiative to establish housing facilities for slum dwellers. Under this scheme, around 20 million houses are to be built by 2022—this has given a significant growth boost to the real estate industry.
The modern real estate brokerage market is expanding at a rapid rate because of the increasing investment in technology. The brokerage sector has developed a systematic approach to doing business that incorporates the use of AI. Brokerage firms may keep ahead of the competition by using cutting-edge technology that improves the customer experience. The most successful real estate agencies also make heavy use of digital marketing strategies to spread the news about their listings, whether they be for existing houses, brand-new construction, or planned projects.
Recently, Generation Z and Millennials have surpassed older generations as the latest consumer homebuyers in the nation. The younger generation has grown up with the internet and other digital technologies, making them tech savvy. Of course, they use this eloquence in everything they do, including buying and selling real estate.
The real estate business has been slow to recognise the benefits of new technologies, but that seems to be changing. These days, we have AI, ML, XR, DLT, etc.
With a CAGR of 19.5 percent, the Indian real estate industry is expected to be worth $1 trillion by 2030. The use of technology by real estate agents and dealers has increased significantly. This surge demonstrates that employees in the real estate sector are working hard to understand and appreciate the value of technology. It’s now or never for real estate brokers and builders who are still unsure how to leverage technology and propel their business to new heights.
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