In the past decade, technology has disrupted countless businesses’ models and its speed keeps growing by the day.
The global real estate tech sector is gradually being redefined by ever-changing market conditions and shifts in consumer needs and behaviours.
The local real estate industry continues to expand as investor appetite grows alongside the customer base. Consumers have evolved from only using non-technological solutions such as physical blueprints and physical site visits to now incorporating technology in their decision-making.
The use of technological solutions is and will continue to enable players in the sector to understand investors’ needs.
Players are now demanding smart and energy-efficient homes that are designed with technology in mind to reduce costs, boost automation and ensure security.
This has pushed real estate firms to strive to provide solutions such as renewable energy in the form of solar panels.
They are also building smart homes that support the use of smart apps for security and other home functionalities like turning off lights or closing curtains remotely.
Investors are also looking to see, explore and experience multiple housing projects, even before construction kicks off, through having virtual tours enabled by virtual reality and fly-through videos.
Efforts are also in place to exploit the use of technology for data analysis to understand current and future investors' needs vs wants.
This means having a clear understanding of who the investors are, the kind of property they want and its location, their budget, and the best ways of reaching out to them.
This analysis is done by making use of different technologically enabled means such as machine learning algorithms to identify patterns and build predictive models that can be interpreted to influence future decisions and projects.
Developers are also using data analysis to cement their decision to diversify their projects by having high-end, mid-market and affordable housing projects.
A wider access to social media has also contributed to an increase in the online search for information. With the opening up of the internet space, investors can easily get updates on either previous, ongoing or upcoming projects.
Technology is reshaping the face of the construction industry from its conventional perspectives to the modern era. As construction demand continues to grow, real estate players are forced to keep up with the new trends in the market.
So many technological advancements have evolved in the industry that seeks to make it possible for construction developments to last a lifetime.
The application of technology in construction enables huge improvements in productivity, efficiency, durability, and safety.
Technologically enabled materials like aluminium formwork, prefabrication, and 3D printing have allowed for faster delivery of construction projects.
These technologies help in speeding up construction thus increasing efficiency and timeliness while avoiding macro-economic factors that could affect costs.
Daniella Nyakuraya is Safaricom Investment Cooperative Housing Unit Manager.
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