BUILDING VALUE THROUGH DIGITAL TRANSFORMATION: THE NEW LANGUAGE IN THE REAL ESTATE SECTOR
A Truly Global Multicultural Story: The Timeline to Impulse the Second Language in the Real Estate Sector
A Few years ago, digital transformation in any industry was not inherited; rather it was an adoption. It was the best of times, and it was the worst of times; the season of lights and the season of darkness when almost all industries found a path to survive through digital transformation. It was during the pandemic, the timeline of both hope and despair earlier in 2019, when much of the world moved online and truly turned into a global village with a new era of consumers with diversified tastes, cultures, and beliefs. This was the digital transformation's roadmap to elevate the global metabolism of business to 'restore the lost timeline.' Slowly the second language becomes closer to the first language in business...Origin!
Today the next thing comes to view the technology to innovate and thrive, from the strategy of survival to the strategy of sustainability. The little big secret inside the investment of the real estate sector is to make a difference in the way people live. Understanding the new ways of living will be the big, exciting challenge of tomorrow with massive consequences on real estate property values. All it takes is not to build or invest in smart properties but to invest in sensible properties.
Putting Digital at the Heart of the Strategy: A Vision for the Millennial Investors
Digital transformation is all about mapping the future. More preciously, a metamorphosis. Various specific phases of technology lead ultimately to complete development. Cabinet minister Piyush Goyal advised the investors to focus on the substantial use of digital transformation to help revolutionize the real estate business. He also revealed that India will become the third-largest construction market globally in the next 2-3 years.
Bangalore; The Global Economic Powerhouse Where Technology is the New Gold!
Bangalore, known as the Silicon Valley of Asia, India's fastest-growing tech hub, is the hotspot for real estate investors and tenants worldwide. There is a shift in consumers' behaviour also, especially in the IT hubs e.g., Whitefield or other best areas in Bangalore. Demand for the house for lease in Whitefield, especially ready-to-move flats near Whitefield, is high. Investors throughout India are looking for the best place to invest in Bangalore to serve the tenants. Technology is the driver behind the limitless growth in the real estate market. The developers and investors in the fastest-growing cities in India or abroad of this market are leveraging these innovative technologies for optimizing operations, improving productivity, and elevating CX.
AI and ML for Data Analysis: The Millennial Strategy
Artificial Intelligence is considered a game changer in the real estate scenario in India, especially in tech cities like Bangalore. Lots of Investors use AI and ML to gain insights into the real estate market as well into which locations in Bangalore to enter (e.g., Whitefield, Sarjapur Road, Maithri Layout or prime localities in Bangalore). It is through analyzing how properties in these locations will perform in the future. They use AI for comparing the additional market data, including retention rates, terms of lease and average vacant days. AI can provide the predictive analysis of lease transaction data and operational forecasts.
Apart from this, the new AI technology helps to predict which tenants will renew the contract and which tenants will leave the property after the expiration of their lease. This predictive data makes the underwriting assumptions more accurate.
Property search becomes simpler with the AI-powered algorithm and machine learning that provides users personalized recommendations based on their preferences. Henceforth, it is time-saving and helps buyers and tenants discover properties matching their unique needs.
The data analytics or the predictive analytics provided by AI and ML is quite reliable to forecast which markets will perform and continue to be strong. That is because that hard data provides inclusive analytics not only at the property level but at the market and submarket levels.
Metaverse: Unlocking Limitless Opportunities for Real Estate Developers/Investors with Virtual and Augmented Reality
Suppose you have a fierce, competitive real estate housing environment with physical showroom spaces, and you are on the internet but not using the metaverse. In that case, you are missing clear channels for showing properties. It holds a strong correlation with physical real estate. Metaverse helps the internationalization of your real estate business without a limitation of physical location. This is also a sustainable business practice to reduce their carbon footprint through remote work. The metaverse can also bestow the benefit of the virtual property view.
Interestingly, recent data shows that 54% of buyers will not interact with listings that do not have 3D tours. BIM (Building Information Modelling) is the process where the project team shares all the data regarding a project that includes graphical 3D models, such as what material the property is made of, how much it will cost etc. All the information related to the property is just a click away from potential buyers or tenants.
