Real estate has been one of the economically stable industries in Bangladesh. Since 2014, it has grown rapidly with great potential to carry a terrific future. Here, the concern arises that what influence it creates on the buildings and their management systems as real estate companies are immensely dependent on buildings that rely on a management process. If not explicitly, passively the real estate sector and building management are closely connected to an extent. Let’s get into how the ins and outs of building management and the real estate market work and the consequences it applies.
What does a real estate company do? The basic concept refers to that they help people to sell their property or apartment, condominium, flats, and all through their agents. Other than that developing buildings is one of their concerns as they rebuild or restructure a building for the owner on their land via mutual terms. The real estate market is getting bigger every day. According to Bangladesh Bank, in the last six years, from 2013-14 the real estate market value has grown up from 408 billion TK to approximately 800 billion Tk. An insane figure from the perspective of Bangladesh!
When it comes to discussing the effects it brings to other industries that are also noticeable. The buildings they develop or reconstruct are usually better than the conventional ones. So, the facilities get a huge push on technology and better management intercepts. The conventional paper-pen system gets substituted by new technological solutions and eventually, new companies enter as competitors for better solutions, the competition range derived at higher stakes. So, a little change in a single sector can influence or change the whole scenario of the industry.
Why real estate services are still in demand? For a better and affordable home obviously. But there is the internet for you to search for an eligible home or property for an individual. The demand for a real estate agent relies on a negotiation skill set or knowledge of market conditions, their convincing ability, and attract potential buyers which cannot be gained from the internet.
Initially, a real estate agent is never going to recommend you an outdated home. By outdated home what actually meant is a home that is technologically backdated and doesn’t contain the necessary updated facilities a home should have. Why should an agent show this kind of home to a buyer and that is also when he is aiming for a significant profit! If the building management is not good enough or technologically disbanded, it is going to generate a meager amount for the company. That is why real estate is really significant for building management.
Home automation and building management through IoT technology have been around for a while now. Think of an automated home and a conventional systematic home. Almost everyone will agree on the qualities of living in an automated home. Technologies are built to considering people’s perspectives. In some cases, you may spend more than you want to get the nicer one which is why the buildings should be taken under technological solutions. That’s what the real estate companies are doing right now. Either selling a home or constructing buildings they always show these efficient homes for a better margin of profit and this influences the system of home management in a bigger scenario.
At first, you may or may not realize how the connection of the home management system and real estate company influence the surroundings where it immensely related to each other! It really does play a mentionable part in buying properties as well as building management. New building owners are constructing buildings keeping these modern changes in mind so that they can ask for a good rent for it and the veteran building managers and owners are switching to more facilitated buildings. This is another significant role that might change the whole ecosystem of building management in the coming years.
In Bangladesh, Rokkhi Limited is one of the companies working for digital management of commercial and residential buildings depending on IoT and cloud services and analysis through a mobile application. It aims to manage a building with ease and always stay connected with your home even when you are away. This might be the step of reconstruction of Bangladesh for a futuristic technological development and build a better home management system.
Decisions that are taken for a change may impact others sometimes in an unthinkable way. The real estate business industry is stable enough to take the ups and downs regarding finance and resources. Their works also depend on buildings. For them to survive it also really important for the buildings to create an infrastructure that makes the building management more attractive and innovative at the same time.