The real estate construction sector has seen several improvements and increasing involvement of technology into the traditional construction management methodologies over the last few decades.
Whether it is switching from paper-based designing to Computer-Aided Drawings (CAD) and Building Information Modelling (BIM), or from large files of payment applications to RFCs (Request for Clarifications), modern-day building construction methodologies continue to evolve.
BIM software allows real estate developers to map out entire projects, well ahead of time – from the general structure to even the minutest details that may cause construction delay.
3D printing (or additive manufacturing) is a construction process, which uses a digital program file to fabricate three- dimensional solid objects. Thus, real estate developers can create real-life modules out of everyday data, which conform to the desired design specifics.
Pre-fabrication of different construction components allows real estate developers to produce modular components, and later assemble them at the construction site. Such prefabricated building modules help increase the quality of construction while decreasing the construction duration and the need for rework.
Advanced versions of traditional construction gear such as hard hats, pulse oximeter, safety goggles and clothing help improve safety and health conditions of construction worksites while preventing thefts and security breaches.
Nowadays, real estate developers and contractors can procure construction materials including cement, steel, tiles, and sanitary ware online from platforms such as BuildSupply Commerce. Online material procurement, in turn, allows developers and builders to purchase resources in a more transparent, cost effective and timely manner.
Autonomous Construction, generally refers to navigate, manoeuvre and operate construction equipment by a computer, without needing any human control or interventions. This construction methodology allows developers to expedite construction by utilising off-work hours and during labour shortages.
Another modern construction management technology is the Intrusion Detection Systems that employ tilt sensors and infrared cameras to detect any anomalies during transportation of raw material and workforce from one construction site to another.
Construction ERP is an increasingly popular real estate technology; which helps real estate developers achieve speedier, cost-effective, and quality construction by streamlining different processes within the construction project and improve the overall construction timelines.
Construction management necessarily implies the overall planning, coordinating and controlling of a real estate project construction from start to its completion. By onboarding real estate tech, real estate developers can effectively plan, direct, and coordinate activities on construction sites, oversee project design, budget plan, hire and supervise workers, prepare construction budgets, choose contractors and monitor supplies.
With the advent of new-age real estate software solutions, developers can further drive construction efficiency, accuracy and profitability, and gain a competitive edge. Having a comprehensive construction management strategy offers the following benefits:
Construction planning stage majorly contributes to savings on both direct (material procurement, labour costs) and indirect (admin) costs. It comprises of detailed attributes like granular cost plans, rate analysis, smart BOQs etc that can help real estate developers set the strategic framework of the project and lower the overall cost of construction.
Leveraging technology in the real estate industry significantly aids other stages in the project lifecycle like procurement, vendor management, material management etc and allows a streamlined approach to project management.
Time is of the essence for real estate developers to meet the construction schedule they promise to their customers. While the customers want a job well done, they also prefer the developers to finish construction and deliver the units sooner rather than later.
By leveraging real estate software solutions and construction management strategies, developers can effectively manage their resources to foster better response time across projects and improve their time to market.
In the past, real estate developers faced challenges in creating and sharing information in real-time. With real estate and construction technology, project managers can use technology to coordinate projects and share information related to procurement, tendering, billing and invoicing, real-time physical vs financial progress tracking. This way, the daily operations of construction companies improve significantly.
Construction projects, large or small, involve multiple stakeholders, which often leads to increased confusion and lack of clarity in-between. Subsequently, the construction timelines get extended. In such a situation, a technology-driven construction management solution can help to reduce complexity and improve process transparency.
Modern-day construction technologies aim to produce smarter and more durable structures either by designing better structures from scratch or retrofitting existing structures for increased durability.
Also, given the fact that these models can be simulated and tested for accuracy before actual construction, builders would have to waste lesser resources and time on poorly built structures.