The post-pandemic period experienced positive growth in the Real Estate sector due to the escalating demands for commercial office spaces, semi-urban accommodations and residential properties. Real Estate in India, being a globally recognized sector, contributes 7% to the GDP currently, and it is expected to go 13% by 2025, according to the ministry of housing and urban affairs. Also, this sector is one of the highest employment providers in the country, which is attracting Indian youth with diverse backgrounds for lucrative career opportunities. However, talent acquisition in the real estate sector is facing a trend shift due to the technological advancements, demand for data and digitalization in the country. Therefore, this sector is changing ways to procure the necessary talent for the bulging requirements of this era.
New age technology enters the real estate market
The real estate sector in India is going to reach $1 trillion by 2030 according to IBEF. Therefore, in that case, there is a need for the necessary workforce to bridge the sales gap which was produced in the pandemic. The pandemic also disrupted many services for this sector, and initially, the demand plunged with descending prices. However, the introduction of the technology retained its relevance in the market. Immediate site visits are now transformed into interactive 360° pictures provided by the builders on their websites, which enable the tour of the complete project at the fingertips of the buyer. The listings of the properties are shown to the customers with the option of price comparison, price ranges and amenities provided.
Real estate brokerages have recognized the use of Artificial Intelligence (AI) to come up with a viable price range with linear regression analysis to forecast the best time to sell or purchase a property. Also, Machine Learning (ML) when mixed with data, allows us to find the exact valuation of the property which was previously under the circle rate of the areas, saving a lot of time, cost and research. These new age technologies have eliminated many middle-men from the picture, and the customers get the fair price of the property according to the area.
Demand for tech-savvy individuals in the sector
With these new-age technologies becoming a norm in the Real Estate sector, demand for technology-affluent personnel is also elevating for back-end software development and maintenance. Individuals from the IT sector are also finding promising jobs in this sector due to the operational changes in the processes such as property discovery, housing finance, transactions, algorithm-based decision-making, and property location. The real estate developers are also keen on creating buyer profiles to predict purchasing behavior with data such as age, demographic variables, financial information, type of property bought, etc. Companies with their platforms in place are now hiring tech-savvy individuals to deliver a unique experience to their customers.
Consultancies are also hiring data analysts to have an insight into the purchasing needs of the customers and devise models that could improvise the sales of the properties. The traditional practices of the brokerages are seeing a gradual decline and being replaced by the technology for identifying the customers, generating relevant content and automating the information. Hence, the demand for individuals apt to these new-age technologies is increasing.
All things considered
As the demand for the new-age technology surges in the real estate industry, necessary talent with high skills in operating these technologies is required. There are still consultancies, brokerages and builders who follow a traditional route of knocking on doors, site visits and price calculations. However, these bodies need to upgrade themselves with new-age technologies to have a competitive edge in the market and then, hire tech-savvy individuals accordingly. This paradigm shift in the real estate market for talent acquisition has soared the element of the structured hiring process. As these individuals are the critical component of organizational success, companies are now onboarding skilled and talented employees to retain above-average market share and increase profits. These talents are considered “knowledge assets”, and by hiring these individuals, the companies in real estate can drive their sales forward with long-lasting sustainability in the markets.
Views expressed above are the author’s own.
END OF ARTICLE