The Tech-Tonic Shift: Tech is Changing the Real Estate Industry Like So Many Others – Will You Be Left Behind?
Technology has undoubtedly become an integral part of our daily lives. Slowly but surely, we’ve essentially become tyrannized by the technological revolution. We’ve all experienced that familiar feeling of getting lost with a dead phone; without Google maps making it to the intended destination seems impossible! Similar to our somewhat debilitating dependency on technology, almost all industries have also become reliant on both business and consumer technologies to operate properly. You likely wouldn’t consider traveling without booking a flight online, nor are you booking accommodations without reading reviews. Similarly, the real estate industry has seen a shift towards increased technology resulting in the implementation of automation software for just about everything; from lead generation for real estate agents and automating tasks for property managers to enhanced methods of financing the purchase of real estate through blockchain. Today, software automate virtually every part of the industry, engaging more users in
THE CURIOUS CASE OF TECHNOLOGY IN A FIELD GAME
Property management, real estate management and lease management are some of the oldest fields in the corporate sector, once requiring professionals to spend countless hours working on locations to complete their tasks. Today, professionals in certain sections of the industry including real estate agents and property managers still require this laborious location-centric workflow today. It was once a similar case in professional sports, wherein coaches would manually measure training parameters. However, just as the induction of GPS chips in sports shoes has allowed automated calculations for athletes, property management apps have enabled real estate management professionals to control their buildings with technology rather than requiring them to be on-site.
Just like in professional sports, the implementation of these apps has caused massive time savings – by approximately 31% per month, while simultaneously resulting in faster fee payments. Our case study shows that by enabling residents to pay fees directly from their mobile devices, property managers are being paid on average four times faster. This advantage allows both estate managers and users alike to save time while carrying out monthly payments. Moreover, this technology has allowed the users to pay their fees via services that landlords and leasers already require.
THE COST EFFECT
According to an estimate by the US Bureau of Labour Statistics, the United States alone is home to approximately 1.7 million employees working in the real estate industry. These employees all require office space, contracts, and time tracking tools, among other tools that enable their employment. Although traditionally the acquisition of a new employee could be quite costly, the burden of facilitating such needs can be slashed as technology is now catching up with automated employee management functions, introduced through mobile property management solutions. Thus, the fundamental requirements for creating a real estate business are no longer carries the same liability as they once did due to mobile technology and long-reaching internet. Technology offers ways to accomplish once vast tasks without sacrificing a high quality of service.
CATCHING UP WITH THE MILLENNIALS
Millennials are the new breed of human beings, from the perspective of the real estate industry. Habits with these renters are different; hopping from one subway to another just as they move from one apartment to the next. This same crowd is glued to their mobile screens. Like other generations of renters, they have to pay rent and all other formalities associated with their rentals, but as the generation that eats, works, shops and even dates online. capturing their attention is not easy. With an app, on the other hand, you position yourself on channels that agree with their existing habits, meaning you are talking to them in their language. The result? You are increasingly attracting millennial renters; the second biggest cohort of renters after empty-nesters. You can not only collect payments but also talk to them and assign them tasks that would require utilizing resources on your end otherwise such as automatically submitting service requests, notifying of package arrivals, or booking amenities.
If you’re ready to tilt the game in your advantage, it’s as simple as beginning to leverage technology throughout every available division of your property management operations. By acquiring a property management app, our case study shows that you will be 92% more informed about what’s going on across your portfolio compared to traditional management.
You can be the next cog in the real estate industry wheel in order to bring an automated evolution or REVOLUTION. Start today!