Technology has been driving change in the real estate sector for a long time – and for the better. Systems and apps which allow for easier property management have dramatically changed how we work, allowing for faster, more efficient transactions, property viewings, maintenance reporting and more.
Yet, technology never sleeps! Things are stepping up even more within the property world as the tech heads find new ways to impress solutions into our sector and make our working days more efficient.
And you know how Team P360 loves efficiency!
So, what are these systems set to dazzle real estate and property managers this year and beyond?
5 Best Efficiency Tools for Real Estate
Big data and insights
Data drives decisions. Or, instead, it drives well-informed decision-making. Real estate businesses rely on up-to-date, relevant information to propel growth – and through big data technology, we can use that information to a more significant advantage.
Let’s look at property rental pricing, for example. Current methods rely on past data – how much other similar properties are rented for in the same area – to determine a rental cost. Historical market data is invaluable, but what happens if we combine it with the predicted data about the property to help us reach a more accurate figure?
That’s what big data does. It takes on board future predictions and the historical data available today. And why is this so useful? Investors are keen to mitigate their risk in a highly volatile industry like real estate to avoid losses. In short, big data does the risk analysis and allows you to present a price to vendors that take on board multiple factors – future trends, demographic, location – so investors can be sure the property numbers stack up.
This is just one example of big data’s exponential benefits to the sector, with others sure to follow as this technology further penetrates property and real estate.
Virtual reality headsets
If you thought Virtual Reality (VR) was just a gadget for gamers, think again! Virtual reality headsets are now proving their worth beyond the gamer’s chair and in the wonderful world of real estate.
VR technology allows users to immerse themselves in a place as if there while being physically elsewhere. In property land, that means wandering through each room and seeing everything first-hand in 3D, simply by wearing a headset.
Many property managers and real estate sales teams took VR to their hearts during Covid when social distancing made challenging work of the ‘open house’ concept. While the restrictions are long-gone for most of us, it hasn’t stopped savvy real estate types from keeping VR in their toolkit as a preferred choice for showing properties to prospects.
A study by US tech company Matterport found that property listings with a VR option to view VR closed 31% faster AND sold for 9% more. As if that isn’t reason enough to embrace this technology in your real estate practice, you’ll save lots of time coming and going from physical viewings – time you can spend doing other critical business tasks.
Anything you can do to speed up your work tasks makes a big difference in a time-poor industry like real estate. Using technology is a good starting point; automating is even better!
Take the CRM. A Customer Relationship Management tool is a must nowadays, and most busy property managers use it as often as hourly to check on their clients’ details and history. Most CRM tools can be programmed to pick up on key dates – one month before a scheduled tenancy inspection, for example – and automatically send a pre-written email to the tenant advising the inspection date. No more having to check the diary about who to call and when (not to mention missed calls leading to voice mails leading to MORE diary reminders!)
And how about any responses from the tenant linking directly back to the CRM? This ensures both sides of the communication chain are retained and searchable later, in case you need to see what a tenant communicated to you and when.
Ultimately, by automating all your tools to work with minimum intervention, you save time and become more efficient. Mission accomplished!
Internet of Things
Conceptually, IoT has been bubbling away since the ’90s, yet it has become all too real in recent years. Now, it has finally found its place in real estate.
It makes sense with the blending of physical and virtual worlds highly evident in the property sector. Smart technologies in the home are abundant: from home appliances, TVs and sound systems to lighting, heating and security. Together, these cutting-edge gadgets are making smarter homes – and real estate buyers and renters are becoming smarter in the process, wanting such smarts as a standard for efficient living.
So, how do smart homes create efficiency for property managers? Firstly, smart home technologies help reduce the number of maintenance requests at rental properties – indeed, the heating and lighting systems failures – which is excellent news for property managers, who are typically on the receiving end of those emails or phone calls from tenants.
Indirectly and over a longer period, smart home tech feeds other tools driving today’s real estate management forwards. All IoT-driven data heads back to the cloud to become big data, which, as we’ve already seen, is playing a significant role in providing high-level intelligence to the real estate sector, allowing for better decision-making about pricing.
There are multiple ways cloud integration is impacting real estate businesses. Here’s one that’s been gaining traction recently: the electronic signature.
During Covid, closing deals remotely became necessary, seeing tenants sign on the line virtually. But, as we’ve seen with other tech futures like VR when a solution is so efficient, why do away with it just because the pandemic ended?
Closing a deal electronically has multiple benefits. For starters, it is way more secure than pen and paper – thanks to the cloud being such a stickler about security. It’s also far quicker to electronically sign off on the numerous documents involved in real estate sales or rentals. Consider the monetary savings, too, with costs reduced when parties do not need to sign documents physically.
Tech trends will come and go – but at Property Service 360, real estate will always be a people and partnership-led business. We are committed to utilising new technologies and advances in our comms and services as they best serve our valued clients.
Being efficient allows our team to focus on what matters most: building long-lasting relationships with clients and delivering a high-quality, highly personable service to keep them compliant.
Are you a Property Manager looking to win back time? Arrange a chat with our team today!