To remain relevant in today’s rental real estate market, you need to equip yourself with the latest technological innovations. In fact, a study by Deloitte shows that 92% of real estate businesses plan to invest more on tenant-experience-related technology such as property management solutions.
By taking advantage of technology, you can streamline your operations and improve tenant experience. Moreover, it can completely change the way you operate for the better. So get on with the times and embrace what the latest technology has to offer.
With that, here’s how technology advances in real estate management are transforming the business.
The days of keeping file cabinets and papers are gone. With current technology, you and your tenants can enjoy a completely digital experience. You can even do away with face-to-face transactions and interactions. In just a few clicks, you can start renting out your properties and close deals with new tenants.
Through software solutions, you can operate digitally—from advertising your properties, signing in new tenants, collecting rents, processing bills and payments, and managing crucial documents. And with integration capabilities, you can seamlessly connect your property management tasks to other aspects of your business. This includes sales and marketing, accounting, project management, and customer/tenant relationship management. You can check out these real estate management software examples to find which one can fit well with your current workflows.
The biggest impact of technology in real estate industry is boosting flexibility among businesses. To be more specific, cloud technology has made it easier for businesses to scale up their operations and adapt to the ever-changing environment of the workplace.
A great application of this is the rise of remote work. Just imagine how difficult it will be for businesses to operate if the pandemic happened 50 years ago. But thanks to today’s technology, real estate businesses can carry on with their processes remotely. With cloud technology, all their files, documents, and data are accessible via the internet. Moreover, their employees can run essential software solutions in their personal devices such as smartphones, tablets, and laptops.
A satisfying tenant experience is often described as convenient, instantaneous, and hassle-free. Your tenants want to get things done quickly and painlessly. Back and forth emailing and phone calls can be ineffective and inefficient in the long run. Not to mention, it is time-consuming and costly. Fortunately, there are many software solutions out there that can streamline your communication with tenants.
An example would be an online tenant portal. This is where your tenants can directly access your services such as booking appointments, renting properties, payment processing, and customer services. This can be in the form of a website or an app designed exclusively for your services. Through this, you and your tenants can skip the long email chains or phone calls and jump directly into servicing them. Moreover, having an online tenant portal paves the way for self-service, allowing your tenants to accomplish everything they need on the spot.
There are tons of administrative tasks to deal with in property management. This includes handling clients, managing all records of your operations, and collecting rents. Juggling all these tasks at once can hamper your productivity and efficiency in the long run. This is where automations come in.
The use of technology in real estate like automation allows you to lighten your current workload. You can allocate menial and repetitive tasks such as managing appointments, collecting rents, updating databases, and processing tenant requests to a software or machine. And with the rise of artificial intelligence, you can also use software to accurately predict market trends, tenant behaviors, and sales. Moreover, you can even use it to streamline your marketing campaigns and automate customer service. This way, you have more time to focus on other value-adding tasks.
Data and analytics play an important role in real estate. It tells you of the general conditions of the market. This includes the latest marketing trends among real estate businesses, tenant behaviors, and the prices of properties. However, it is only recently that businesses have begun extracting such data and putting it into use. This is all thanks to the various software solutions brought by the digital age.
Nowadays, real estate businesses are investing in accurate and reliable data and analytics. This allows them to make smarter choices for future ventures and fact-supported strategy for their business operations.
Digital age has transformed the competitive landscape of rental real estate. It provides you with tools to better cater your tenants’ needs and manage your properties. Moreover, it ensures that you remain competitive and relevant in the market.
The future of real estate technology is bright. With new innovations around the corner, it is high time that you start exploring what they have to offer for your real estate business. With the right tools, you can transform the way you operate for the better.