Question

INDUSTRY OVERVIEW (Competitive Opportunities and Threats)

Industry: Real Estate

Technological Change - Is the industry technology for Real Estate changing rapidly? Are there segments where it is changing more rapidly? Provide supporting evidence for your examples.

List credible sources for your information.

Answer 1

Ans) Real estate industry is evolving continually.Recently, need of making more profitable property decisions and providing better customer experience lead the industry to change technology. The real estate technology investments has on rise since 2013 . Global venture capital investment in real estate technology exceeded USD 12 billion in 2017 with deals worth over USD 5 billion made in US alone according to report from real estate tech research and marketing agency Re-Tech. The segment where it is changing more rapidly is Customer service .

With the increasing development in Artificial Intelligence technology (AI) , real estate companiesa re employing AI based chat bots which find outs customer preference and provide pre-qualified lead to agents . The another segment where real estate technology is changing is AI based property management and valuation. For example nowadays , intelligent homes powered by machine learning algorithms helps in automating task such as setting the rent , alerting in case of emergency etc