When we consider technology and telecommunication, Alexander Graham Bell’s invention comes to mind and we are likely to wonder where technology and telecommunications would be today without his innovation. The emergence of cell phones in the 90s eased communication in many ways and has had a positive impact across all sectors of the business industry.

Today, the real estate sector is thriving with telecommunications and high-speed internet services together with other innovations which have brought some ease to investors and property seekers. As such, high-speed internet service has enabled property seekers, for instance, to view as many houses for sale in Accra as time permits and purchase with just a click of a button. Real estate investors, for their part, can easily showcase their projects/apartments to prospective clients around the globe by utilising the internet’s speed to view and download properties on websites and social media platforms. 

Moving on, more advanced tech innovations have emerged over the recent years and some investors argue that technology and innovations may eliminate the human element of real estate while others seem to disagree. What do you think?

Here, we list three tech innovations investors and property seekers have embraced to stay ahead of others in the industry.

Crowdfunding Platforms

Many times, companies utilise these crowdfunding platforms due to their inability to raise a given amount of funds at a time, thereby, sourcing out to the larger public on social platforms to invest small amounts individually or collectively which, eventually, builds up to a large amount of money to fund the intended project.

Crowdfunding has its influence on real estate investments–utilising internet platforms such as Facebook, Twitter and LinkedIn to connect investors to a property investment. For example, renovation of a hotel or house apartments for rent.

These investors become shareholders in the property which goes a long way to make them some profit gains. For example, the revenue generated from the building’s rental income or the sale of the building.

Hence, technology powering crowdfunding platforms are becoming more available for completing multi-party real estate transactions. This goes a long way to save time and improve efficiency.

Use Of 3D Virtual Tours/Smart Home Technology

The use of 3D virtual tours has been around for quite some time now. Many real estate agencies/developers in Ghana resorted to 3D virtual tours during the lockdown restrictions to showcase their project(s) to prospective clients and, currently, 3D virtual tours are on many real estate websites for clients to view regardless of location.

Again, the use of smart home technologies such as security cameras, smart locks, smart faucets, wireless speakers, book lights, etc. which are essential to home automation systems are currently a requirement on the property checklist for many property seekers. The majority of these home seekers would prefer a home with smart devices for safety and security purposes due to the high rise of burglary in some parts of the country.

Thus, smart home devices have brought some peace of mind to many homeowners who, otherwise, would have been easy targets for burglars.

Cloud-Based Technology

A few real estate construction companies and developers providing off-plan sales investment options to investors use cloud-based technology to keep their clients updated on the progress of the project every step of the way with 3D models and other tools. The method of construction; materials used; and the designs for projects are made available to clients regardless of their location or schedule.

Indeed, innovations and technologies are making the competition among real estate companies more interesting.

To conclude, it cannot be denied human interaction is an important element the real estate industry thrives on: both personal and virtual. The internet: its speed, social networks and the like have all had their impacts in elevating the sector which has obviously reflected over the years. A few years ago, property websites; the use of 3D virtual tours; and smart home devices were thought of by only a rare few. Today, however, that’s closer to the norm.

That notwithstanding, the question still remains, how fast are tech innovations elevating the real estate sector, and is that likely to eliminate the human element completely? Let us know in the comment section.