Technology has changed the face of many industries, and the real estate business is no different. Real estate agents, investors, finance experts, property managers, and other industry professionals have two options — evolve with the changes by embracing and taking advantage of new technologies or fall by the wayside.
There will always be a place for tried-and-true methods to buy and sell a property. The house-flipping business is still booming. And marketing and sales strategies such as home staging and broker caravans are essential elements to a real estate professional’s success. Blending traditional methods of buying and selling property with new technology can set you apart from the competition in a big way and put your business in front of the right client by doing apartment lead generation.
Here are some technology trends real estate startups should keep an eye on and consider how to incorporate in your business strategy:
Real Estate Mobile Apps With Geolocation
Real estate mobile apps with geolocation connect real estate professionals directly with clients in their area. Some examples of mobile apps real estate professionals could leverage include customer relationship management (CRM) and social media apps.
For example, a homeowner may be interested in selling a house without an agent but needs a local real estate attorney to handle all the paperwork. Or a seller needs design advice to prepare a home, such as choosing the right color combinations for more inviting interiors. A real estate mobile app could connect an area decorator or home stager while they’re on the road so they can respond quickly to the client. Another way to leverage geolocation and a mobile app involves Facebook ads. A real estate professional could buy an ad focused on a local demographic, and track and respond to the ad directly from the mobile app.
Leveraging Virtual Reality for Real Estate Applications
Some consumers have trouble visualizing how a home could work for their needs. It’s one of the reasons home staging is so popular — a buyer is more likely to buy a property if they can see themselves living in the space and know where the sofa will go, for example.
Virtual reality technology can take this visualization concept to the next level. Apps including Luxury Home Tour and Open House VR allow a customer to view rooms three-dimensionally and tour a property without having to be there. Real estate agents and brokers that capitalize on the technology by providing 360-degree virtual tours can expand their client base to out-of-town buyers who don’t have to be present to view and purchase a property.
Using Automation for Property Management
Automation technology can free up a real estate professional to handle more important tasks such as marketing and networking. You’ll see artificial intelligence (AI) play a more significant role in automation in the future. Although any real estate professional can use automation, the technology could be especially useful to property managers and rental property investors who execute repetitive monthly administrative tasks such as collecting rent, paying property expenses, and liaising between renters and property owners.
Software such as Buildium and Rentec Direct already handle property management tasks such as invoice processing, rent collection, tenant data and vacancy reports, and bookkeeping. But AI could take the existing robust software next-level, supporting property managers by sending reminders, predicting which tasks need to be scheduled or automated, or automatically replying to emails.
Close a Sale Using Blockchain
Blockchain technology is a new way to carry out real estate investing transactions more securely. You don’t have to rely on a third party to verify the transaction. Instead, a global network captures the digital signatures of the parties involved, records the transaction, and stores the data across the network. The process makes any information virtually impossible to access or hack, safeguarding the details of the transaction. Furthering your education in not only blockchain technology but real estate finance can increase your success even more.
Embracing and Adapting to Real Estate Technology Trends
Real estate investors, agents, and other professionals will never be replaced by technology, but they can leverage it to their advantage. All it takes is a willingness to learn about the latest trends and use the advancements to their advantage.
