Technology is everywhere, with more and more people relying on it to perform everyday tasks. From sending emails to answering calls and booking appointments, most people can’t survive without technology. Real estate is one of the most thriving industries in the world, so it’s no surprise that technology is making a big impact.
In fact, technology is one reason why the real estate industry is progressing and expanding the way it is. In many ways, it’s an integral part of each step of the real estate process. Keep reading to discover exactly how technology is changing the face of the property industry.
Finding And Searching Available Properties
It’s never been easier to search and find available rental properties. This makes life easier for tenants and more lucrative for landlords. Many online apps and websites provide real-time notifications to renters searching for properties that meet their needs and budget.
This allows tenants to act fast and scoop up the perfect property! Landlords receive more inquiries and close deals faster since they now have access to thousands of renters nationwide. There are more eyes on rental properties than ever before, shortening vacancy periods for most landlords. Technology means no more waiting to schedule a viewing or missed opportunities.
Smart Home Technology And Automation
Smart technology has been a main staple in most new homes for many years now. The convenience and efficiency of door locks, surveillance cameras, and thermostats not only make everyday tasks easier but support a green, more energy-efficient way of doing things. So, what does this have to do with the property industry? Smart home technology is a broad term that encompasses many features, but the main benefit for property owners is increased property value.
Energy-efficient homes are more desirable and less expensive to run and maintain. That means less overhead but increased rent and income for landlords. Tenants benefit from more comfortable living arrangements. Bluetooth technology is another unique feature many landlords use when hosting open houses, virtual tours, and viewings.
Real Estate Management
The job of a real estate agent, letting agent, or landlord doesn’t end the minute the contract is signed. Many rental properties require either a landlord, property manager, or letting agent manage them over a certain period of time. For many landlords, this is overwhelming, which is why they turn to sites like Rentround to find quality letting agents and property managers help create a seamless, stress-free experience.
Landlords benefit from years of experience and knowledge offered by agents, while tenants get a fully-managed property that delivers on all the promises made by the property listing. Never before have landlords had access to such a large pool of professionals all in one place.
Letting agents can also perform maintenance, repairs, inspections, and produce tenancy agreements and legal documents in the blink of an eye thanks to technology and IoT (the Internet of Things). The real estate market is fast-paced, dynamic, and far-reaching. As it evolves, so does the way things are done.
Technology has made a major impact on the property industry and will continue to do so well into the future. Apps, AI, virtual reality, and the Cloud make providing, sharing, and collecting information and data easier and more secure than ever before. Everyone from landlords and tenants to buyers and sellers in reaping the benefits of the introduction of technology in real estate.
No longer do letting agents need a high street presence or a fancy office. Agents can now operate online from acquiring landlords, advertising properties, and completing administration tasks alongside landlords. In the last 5 years, the wrath of online letting agents has been created. With lower overheads, landlords benefit from reduced fees and therefore improved rental profits.
Of course, with an online agent, a landlord may be expected to do more work in regards to their rental property, which may be a problem for some. But for those landlords looking to reduce their letting agent fees, picking an online agent may be ideal.
Utilizing The Cloud
The cloud is the most popular and innovative way to store information. Real estate transactions and tenancy agreements require an abundance of information, including contracts, financial statistics, and personal information for both landlords and tenants.
Closing deals and drafting tenancy agreements and contracts have never been easier, faster, or more streamlined. Not only can the cloud help real estate agents securely collect, store, and manage data, but electronic signatures help agents close deals nationwide and even internationally. Agents, buyers, and sellers can share information securely across multiple platforms.
Virtual Reality And AI
Virtual reality and artificial intelligence (AI) aren’t reserved for just video games. They’re being utilized more and more in the property industry. This is especially true in light of the recent Coronavirus pandemic, which makes scheduling in-person viewings difficult and, in some cases, impossible.
Virtual reality allows sellers to create virtual walkthrough tours of properties. Now, buyers can experience what it’s like to enter these homes without ever stepping foot in them. AI allows agents to receive and process data, helping investors make smarter, faster decisions, increasing their ROI.
Artificial intelligence offers insight into more than just investing. Agents gain real-time access to home specs, including things like whether or not they have a pool, how many bedrooms, and what size the garage is.
The faster the agents receive the information, the faster they can get it to prospective buyers and renters. Agents can also use AI to find the ideal candidates for a specific property, increasing their odds of closing deals.
One such tool is Natural Language Processing (NLP), which creates touchpoints that help agents determine when a prospective buyer or renter falls into the category of an “ideal client” for a certain property.
Agents that have this ability build and thrive on a positive reputation. Not only that, but they consistently deliver quality properties that perfectly match their clients, making it a win-win for everyone.
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