How Technology Affected Real Estate

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How Technology Affected Real Estate?

Even though VR (virtual reality) and AR (augmented reality) experiences are still developing, architects and engineers can now more easily simulate how a project will feel when it is finished thanks to the streamlined property viewing experience.

The market for technologies used in construction is also expanding, which helps real estate developers cut costs. Since the last millennium, the building has essentially remained unchanged. The same fundamental materials and methods are still frequently employed, and building remains a time-consuming, expensive process where manual labor is still the rule. 

With trends towards building projects that better integrate BIM (building information modeling), a digital representation of the functional and physical qualities of a facility, this is one area of the real estate development industry that is ready for disruption. 

A construction project's lifecycle can be improved by better, real-time decision-making thanks to BIM, which is effectively a shared knowledge platform. BIM reduces information loss while enabling team members to perform a variety of simulations (such as construction, design revisions, and electricity consumption). 

After a project is finished, it may also be utilized to make maintenance and repairs easier. Property developers may reduce waste, manage expenses, coordinate operations, and optimize labor requirements by using BIM software.

Real Estate Management

One industry where technology has already made a significant influence is property management. Property management has undergone a revolution thanks to both software and hardware tools.

Consider the variety of gear that property managers can use nowadays, for instance. The remote control is possible for smart home appliances like Nest thermostats. This entails that the owner can adjust the temperature appropriately when the units are empty while yet enabling the utilities to be on if contractors need to be on the property carrying out maintenance.

Leak monitoring can be done with smart water meters. For instance, it is most likely that there is a leak if there is unusual water demand originating from one unit between 1 am to 5 am. An immediate alert is sent to the property manager so they may look into the issue. These types of hardware sensors reduce costs and boost NOI (net operating income), which in turn multiplies the value of the property.

Let's examine how a RUBS (ratio utility bill back system) might be put in place using modern technology. Owners of units without individual water meters receive a bill that could be proportionally divided among all the units. 

The cost per unit can be calculated using a variety of techniques, including unit square footage, the number of bedrooms, or the number of renters residing in each unit. 

The computer programme calculates the amount owing per unit again and automatically takes into account factors like vacancy before sending the tenants a charge for the additional consumption. These kinds of software programmes not only save building managers time but also eliminate any potential human error.