Advancement in communication technology is one of the most significant achievements of modern science. With the proliferation of high-speed internet and hand-held smart devices, not only are a more significant number of people getting connected with expanding networks, but a large number of devices are also interacting and sharing vast amounts of data.
A number of these communication technologies also have a significant impact on the real estate sector, such as 5G networks, Internet of Things (IoT), smart sensors, QR codes, and surveillance technologies. These technologies are leaving a direct impact on property management, construction management, supply chain networks, real estate advertising, real estate selling, and the development of tools and equipment (Auctm, 2021).
The real estate sector of Pakistan is a fast-evolving sector with multiple innovations entering the market in the face of increased public and private actors in the industry. Therefore, it is important to understand how these communication technologies will impact the real estate sector of Pakistan.
Rapid Communication Technologies
Communication technologies have been around since the development of the first telegraph in the 1800s. Thereon, multiple different technologies such as the telephone, radio, and television have enhanced communication standards and methods over time (Brady & Elkner, 2017). These technologies have allowed mankind to exchange vast amounts of information and knowledge, helping drive innovation in multiple sectors of the world and economy.
5G technology is the next generation of broadband cellular networks. It offers higher downloading and uploading speed with lower latency rates. As the world becomes more and more dependent on internet services for the daily running of activities, the rise of 5G technologies will revolutionise the market. The world is increasingly becoming data-driven. Artificial intelligence systems require vast amounts of data to actively analyse and extract information for different purposes (Laurent, 2021). The technology is also poised to leave a significant impact on the real estate sector as well. Implementing a large number of sensors on construction sites can overwhelm current network systems with the amount of data that is being generated. Using 5G technology, a more significant number of devices will share and communicate in a faster and more efficient way. The introduction of 5G technologies will also enhance virtual reality technology in real estate, Building Information Modelling (BIM) systems, cloud-based platforms, and cost savings in the construction process.
The rapid adoption of sensors in multiple technology fields has had a phenomenal impact on various sectors of the economy. It can be said that technology has changed the way individuals interact with their surroundings and the environment. Sensors can collect a vast array of information in multiple forms such as temperature, movement, humidity, fumes, chemical properties etc. This information is almost always tied to a mechanical device or tool and is used to enhance its function (Vaniukov, 2020). With recent advancements in nanotechnology, almost all significant sensors are small enough to fit inside any handheld or mounted device. Previously, collecting such information required tedious processes, and the accuracy of the measurements also remained low. The real estate sector is rapidly evolving in terms of the use of sensors as communication devices. It is not always possible to reach certain places during construction, and sensors can provide accurate and efficient data in these cases. Using sensors, an engineer can monitor construction from thousands of miles away, while sensors can also bring innovative practices in real estate marketing.
How will Communication Technologies Affect Real Estate?
Real estate is a vast and dynamic sector that is constantly evolving with the use of innovative technologies. Effective and fast communication is a necessary determinant of success in real estate. With more and more companies going towards the online space after the coronavirus pandemic, providing buyers and investors with up to date and accurate information has become even more necessary. The recent advancements in network technology and sensor devices can open a vast number of opportunities for the real estate sector.
As the world opens up due to emerging trends in globalisation, many people are now able to buy, sell, and rent real estate in overseas markets. This calls for effective property management of such real estate as daily oversight is required for efficient income generation. It is usually performed by a third-party contractor responsible for the day-to-day repairs and ongoing maintenance tasks. With the development of rapid communication technologies, property management has seen a revolution over the decades. Investors and owners of residential or commercial property have now greater access to information, making their investment more secure and property managers more accountable. It is now possible to have multiple sensors fitted internally or externally to the property to monitor specific conditions such as weather, humidity, fire hazards, or general wear and tear etc.
Perhaps the field which stands the most to gain from communication technologies in the construction sector. A vast number of resources are used in the logistics and monitoring of construction projects. Keeping checks on the inventory of construction supplies and worker routines is essential for cost-effective construction. It is also known that certain materials must be stored under specific conditions; otherwise, their effectiveness can be compromised. Sensors can be used to monitor storage spaces. Worker management and quality control of construction activities also require constant surveillance by supervisors. However, this requires a large number of resources, and not every process can be overviewed efficiently. Sensors can be used instead, with infrared sensors being a significant advantage in recognising activity.
Building Information Modelling (BIM) Systems
Building Information Modelling (BIM) is a revolutionary system that incorporates all stakeholders in a construction project on one platform. Processes are streamlined as changes in design and other areas can be viewed simultaneously among all parties. That allows project members to design and build collaboratively using one system of models. Since multiple systems are integrated into one platform, real-time data is used to make changes and decisions, fast communication networks such as 5G will revolutionise the process. This will allow all stakeholders to collaborate on a more practical level as well.
A large number of real estate companies are moving towards the online market to deliver better services to buyers, sellers, and investors. Graana.com, Pakistan’s first online real estate marketplace, is the first in the world to launch a platform that provides all the products and services related to real estate on one single platform. Communication technologies play a large role in online real estate platform models. One example can be that of virtual reality. The company also uses virtual reality to market and advertise several real estate projects. The introduction of faster networks will enhance the user experience in terms of virtual and augmented reality set-ups.
Communication technologies are advancing at a significant pace. High-speed broadband connections have allowed many people to get connected over the internet along with sensors and smart devices. The impact of these communication technologies on the real estate sector is also significant. Property management, business information modelling (BIM), cloud-based and online real estate platforms and real estate advertising stand to gain a massive boost from innovation in rapid communication technologies.