Real-estate has not really been the go-to career option for the Gen Z population of the workforce until recently and much of it can be attributed to the sector being perceived as unstructured and unstable. However, over the years, with the introduction of a slew of reforms like RERA, GST, etc., the sector has evolved itself into a more professional, transparent & stable place of work.
Today, real estate is the second largest employer in the country and the Indian real estate market is slated to be a USD 1 trillion opportunity by 2030 which makes it a lucrative career option.
Zoomers today find their excitement in solving the real-world problems through their innovation and creativity. They look forward to meaningful and challenging work where they can make an impact. Real estate sector offers a huge scope for tech transformation, especially in India where home buying is still largely driven by brokers in the vicinity.
This has become even more pertinent amidst the pandemic as the sector has to find ways to stay relevant and gain an edge on their competitiveness by using technology. Also, as new age companies try to transform the home discovery experience for people, it has created a huge elbow room for many other domains also beyond just technology and product. Real estate sector has several opportunity areas that can excite the Gen-Z to make a career and revolutionize the way people experience property.
Virtual and Augmented Reality:
Use of Virtual and Augmented Reality that allows users to access properties at the touch of their fingertips is slowly gaining steam. Today, customers need not physically visit the property that they wish to buy or rent as they can visit potential properties online via virtual tours.
This innovation has led to a remarkable growth in the AR/VR market. This not just saves time & enhances customer experience but also ensures better ROI by eliminating unwanted costs.
In addition, many companies are also investing in drone technology which not only helps them capture aerial pictures of a property thereby ensuring a better virtual experience but also provides compelling images of areas which are otherwise difficult to access.
AI and Machine Learning:
Likewise, AI and Machine Learning have infiltrated the real estate sector successfully and are slowly revolutionizing the industry in more ways than one. AI enabled apps and chat bots have significantly improved lead generation and marketing for organizations.
For example, an organization running a social media campaign on a project would traditionally expect the ad to divert the user to their listings page where they would fill their details, but, with the help of AI as soon as the user clicks on the ad they meet a chatbot who collects their details and generates a lead.
Similarly, as AI can read and analyze patterns in the data, it aids in predicting the market value of a property thereby helping in better business planning. Not just that it also assists passage of accurate and comprehensive information about a property to the users that helps them in making the right choices.
Today there are many software that provide interesting insights like number of hours a property gets sunlight or what is the sound disturbance of the area, etc.
Use of Apps:
There are more than 2 million apps available on Google Play Store and Apple App Store as on today. From ordering food to booking a cab, we can now do just about anything on our fingertips. Hence, like any other industry, real estate sector exhibits a substantial potential for app development and a lot of interesting work is happening in this sphere.
From home buyers to renters to realtors, the benefits of these apps can be reaped by all.
Today there are different apps to buy, sell, browse properties, etc. and they are aimed at enriching the user experience by bringing the portal on their mobiles. In fact, today many applications not just allow customers to pay their rent via an app but also offer them with a lot of benefits / freebies in return
Using Digital Marketing:
With the ever-increasing number of internet users, it’s imperative for organizations to include in digital marketing also in their overall marketing mix. In fact, research says that approximately 92% people research online about a product before buying it.
Hence, real estate organizations are working towards creating a strong digital presence also to make them stand out in the market and be visible wherever their customers are. Influencer marketing, SEO, drip email marketing, etc. are some of the interesting projects on which the young people get to work on.
Real estate has been one of the sectors that has embraced technology a little late, but it is now actively making up for that by investing in technology, leading to disruptive changes in the sector. There is a plethora of exciting and challenging opportunities that the sector has to offer and it’s time for Gen Z to take the plunge.