How is Philippine real estate being affected by technology?

If you want to purchase, rent, sell, or if you're an agent trying to sell a home, the customary practice today is to pull up listings to investigate on your phone or tablet. It's merely the tip of a much larger iceberg that is hurting the real estate sector, despite the fact that technology continues to have a significant impact on how consumers and business professionals view the market.

There are numerous opportunities for using current real estate technologies to expand the nation's largest asset, estimated to be worth Php 126 billion in the 2^nd quarter of 2021 according to primeglobal.net, in both residential and commercial properties. Here are the reasons why technology is transforming real estate businesses:

1.       Online Listings

In order to maintain your brand presence and communicate with customers online more intimately, monitoring your company's online listings and reputation is crucial today.

Websites make it simple for everyone to check inventory and see what's available. You may find details about the neighborhood, such as school ratings, tax and purchase history, as well as pictures and in-depth descriptions of the homes. Want to use a navigational apps to determine how far you are from a road or a shopping center? You got it right.

2.        Mobile App

Several variables affect the choice to invest in real estate app development. Apps are all the rage right now. 

You must keep up with the competition better yet, remain one step ahead of them if you want to increase your market share. Do your competitors provide a real estate mobile app? Perhaps nobody has yet developed a smartphone app for real estate. Will being first offer you the upper hand over your competitors? Early market entry is easier than late market entry. When there is little to no competition, you can quickly get a sizable number of downloads. When using this place, there are certain concerns with awareness and user comfort. After overcoming obstacles, everything proceeds without a problem. 

You can keep informed via apps, a type of technology, without doing anything at all on any of those websites. When new properties and listings that fit your search criteria become available, you'll be notified. Additionally, apps can help you manage your money and provide quick access to agents and property managers.

3.       3D Virtual Tour

In contrast to videos, 3D virtual tours are interactive experiences that let viewers view 3D visuals and feel as though they are actually moving around the site. They are made by shooting numerous shots of each area using a panoramic camera lens, then stitching the photos together using virtual tour software. 

Here’s the example of live 3D Virtual Tour: https://www.torrelorenzo.com/virtual-tour/dusit-thani-residence-davao

4.       E-Signing Services

New tools are becoming accessible to conduct multiparty real estate transactions, save time, and stay organized. Buyers, sellers, and agents merely need a smartphone or tablet, as well as a wireless connection, in order to sign real estate documents using secure and legal e-signatures, personal task lists, or simple file sharing. A "must have" feature is the capability for your client or customer to digitally sign a real estate lease, listing agreement, offer, or contract while out and about.

5.       Online Investing

The popularity of crowdsourcing is being used as an inspiration for real estate investing. The goal of some brand-new websites is to enable everyone to invest in premium real estate by combining their financial resources online. Real estate platforms and REITs are two ways to invest in real estate without actually owning any real estate. Similar to buying mutual funds, you can purchase REITs through a brokerage account. Investors and real estate projects are connected by online real estate portals.

 Big Data AI/ML

The term "artificial intelligence" describes a class of technology that can solve problems logically on its own. Despite the fact that technology has improved rapidly recently, it is still far from ideal. In fact, modern A.I. technology uses sophisticated AI algorithms and predictive analytics to make educated assumptions about future behavior.

Ai and ml are essential in the real estate sector. In recent years, A.I. has had an impact on all facets of the real estate industry. The following scenarios will help you comprehend how artificial intelligence will impact standard real estate transactions.

·       It helps in lead generation.

·       It simplifies the process of evaluating properties.

·       It simplifies transactions.

Conclusion

There will undoubtedly be a change in the real estate sector as technology develops. Real estate IT startups won't necessarily alter the industry, but they will fundamentally change businesses that resist change. Torre Lorenzo Development Corporation is very interested in leveraging technology to distinguish the various products by TLDC's investments among them, because investing in technology as a real estate company is a significant difference going forward.

Torre Lorenzo Development Corporation pioneered premium university residences in the country. The company has grown its portfolio to include mixed-use and leisure developments in Manila, Quezon City, and Las Pinas, as well as in key emerging regions like South Luzon and Davao.

Quality and investment value are the hallmarks of TLDC’s premium residences, which have become distinct addresses in the metro’s university districts. In Davao, TLDC has partnered with international hospitality brand Dusit to bring Dusit Thani Residence Davao, Dusitd2 Hotel, and Dusit Thani LubiPlantation Resort - providing the most rewarding residential and leisure experiences in the region.