For years, the “search, buy and sell” process in the real estate industry has depended on conventional dealers and brokers, who charge a commission for every successful transaction and thrive on a physical network of brokers. As the pandemic has necessitated digitization in every industry and concepts such as artificial intelligence (AI) and machine learning (ML) permeate all industries, data and automation have also become buzzwords. fashion in the real estate sector.
According to a report by Deloitte, in the coming years, digital innovation will significantly change not only real estate, but also the business models of real estate service providers. These changes can shift responsibility, expertise and risk in the industry, thereby altering profit margins.
Digital advancements in the Industry 4.0 space are changing the real estate market. For example, robotics finds applications in processes such as cleaning, painting and security; augmented and virtual reality (AR/VR) can help with architectural design and visualization of a structure’s internal wiring and plumbing; and the Internet of Things can transform the end-dweller’s life experience. In addition to these forward-looking applications of digital innovation in so-called PropTech (property tech), these modern methods can be used to shift the system of real estate brokers to a more connected and efficient system.
Digitizing the day-to-day operations of builders and real estate brokers is a critical part of virtual streamlining the industry as a whole. A large number of brokers still operate offline, and there is a lot of potential in connecting them through a simple interface application. With advancements in AI technology, it is easier to identify and match properties with their buyers/sellers, resulting in efficiency in listing and finding properties, closing deals. faster transactions and increased revenue.
Not only will this help the PropTech sector keep up with the latest technology trends, but it will make it easier for commercial and residential real estate brokers to be visible to a larger network of professionals in the same field and broaden their horizons. It will result in the consolidation and organization of an industry that remains largely undocumented and fragmented. Plus, it’s time for a networking app for Brokers to offer opportunities to research new territories and greener pastures, especially for those in Tier 3 cities and below.
Instead of online real estate giants eating the smaller midstream fish, there are now avenues in the marketplace like BroBazaar, which onboard brokers with just a few clicks and offer unprecedented broker-to-broker connectivity, management and easy sharing of stocks, ease of research. offers, an extensive broker directory, personalized property recommendations and easy-to-use technology.
Moreover, it will decentralize the broker market and create a level playing field for all. Ask any new broker trying to enter the market, and they will tell you how difficult it is to break into a tight-knit group of local brokers with decades of experience. Brokers often have to spend months or even years closely monitoring the market and analyzing leads before they know which properties are “for sale” or learn what works for the particular locality in which they operate. This will help young real estate talents to be visible. and do business from day one. Also, as estimated prices on property listings are visible to everyone on an app, this will balance the prevailing market price and solve the problem of overpriced and underpriced properties. New owners may not have the correct valuation for their property, and an app makes it easier for their broker to show them real-time comparative prices on the app.
The digitization of real estate leads also solves another problem that stems from the previous one. In an offline setup, many properties may never be fully known in the market database, before being sold or rented. Even if they do, it could be days before the public knows a deal is already sealed. A technology platform designed for real estate brokers brings transparency and greater clarity to the market, while maintaining the healthy competitiveness and cooperative camaraderie that prevails in the broker market.
(The author is Ms. Neha, Founder of BroBazaar – India’s first tech-driven digital marketplace for real estate brokers and builders and the opinions expressed in this article are her own)