Some businesses have been slower compared to others when it comes to the integration of technology. The real estate sector is one of those that has been lagging behind. Many professionals in the sector have continued to manage properties in the traditional way that they’ve always done it.
But with the world changing, professionals in the real estate industry have no choice but to embrace technology. Remember that real estate is one of the few sectors that have created immense wealth with little to no technology. So imagine the kind of growth that will be experienced with 100% adoption of technology.
So if you think your term rental property investment is doing just fine, it’s still worth it that you give technology a chance. If you’re still not sure of how it will benefit you, we are here to open your eyes.
Why Real Estate Investors Should Embrace Property Technology
The advancement in technology has transformed the real estate sector as clients demand for smarter solutions. The entire spectrum of real estate technologies falls under the label of property technology.
It’s revolutionizing how clients connect with realtors for property purposes. This can be due to construction and purchasing purposes. It can also be due to home services, property management, selling, or renting.
Technology has heavily influenced our lives. But recent years have witnessed several notable advancements in the real estate industry. Keep reading as we tell you about these advancements and why you should embrace them.
1. It Gives Real Estate Brokers and Advisors a Competitive Edge
Real estate advisory and brokerage firms are some of the most competitive in the industry. They are also some of the early adopters of the latest technologies.
In a high stakes market, technology has enabled techvestor.com to beat their competitors in the local market by 42 percent as they continue to grow and take advantage of the advancements in technology. Property management companies invest in cloud-based solutions and integrated systems. Most of these solutions help them in executing manual tasks that don’t require much critical thinking.
This helps to free up employees to work on creating value for the business. It also enables managers to spend more time in one-on-one meetings with clients, which serves them better.
All these result in efficiency. It divides up the workload in a manner that enables companies to complete a lot of work in the least amount of time. In the end, this serves employees, the company’s future success, and clients better.
2. It Helps Industry Professionals in Making Informed Decisions
Real estate companies enjoy technology because it improves decision-making processes. That’s the reason why companies in this sector invest in technology.
Apart from gathering data, technology enables investors in rental property investment to interpret it. This helps them to make smart decisions and to position the company for greater success. Technology can also provide valuable insights that might have been missed if you didn’t use it.
3. Leveraging Virtual Reality
There’s a common misconception that VR is only useful in the entertainment industry. But the fact is that it’s also used in the real estate industry.
With the help of VR-enabled tours, potential renters and buyers can check for the properties. Virtual reality provides an immense experience that’s realistic and engaging. Real estate companies can integrate virtual reality in the following ways:
- You can integrate VR in virtual tours for advanced viewing of properties.
- Use VR for an immersive marketing of your short-term rentals amongst targeted buyers.
- You can enable accessibility to your property’s website through mobile phones and applications
Note that VR was slowly being adopted by real estate investors even before the pandemic. This technology has, however, become a need in the industry, thanks to the covid-19 norms of social distancing and staying at home.
Investors in short-term rentals, for instance, and their agents have been investing in VR to show possible tenants the properties that they have to offer. This is getting done while maintaining a safe distance as the world continues to fight the pandemic.
4. Adding Convenience and Value to Rental Properties
It’s obvious that smart home technologies have transformed homes for the good. Apart from being adopted by homeowners, apartments, and condominiums are now being built with smart home technology in mind.
Some of the smart home technologies that have been adopted by real estate businesses include:
- Thermostats
- Sensor based lighting
- App-based house lock access
- Connected TVs with CCTV access
If you can have some of the above facilities in your short-term rentals, tenants will most likely prefer your apartments. These technologies can lure first-time millennial home buyers. They will also add greater convenience and value to the older generation of buyers.
A lot of middle-aged buyers are also looking for houses that are fully equipped with smart technologies. They know that technology will help them save time and have a more comfortable lifestyle.
5.Getting Better Valuations
A realtor on the ground can estimate a property’s value quite accurately. But technologies like artificial intelligence make it easier to come up with realistic pricing. It helps with property valuations in determining the rate of the property.
This is done with the help of a predictive analysis algorithm. It enables investors to gauge growth in the value of properties and to access possible risks in the future.
As the capacity to acquire data grows with the help of technology, so does the accuracy of the property’s expected sale price. Here, you can think of integrating your customer relationship management system with data sources like RP Data. They will help you to get reliable value estimations without leaving the CRM’s current environment.
6.Enhanced Security
It’s important to note that any successful business must invest in security. This is about data protection as well as physical protection.
You must remember that security breaches compromise the integrity of a company’s data and assets. This, in turn, undermines the trust that clients may have in you. That’s why it’s important that businesses invest in security.
Technology offers various tools that can help real estate investors and their purposes. Express access technology is a good example of a system you can integrate. The system can help you to manage access permissions to your business dependencies simply and securely.
Conclusion
In the near future, we’ll see a lot of real estate businesses getting more technologically advanced. This is necessary as it will propel industry-wide growth.
Thus, it would be wise to seize the opportunity if you’re considering renovating your rental apartments. You can start by automating your office operations to collect data about your clients. There are CRM’s and property management tools that you can subscribe to and start using.
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