Data is the new gold

Digital innovation is reshaping the way most industries and businesses are functioning today. Robotics, augmented/virtual reality, sensor technology, internet of things, and building information modelling systems are poised to transform the real estate industry.

How can real estate service providers tackle the volume of data generated that is attracting international technology companies and other new market participants and stay ahead of the curve? Deloitte's report Data is the new gold: The future of Real Estate Service Providers looks at drivers and trends that will impact the future of real estate services, and recommends steps that providers can take to remain successful.

Transformation through technological innovations:

• Robotics. In the future, real estate service providers may have to offer services related to the use and maintenance of robotics components if they want to avoid surrendering their share of that market to robotics manufacturers.
• Augmented and virtual reality (AR/VR). In the long term, AR will replace hardcopy plans and documents and will present a 3D reality. Real estate service providers will have to become increasingly involved with operating and maintaining the corresponding systems if they want to retain market share in this area.
• Sensor technology. For real estate service providers, the increasing use of sensors means greater efficiency when performing repair services and improved customer satisfaction by better alignment of services with the user’s requirement.
• Internet of Things (IoT). Fosters intelligent building automation where sensors collect data directly and passes it to other devices in the building. This interconnectivity can: reduce workload for real estate service providers, reduce energy use by ~25%.
• Building information modeling (BIM). With digitalization in construction industry, projects are expected to be completed more efficiently. BIM will play a key role and will enable real estate service providers to offer customized services.