The face of real estate is changing rapidly. There was a time that it was okay to shun technology, but those days are long over. Technology is advancing at such a rapid pace that what was a breakthrough yesterday is common place today.
Companies will either adapt or contract.
This has multiple effects on real estate companies. Now, companies can’t afford to manage without the available new technologies. Not implementing these best practices affects their ability to compete in the market. Certain tasks once done manually at high cost, can now be done automatically for a fraction of the price. Failing to adopt new automations results in a great disadvantage in the market place.
But, perhaps more importantly in the property management industry, your end clients- your tenants, the life blood of your company- are embracing tech in an unprecedented manner. They are beginning to demand keeping up with the latest.
Here are a few of the latest technology trends hitting the general real estate sector.
- Predictive analytics has become the latest trend in a number of industries, and the real estate industry is no different. ProspectNow offers a predictive analytics platform that allows users to identify properties that are most likely to be listed for sale in the near future. Just imagine what kind of implications this can have for brokers, investors and even service providers.
- Virtual reality for viewing of condos and apartments. From Google to Sony and Oculus, VR is one of the hottest trends in technology. It’s no surprise that it’s making it big time in real estate too. In the not-so-distant future it will be common place for condos to have VR technology to preview new homes in real life like imagery.
- Real data analytics is available in virtually every industry. HonestBuildings now has a construction and bidding platform that helps property owners manage these processes in real time.
- Building systems automation is another area where technology has played a major role in reducing costs and adding end user satisfaction. Companies like Sensorsuite have created cloud based systems that allow managements to control and a collect data on energy and equipment efficiency.
- More progressive managements are utilizing the latest in systems automation by giving their tenants the ability to pay directly through an online cloud based portal. Payquad allows managements to accept rent or other fees through self-serve company branded portals. This results in huge cost and time savings for managements as well as ensuring a quick, happy tenant experience.
- This may sound simple, but having a web presence through a company website is way too often overlooked. Companies like Rentseeker create sites that are specific to the property management industry and specialize in attracting and servicing new renters. Having a presence online is not only vital in today’s day and age, it is practically a necessity. Renters are online and you need to be too.
Implementing and utilizing some or all of these technologies will surely help your bottom line.
Let us know what new technologies your company is using in the comments below!