Real Estate and Construction Businesses need to proceed onward from their traditional methodology towards embracing disruptive technologies including Drones, , the web of things (IoT), 3D Scanning and moving every one of their information into Cloud with the goal that they can valuable insights through Analytics and AI. These disruptive Technologies are analyzed regarding their application to real estate and how they can outfit customers with the the kind of information that can be helpful for all the stakeholders in this ecosystem.
The four key real estate stakeholders identified in this ecosystem are customers, agents and affiliations, government and administrative experts, and corresponding enterprises and their needs, like purchasing or selling property, benefits, expenses, business or potentially different components.
This also showcases the interactions between the stakeholders with the presence of these cutting-edge disruptive technologies as part of their Product, Process and Services. Stakeholder needs have to be matched theoretically with traditionally acknowledged methods, making ready for a smoother transition to technology-based advantages for customers.
Also, the 5 W’s of these IoTs systems which connects the customer’s core needs, the resources needed for legitimate information diffusion among their stakeholders can be achieved only through high quality data which can elevate the level of this business where customers will have less regrets while purchasing assets.
The components of the proposed business models involve UAV Drones for video photography and survey of geographical locations which is of interest, also they can be used for surveillance and monitoring the progression of construction site(s). The 3D Scanners can give invaluable information for civil engineers as well as for the businesses and consumers.
All these data when managed in cloud and analyzed using AI can provide vital information for rapid growth and development of Real estate and Construction Businesses that can offset competition and will set high entry barriers for competitors.
The Internet of Things: Are you ready for what’s Coming?
The recommended solution consists of a family of applications which is designed for and to be used by each of the stakeholders- consumers, business enterprises and agents and the tech team. Following are the IoT systems technology devices that will be used for data collection in the real estate set up:
Drones are highly precise UAVs (unmanned aerial vehicles) that are controlled by remote control or a ground control station [2]. They were initially used in warfare however has as of late been brought into property and real estate management to obtain 3D views and photographic functions for data collection [3]. The FAA has a set of regulations requiring licenses for using these UAVs, which mainly focusses on issues related to privacy and security problems. Drones provide broad visuals to present to the potential customers. They can see the neighborhood and the vicinity of various places near their property, all this can be done from their seat. This results in less visits to the property for the customers who can make informed decisions before purchasing the property so as to avoid regrets after the purchase and increased sales for business. On average, 49 per cent of drones are used in real estate; the US is at 72 per cent, France at 52, Britain at 48, and Germany at 24. In total, 72 per cent of agents report using drones for aerial photography and 48 per cent for surveying [2].
3D scanning is another recently launched disruptive data collection technology. Hand-held scanners like Lidar are used progressively in real estate and construction to deliver as-built drawings that provide digital data that can be used to revise drawings or track maintenance and repairs[4]. They reduce cost by assisting the managers working in the construction sites to update the data and drawings by means of updated multi-dimensional drawings[5]. They can use these visuals to interact efficiently with consumers who can understand the plans and property better than before.
Drones are cheaper to buy and deploy for surveying geographical sites for the businesses as compared to the expenses that they would be incurring for using planes and choppers. Also, pictures taken by the high-resolution cameras of the drones have a wider angle and clear picture clarity since they fly really close to the property as compared to taking pictures from choppers. Also, real estate listings which have aerial images attracts more customers as compared to the ones which don’t have one. Customers can make careful and informed decisions after thoroughly inspecting the visuals of the property and the neighborhood. Also, as per OPLEL Analysis for Drones states that 83% of home sellers prefer working with an agent who uses Drones. Also, Homes with aerial images sell 68% faster than their counterparts[1].
These 3D scanners are 50% less costly compared to their counterpart technologies. Using these technology eases the operation of Construction workers and managers. The value that it gives the customers are: they do not need to go for physical inspection of the site. They can have all their queries clarified using the app/interface that shows the 3D visuals of the interiors of the property, so that it gives them more realistic experience. Customers also can suggest a change in plan which can be easily captured by the business managers. Examples are Leica Nova MultiStation MS60 and Trimble SX10 laser response for 3D modelling and structural monitoring [6], as well as Mobile LIDAR for rapid as-built BIM [7]. The Riegl LMS-Z210 3D laser scanner and PolyWorks software for 3D modelling that use point data are other examples. LMS-Z210 3D is used for powerful 3D image-based data collection [8].
Companies involved:
Data Interface company that manages the data engineering tasks thereby facilitating smooth data transfer between the cloud, the applications used by various stakeholders
The AI company that provides Analytics and does the AI & Research for them
A few of them may be set up inhouse (recently many companies have their own research & AI in house Research Teams)
High Level Project Plan:
Stakeholder Analysis
Consumer: Consumers primary either buy or sell property from the Corresponding Enterprises. They are provided with Services and they serve as the revenue stream for Agents as well. They pay taxes and the Government is entitled to protect them
Corresponding Enterprises: They make money from Consumers and give money to Agents for referrals and serve their agents customers. They pay taxes to government and follow the regulations set by them. Agents & Affiliations: They serve their customers and generate revenue, Pay taxes and follow regulations. Government Regulations: Obliged to protect consumers, levy taxes and govern regulations
Stakeholder Synthesis through IoT systems
Drones: Provide profit to Enterprises and Agents, follow Ethics. help consumers to survey the neighborhood, analyze features, to buy and sell their properties. Well under the regulations of the government and follows them. 3D Scanners: Provides Profit for Agents and Enterprises and follows ethics and regulations.
We need websites and smartphone applications and gadgets to facilitate the sales and growth of business
Interfaces are needed to integrate data through the websites and applications. Data must be deployed in Cloud (AWS) for addressing scalability. The concept of Smart Real Estate has been summarized throughout this material which includes a technology driven sustainable solution, which is also user centric, providing more flexibility of business to expand both vertically and horizontally. The approach can be used to expand vertically by starting to use the same drone technology for creating new business-like domestic drone surveillance for individual properties and large societies. They can also introduce IoT enabled home security systems, Domotics, smart kitchens, smart walls and overall providing he complete package of a smart home while selling real estates to consumers. Also, the potential of other technologies like 3D Scanners, cloud, and AI have also been explained and the value that they bring to the stakeholders have been analyzed. Big data and AI can use the consumers data and their requirements and come up with best predictions and recommendations of properties that can be custom tailored as well. Meanwhile the entire process of buying/ selling and the potential customers looking for properties are all being captured which are crucial features in building effective predictive models for the AI team, who can become adaptive and recommend better homes to consumers. All this information can be shared to consumers through websites, social media and smartphone apps. The major limitations of this IoTs approach is the acceptability of all the stake holders in the ecosystem, more importantly the consumers. Not all consumers are young and are tech-centric. Half of the property buyers are assumed to be over 40 years and the acceptance factor for those people to new cutting-egde tech is less compared to Gen Y or Gen Zs. Overall, this study is a breakthrough for adopting disruptive technologies in the Real Estate and Construction Industry.
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