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Is Real Estate Industry transforming into Professional Industry?

Real Estate Industry

Real Estate Industry

For hundreds of years, the Real Estate Industry was largely unchanged. When we look back 20 years down the line, real estate industry was still unorganized and was majorly run by unprofessional. Having said this, I do not mean that non-professional cannot run this industry; they can and are running most of this industry successfully. I maintain the difference between unprofessional and non-professional.

In Past two decades, Real Estate Industry has seen more rapid-fire changes than in any period of history. Nowadays due to use of Digital Technological equipment, 3D printed Drawings, Project Management Soft wares etc. the construction site functions differently than it did when our Father & Grandfather use to work.

Let us see some Real Estate innovations most of which were nonexistent 20 Years ago.

Construction Scenario

  • Use of Motorized Equipment.
  • Use of Power Tools.
  • Use of GPS based Survey system.
  • Use of Project Management software for Project Scheduling, Monitoring &Tracking.
  • Use of Estimation Software for estimating works on daily basis.
  • Use of Audio / Video Conferencing tools for daily communication with Stake Holders.
  • Live Drone Videos for Record Keeping & Project Updating.

Quality Scenario

  • Drafting & Implementation of Quality Plans.
  • Drafting Work Specifications & Implementing to fullest.
  • Activity-based Quality Checks on the frequency basis.
  • Use of Design Mixes for Concrete. (Concrete Recipe )
  • ISO Registration & compliance.
  • Use of Computerized Ready Mix Concrete (RMC) Plants & related Equipment.
  • Appointment of Site Quality Team for Construction Project Quality Ownership.
  • Generation of Project Quality Closure Reports at end of Project.

Safety Scenario

  • Drafting & Implementation of Safety Plans.
  • Provision of Personal Protective Equipment such as Helmets, Gloves, Safety Belts Etc. (PPE)
  • Use of Fall Protection Equipment for working on Heights.
  • Appointment of Safety Team for Project Safety.
  • Provision of First Aid Kits & Periodical Doctor Checkup Facilities.
  • 24 Hrs. Ambulance Standby along with trained Driver on Site.
  • Display of Emergency Contact Nos. at various places on construction site.
  • Visual Display of Safety Slogans for safety awareness at various places on construction site.
  • Generation of Project Safety Closure Reports at end of Project.

Real Estate Agent Scenario

  • Due to RERA implementation, Real Estate Agent will play a very important role in Real Estate Industry.
  • Real Estate Agents will have to register with RERA authority to obtain Agents License, which will be given to him on thorough Scrutiny.
  • Earlier Agents (not all) use to give false promises to the customer, resulting in cheating of customer.

Customer Satisfaction Scenario

Real Estate industry is built on personal relationships.

On average while studying current scenario, a Real Estate company only gets less than 200 customer service inquiries per month that require human interaction which is very less as compared with other industries.

(Courtesy: https://www.forbes.com/sites/ciocentral/2012/04/19/customer-satisfaction-by-the-numbers-an-industry-breakdown/#55dddbae580f)

 

The RERA Effect

I will try to write more elaborately on Subject “RERA” in my next upcoming Blog as this subject is very vast & needs in-depth analysis, which is in progress.

 

Thus we can conclude by saying that Real Estate Industry is slowly but Surely Transforming into Professional Industry which is a very good sign and will help in building our Nation Strong.

 

Blogger is Civil Engineer and Quantity Surveyor by Education and is Founder of Property Advisor Portal “investon.in”.

Investon.in Guides the Property Buyer throughout his Property Purchase Journey, right from choosing the Property to acquiring it.

Feedback, Suggestions & advice are welcome. Feel free to contact us at vikram@investon.in

© Vikram Ashok Pore 2017-18

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