Clearly, the thing that is transforming is not the technology — it is the technology that is transforming you.
Blockchain: Enhanced Trust and Security! Secure Data Sharing for Millennials
This technology is ideal for investors, buyers even tenants to carry out speedy and safe transactions. It reduces the risk of fraud and the need for middlemen. Blockchain can even help review the properties' status and history.
Internet of Things: Sustainable Building! This is How the Future is Changing!
IoT technology can create sustainable, user-friendly, and efficient buildings. With smart thermostats, motion sensors, and security systems; investors or developers can optimize operations, reduce energy consumption, and enhance security while offering personalized experiences.
These Three Musketeers are the fundamental technologies to boost investment ROI in the real estate sector. Rest apart, other technologies are
Intelligent Chatbots: 'What can I help you with?'
It is all about customer service with personalized responses. It helps clients in several functions like
- Discovering Properties
- Replying to frequently asked questions
- Solving distinct problems
Study shows that 63% of clients are likely to return to portals with live chat support. Additionally, the AI chatbots automatically send follow-up emails to leads to grow the business perceptibly.
CX in a Digital World: The Market Driver for Property Developers/Investors
As per a survey submitted by Deloitte, leasing or purchasing such a property is difficult for investors where tenants cannot gain seamless waning attention spans. Thus, IoT technology and mobile apps should be implemented to improve front end experience for tenants and end users. Environmental and security technology investment is necessary to improve tenants' experience.
Example- App based entry, virtual events to enable community building among tenants, tenant newsletters, contact information for property management and maintenance services etc. If this all is done digitally, it can save time and effort.
Digital transformation is a language in the real estate sector, a fundamental way to fit in with new consumers across the globe constantly. It makes a lasting relationship with clients possible, but without language, you cannot feel that you have a legitimate, respected presence. You are without a voice, without power. Writing your investment journey with this unique language represents an act of demolition the old, and a new beginning.
Go Forth! We are here to hear from you!
We hope you look forward to the next insight, reflecting investors,’ landlords’ and tenants' perspectives. So, until we produce the next insight, fuel your passion to search flats for rent in Whitefield You can find plenty of ideas through our portal on how to assemble your very own slice of paradise. We know what it takes to call a property a Home!For any enquiry, send us the mail at hello@kots.world
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FAQs
View all FAQs
What is the application process like?
The application process is typically like a KYC process to get to know our customers.
What are the common lease terms?
The rental contract is for a standard of 11 months. However, you can choose how long you want to stay.
Can I renew my lease at the end of the term?
Yes, you have the option to renew your rental agreement whenever you wish to.
Is there any Commitment/Lock in period?
Lock in period is a commitment given by the tenants to us in order to avail free common area maintenance charge. Lock-in period should be a minimum of 6 months to avail free common area maintenance charge.
Can you renew or update only the lock in period?
No, once the contract is made you cannot update or change the lock-in period or any other terms.
Are they any hidden charges?
Being fair &transparent is our core value and we inform all our tenants about our terms &conditions in detail prior to the booking. There are no hidden charges or terms.
What is the difference between contract period and lock-in period?
Both aspects operate independently. Contract period is the 11 month legal term under which tenants will rent the flat with KOTS. Renewal of contracts is possible. On the other hand, the lock-in period refers to the duration for which the tenant commits to remain without terminating the contract, enabling them to take advantage of the free common area maintenance charges offered.
What happens if you terminate the contract (or) vacate the home during the Lock-In period ?
The common area maintenance charges offered will be reversed and you will be charged monthly common area maintenance charges for the entire stay duration.
Is there any notice period to terminate the contract?
Yes, the tenants have to serve 45 days notice period before they terminate the contract.
Are there any painting charges or move out charges?
Move out charges include painting charges to be paid (one time) by the Sub-Lessee in advance or in pre-paid manner at the time of booking the flat. If the rented flat is of Studio / 1BHK flat, painting charges are Rs 14,500 (Fourteen thousand five hundred.) and if the rented flat is a 2BHK flat, painting charges are Rs 19,500 (Nineteen thousand five hundred.).
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