With times being constantly evolving in the technology market, each industry has been experimenting yet thriving by using this revolutionary change that has altered the narratives of how business works and the real estate industry is one of them.
This industry has seen revolutionary changes in managing their properties along with maintaining them to sell according to the market value using the technology. Not only that, the real estate business has been improved in terms of efficiency, experiences of the tenants, and profitability for the real estate managers and owners. This change through technology has no limitation and has taken the real estate management to the next level,
This blog is all about the top 12 ways that real estate management is going the extra mile and making use of technological advancement to level up their real estate game in this competitive market!
1. Virtual Reality (VR) and Augmented Reality (AR)
In the midst of these remarkable technological inventions, VR and AR have marked their territory when it comes to impressing the tenants. VR has made it easier for potential tenants to have a virtual tour with the 3D vision of their dream properties from their homes, yes, that’s right! When it comes to AR, it has taken virtual tours to the next level by making the possibility of placing furniture or other information in the real world digitally. These technologies have surely made themselves time and resource-efficient.
2. Machine Learning (ML) and Artificial Intelligence (AI)
ML and AI are some of the leading technological advances that have streamlined many operations in real estate management. The property managers who have relied on technology to get their job done with ease have used AI to their advantage in terms of installing bots to their websites that handle all the inquiries of the tenants with efficient assistance. For the ML, the algorithms of the large data sets have helped in analysing the insights of the tenant’s trends related to their lease renewal and rental prices according to the current market, making the data-driven decisions helpful for the managers.
3. Property Maintenance Tracking Software
Maintenance of the property is as important as attracting tenants when it comes to efficient real estate management. The old-school traditional methods for maintenance and repair of the property have now become useless due to the advent of technology which drives efficiency in the operations. This is why the property maintenance tracking software has come in handy to manage and track the tasks for property maintenance through automated updates and scheduling of the maintenance activities which is time and cost-efficient.
4. Smart Home Devices
Property management has been constantly being modernised through smart home devices like lighting, security systems and thermostats which permit the tenants to have control of their living capacity remotely. As far as property managers are concerned, these smart home devices allow them to manage the usage of energy and monitor it to reduce the potential increase in the cost of their operations and reduce the risks of any theft and vandalism.
5. Internet of Things (IoT)
IoT has the ability to connect with the multiple systems that manage the ecosystem efficiently and this is what it does to manage real estate matters from monitoring the water usage, power usage and HVAC systems through the sensors of the IoT to proficiently making use of the real-time data which further help the managers to optimise their resources and use it to mitigate any potential or upcoming risks that can cost a fortune. IoT is one of the most important technologies that helps in real estate management and saves the day!
6. Tenant Portals
Tenant portals have become a thing when it comes to managing the property which facilitates the tenants in managing their overall experience throughout their rental. Through these portals, the tenants are aware of their rental payments, submit any request for maintenance and have the opportunity to connect with the property managers online. The better the tenant experience, the greater it is for the success of the rental company as it eases the tenant’s experience and the rental tasks for them are handled by the managers seamlessly.
7. Drones for Property Survey
Inspecting a property that is at a place which is hard to reach and large enough to visit all at the same time is not something a property manager or a tenant would opt for and for that, drones have made it easier with their use to survey the land quickly. This technology captures videos or images of the land with its ability of high resolution, giving a visible yet detailed view of the current conditions of the property. Many tenants want to inspect the roof of the properties and other areas that are hard to reach and drones make it easier for them to inspect minimising the risks associated with scaffolding or using the ladders to reach.
8. Predictive Analytics
Being up to date on the real estate market trends and changes has always helped managers anticipate future strategies according to the data. Predictive analytics is the reason that project managers analyse the previous data to secure the future by implementing this technology. It helps real estate companies stay on the competitive track when it comes to prices, planning for renovations and finding a suitable time to sell or buy properties. Make sure to use it to your advantage to predict the shortcomings or opportunities.
9. Blockchain
Tenants and property managers have both been victims of scams and fraud when it comes to dealing with properties and blockchain has reduced these chances through its use for more secure transactions. Transactions through transparent transactions have the ability to be verified easily through smartly-generated contracts that automate the agreements of the lease, making sure that both parties are at the same pace. This not only does its job in securing the transactions but has also made the process easy, cost-efficient and time efficient as well as the legal work always gets in the way of tenants and managers.
10. Digital Marketing
When properties are not advertised properly or are advertised with traditional methods, the target audience is not efficiently reached. With the increase in technological tools, digital marketing through social media platforms has made its way in this 21st century. Where property managers can use social media platforms like Instagram, LinkedIn and Facebook to advertise their properties and interact with the audience that can be the potential tenants and build real-time relations and trust with them over time. It just showcases the rental properties more efficiently than the traditional methods of marketing.
The real estate industry has been efficient with integrating these technologies to increase their operations which has been proven to be positively contributing to the experience of the tenants. These technologies are the future of the real estate industry where the managers of the property, while using these technological advancements are more likely to attract tenants, generate more profitable revenues and align their decisions through the data-driven by leveraging the useful information minimising any possible risks. As technology is continuously evolving, this is just the beginning of an innovative growth of the real estate industry that only grows stronger with time.
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