Our world has already entered a new era of digitalization. Customers, particularly the younger generations, are just as at ease in both physical and virtual realities as they are in the most recent versions. Regardless of the sector they operate in, businesses must consider the changes and adjust in response to this fundamental lifestyles shift.
The desire to acquire real estate in the UAE grows among people all over the world. There will be more players in the market as a result, and doors will be opened for innovative concepts and methods.
Is the PropTech Era Here in Dubai’s Real Estate Market?
The real estate market in Dubai is growing once more, and local analysts anticipate that the present rise will continue to be positive. Trend analysis predicts that investments in the real estate sector will rise as well, making it an ideal time to launch tech products for real estate brokers and agents as well as for builders, real estate investors, and tenants.
The real estate sector has developed into a “late bloomer” notwithstanding how deeply the new technology have permeated practically every area of our lives with game-changing concepts like Uber or Careem NOW. The proptech industry in Dubai is only getting started. Fortunately, the city has a strong environment that supports this digitalization: in addition to the flow of investments, the government frequently launches technology-focused, creative projects.
The idea of combining traditional and digital strategies is based on the idea that valuable data can be used to solve practical issues that stakeholders face while buying, leasing, handling, or renting real estate. And a couple of intriguing businesses, including PropInvest Tech and Nomad Home, have already understood this and are concentrating on making the daily lives of real estate sellers and purchasers easier.
However, there are numerous difficulties that come up when renting a house in Dubai as well as when investing. The number of expats drawn to the city who require a place to live but are unable or unwilling to purchase an apartment or a villa won’t be decreasing any time soon, especially as Expo 2020 brings even more visitors attention to dubai.
Another interesting area for tech enthusiasts is the rental sector, where there are numerous bottlenecks that proptech solutions may assist to alleviate. For instance, one of the most popular websites, Property Finder, has eliminated the need for applicants to fill out paperwork or visit the agency in order to discover an empty apartment to rent.
However, given the rigorous laws governing the rights and responsibilities of renters and landlords, relationships between tenants, landlords, and occasionally real estate brokers are more complicated and may come with more shocks and issues. Therefore, it may be safe to assume that Dubai real estate needs technological solutions to help streamline the procedures once the rental agreement has been completed.
Top Trends for the Development of Real Estate Software in Dubai
What technological solutions are therefore most advanced at the moment? We present an overview of the most well-liked and pertinent features that real estate agents, tenants, and property owners can benefit from thanks to property management software.
Virtual Home Tours
Lockdowns and COVID-19 have altered how we view interpersonal interactions in the actual world. And frankly, a Zoom call is preferable to scheduling a meeting. Property overview is being applied using the same idea. Potential tenants can virtually visit the property, study it, and form emotional connections thanks to VR technologies. Naturally, it wouldn’t take the place of actual tours because people still want to verify that reality corresponds to the virtual representation they were given. The choosing process might, however, be sped up and simplified as a result of renters’ ability to swiftly eliminate undesirable possibilities.
Property Management Automation
Landlords or property managers must perform upkeep, make sure the property isn’t vacant, monitor the frequency of rent payments, and handle a significant number of repetitive activities if they are to make a profit from renting it out. The majority of these procedures might be covered and simplified by real estate management software development. Property management software automates some routine chores like processing tickets, providing information on impending payments or properties that will be unoccupied soon. It additionally enables saving data on rental properties, renters, owners, maintenance requests, etc. Although it might seem straightforward, doing so can help managers save a lot of time and money while also enhancing the services.
Smart Technologies
IoT provides the foundation for the ideas of smart buildings and homes, and when combined with cutting-edge technologies like artificial intelligence, cloud-based services, and other emerging ones, it has the potential to transform the rental market significantly. Constant property and facility monitoring is enabled by smart technologies. For instance, using preventative maintenance, the landlord may stop pipe leaks from happening by patching them up in advance. It consequently results in fewer maintenance expenses and less stressful circumstances for everyone involved.