2020 showed the world why technology adoption is vital for any business. Remote work, social distancing, and financial turmoil turned specialized apps into a necessity. What does this mean for real estate?
Essentially, if your company hasn't integrated advanced solutions, you're at a competitive disadvantage. The real estate sector has experienced significant innovations, and there's no reason not to leverage them.
If you wish to gain the edge over your competitors, make sure to work with a professional software partner who uses advanced proptech solutions.
Real estate technology trends for this year
2021 promises to continue technology innovation’s growth. Curiously, this year’s expected trends started during the pandemic. Property managers need to set solid foundations for every lease agreement to ride the recovery wave.
As MRI Software shows in their December article, five areas will become crucial focus points. But, why are they as significant as experts believe?
1. Healthy Relationships
2020 and government restrictions turned lease agreements south, as tenants couldn't pay for rent, and eviction moratoriums limited landlords.
It meant that nurturing a good relationship between landlords and tenants became lifesaving. Doing so allowed both parties to collaborate and weather the storm together.
2. Office Space Repurposing
Office space was virtually useless for countless companies. This sector went through some of the worst damage during the crisis, remote work and social distancing, calling for people to stay away from offices.
As remote work becomes the standard for many, companies will have to rethink how they use office space. Some may lease the space for co-working spaces post-pandemic, and others could offer space for employee training. Creativity will be invaluable.
3. Communications
Property managers must also prioritize communications with their tenants. This requirement is crucial for keeping a healthy relationship between both parties.
Thankfully many property management platforms offer communication options. Other channels, like CRM software, are excellent investments.
It would be best if you also considered integrating IVR into your company.
4. Multifamily Digitization
Housing sectors, like multifamily and affordable housing, have also focused on digital adoption. Payments, applications, and maintenance requests have become vital features in property management systems.
This surge came as a temporary solution while social distancing was the norm. It’s gone through a similar transformation as remote work. These features’ convenience made them stay.
5. Fraud Security
With online transactions, fraud triggers have become more familiar with the pandemic. However, it shouldn't deter property managers from implementing digital solutions. The correct answer would be to consider investing in security.
Luckily, many systems offer safety measures within their features. Digital screening processes allow landlords to evaluate potential tenants and filter risky occupants.
What to consider when budgeting in 2021
Technology implementation is a considerable investment. Outside of proptech and ERP systems, additional investments can give you a considerable edge in the market. If you want a comprehensive digital strategy for 2021, you should keep a few expenses in mind.
With digital adoption becoming vital for recovery, you can’t trust everyone for a professional solution. If full digital adoption is your goal, we can help you with your company's ideal methodology.
Virtual touring priority
Virtual tours have become commonplace thanks to social distancing. More investors and prospective tenants will prefer virtual tours for their convenience. Any company looking to stay competitive should invest in the right technology.
However, this investment isn't merely an additional expense. It can become a decisive marketing advantage, particularly for early adopters.
Hiring virtual assistants
Virtual assistants, both humans and AI, became more powerful than ever last year. Property managers have more on their table: complying with regulations, screening tenants, assessing new investments.
Companies rarely have enough time and resources for picking up every phone call and online chat. The pandemic has reduced many firms’ operational capabilities, and VAs have been crucial for covering these deficiencies.
Virtual staging becomes more versatile
Staging enables landlords to connect with their prospective tenants more effectively. It lets people envision their lives in a property, both for residential and commercial properties. The pandemic has made this process almost impossible.
Luckily, virtual staging has been saving many companies’ deals. It’s been a blessing in disguise, as it also makes staging easier than traditional methods. It’s more cost-efficient than “real” staging.
India’s 2021 commercial real estate recovery
The Time of India started the year with an exciting article about luxury real estate in India. It primarily touched on upcoming trends, and it promises considerable recovery for the market. It sheds light on what we can expect in the region.
Why does that matter? India experienced significant financial turmoil during the crisis. The healthcare situation was considerably more challenging than in other countries, mainly due to its dense population.
However, 2021 promises unexpected positive developments. It’s a motivational situation for countries with lower difficulties.
Expected pick-up in foreign investment
India is still amid the pandemic's latest wave, but investors have been more optimistic than ever. People's pent-up need for returning to public spaces and offices has sped up the recovery.
REITs expect a considerable investment inflow, particularly for commercial real estate. Interestingly, this sector has been one of the worst-hit markets for real estate companies.
Why does this matter?
Firstly, fast growth and recovery for commercial real estate during the pandemic are exceptional. Mainstream markets performed outstandingly, particularly during the latest quarters of 2020.
However, it's also an important development for real estate technology. Allowing investors to participate overseas—while screening them efficiently—could change the game for many companies.
Technology will prove vital
Finally, property management, CRM, marketing, and other software categories will be invaluable for companies looking to capitalize as much as possible. Convenience is fundamental in the market right now.
Technology implementation will enable property management firms to attract new investors before competitors using traditional methods. That's also something all companies can learn to tackle in 2021 effectively.
Solid increase in real estate technology conferences
Despite the financial halt during the pandemic, real estate technology conferences promise a comeback this year. That’s a crucial development for the industry, and it showcases how technology adoption is becoming a priority around the world.
Both digital and in-person conferences have already released schedules for 2021. Some have taken place, and this year will likely show a prominent spike in the number of events.
What can we learn from this move?
Events taking place around the world
Most countries appear to join the innovation movement, as we have conferences in the US, Canada, the UK and virtual events for people worldwide. Several conferences also have different dates throughout the year, covering multiple regions.
Comprehensive schedule
We also have multiple topics covered by different conferences. Future Proptech is excellent if you want to learn about new solutions, and the RESO Technology Summit focuses mainly on data standards implemented in real estate.
What does this mean?
Companies and investors have realized how vital real estate technology is becoming for any market. The result is ongoing growth in demand, calling for more related conferences to learn how to leverage these solutions faster.
Why should you care about real estate technology?
Previously, real estate technology was an advantage. It offered companies a noticeable competitive edge in the market, and it streamlined operations to allow for better resource allocation.
However, many firms could manage well without them. It wasn't a "life or death" decision to implement ERP software and other solutions.
COVID-19 and government measures changed that mindset. With financial turmoil becoming the standard, any chance to save funds became crucial. The additional advantages from these systems turned them into a mandatory part of any company.
If you don’t want to fall behind, you’re in luck. We can help you with virtually every step and category in real estate software implementation.
Extensive management software
ERP software is vital for any company, and we can help you integrate the latest systems, like Yardi, MRI, MiCasa, and Argus. Our solutions also include Procore for project management and Qlik for data management. Concur also lets you optimize travel expense management.
Administration and collaboration solutions
It would be best if you also keep your remote workers' efficiency at its maximum. That means integrating collaboration solutions, like Office 365, for streamlining administration. We help you with setup, customization, and offshore support.
Automation platforms
Automating tasks can save considerable time and resources, and that’s why we also let you leverage the latest automation systems. UiPath allows you to create extensive scripts while our RPA, AI, and machine learning solutions take you to the next level.
CRM benefits
CRM apps are critical for nurturing healthy relationships with your customers and tenants. You can integrate Salesforce seamlessly with our services. If you want more collaboration features, Zoho is a great choice.
The Internet of Things
Finally, the IoT has been consistent in its growth, and 2020 enabled many trends that could prove fundamental for this technology's development. We've helped many customers integrate IoT for real estate, and it’s the best way to embrace complete digital adoption.