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Real estate developers must invest in technology: Devmark Group

Sean McCauley, CEO, Devmark Group. (Image source: Devmark Group)

Devmark Group, a UAE-based multi-disciplinary real estate organisation, highlighted the importance of embracing new technology for survival in 2021, at the Cityscape Real Estate Summit held earlier this month

The panel discussion titled ?Why developers need to adapt to technology to stay relevant in 2021? saw the likes of Sean McCauley, CEO of Devmark Group, Richard Aybar, CEO of ThinkLab, and David Agha, head of Technology for eiight, who came together to elaborate and outline the impact of technology in changing the real estate landscape over the years and why developers need to adapt to the technologically advanced methods right now.

?Developers can?t afford not to invest in technology. Previously it has been a tool to enable them to thrive, it is now a necessity to survive,? said McCauley, CEO of Devmark Group. ?It is imperative for developers to engage digital transformation and utilise the myriad of tools available to engage with their potential clients. Early adopters have been quick to steal a march on those slow to adapt and have set an excellent platform to build on in 2021,? he added.

?This year has proven that technology needed to be adapted. There?s a range of technology available, but the key is how you integrate it into a central ecosystem system, and that?s where developers need to adapt to optimise the use of technology,? said David Agha, head of Technology for eiight.

'Technology trends impacting the real estate industry', 'the importance of adopting new technology strategies', and 'why the industry has been slow to adapt', are some of the other topics that the panel discussed.

Devmark Group also launched SalesLab, a new web-based interactive sales hub that allows real estate professionals to showcase their properties in a more immersive manner, at the summit. The new sales hub will be using virtual tours, 3D visualisations and live inventory to create an unparalleled and engaging customer experience.

Richard Aybar, CEO of ThinkLab said, ?Real estate companies that have incorporated virtual imagery, 360-degree virtual tours, virtual reality, and immersive projects apps, have reported overwhelming customer interest and success. These are just some of the tools forward-thinking developers are utilising to engage with investors, albeit in a non-conventional form.?

Talking about the SalesLab, Aybar said, ?This new tool combines the very type of innovation the industry requires. It allows buyers to speak to developers at any time, from any place in the world by allowing them to view, select, book and ultimately purchase a new property.?

The panel cited the lack of drivers for change, and the historical buoyancy of the UAE real estate market, which had previously witnessed massive demand for off-plan properties, as the primary reason for being slow in adapting to high-tech tools.