Assetsoft - Blog #smart access

Are smart homes here to change the real estate market?

Wed, 04 May 2022 17:59:22 -0500

Today, smart homes are no longer an unreachable and exotic investment that only posh Wall Street people can invest in. It is now slowly becoming an everyday reality for many Americans. Yes, most of these people do not have complete smart homes, but more than 70% of people now have at least one smart device present in their homes.

A CNET and Coldwell Banker study had 81% of people saying that they are more likely to invest in a property with pre-installed smart technology systems. Well, if that is any number to go by as a property manager, you surely know where the real estate trends are heading.

As the lives of residents are getting busier, they are looking for quick solutions to daily life problems, and smart homes have come as the solution to this. So, what are smart homes exactly? What do they entail, and how does it affect the real estate business?

What is a smart home?

Smart homes are residential spaces that use various levels of technology to automate daily tasks around your home. Everyday tasks like reminders, cleaning, gardening and more can be completely automated with smart devices. Business reports predict that more than 63 million homes across America will come under the smart home category by the end of 2022. Having a Bluetooth and WiFi connected home will let people synchronize all devices across their home. What are the facilities that make for a smart home?

Smart appliances

People can control smart appliances like smart TVs, lights, ovens, and other kitchen devices remotely from phones or voice commands. The types of smart appliances are increasing by the day.

IoT devices

Voice command devices like Alexa & Google assistant operated to create a virtual platform inside the house for members to communicate. People can set and send reminders, auto start jobs around the house by commanding these inter-connected IoT devices. The possibilities of these devices are endless.

Smart backyards

Smart tech is not stuck to just the insides of your home. Now people can schedule and have their gardens cleaned and watered with smart gardening devices.

Smart security

Smart security systems can be remotely controlled by residents even when they are off the property. This provides them with a constant sense of security. You can track and intervene in unauthorized entries, screen and detect suspicious activities and upgrade as per need. This is why the global electronic security system market is set to reach $9 billion by the end of 2026.

How does a smart home affect your real estate business?

Smart homes are of higher appeal to millennial home buyers due to their tech-savvy lives. Due to the extra services, smart home values are increasing by the day. Even their resale values are higher than other normal residential homes. This makes smart homes more of a lifestyle choice than just an investment. Smart homes are not everyone's choice just right now, but it is majorly affecting the real estate business whether you like it or not. As a property owner or manager, you soon have to align yourself and provide these smart facilities in your properties to attract more millennial residents.

Are smart homes a viable option?

Yes, smart homes make residents' lives easier, but this technology is not entirely developed. The primary issue that most homes face is with their smart security systems. More than 35% of smart homes in the US alone faced data security problems in the past year, which has people sweating. Since most of these smart devices work WiFi networks, they have a massive chance of security breaches, which is something to worry about. Though smart homes are developing fast, they still have a long way to go before it becomes a part of every household.

To date, smart devices sometimes can not tell the difference between some robots and human commands, which makes a lot of little annoying moments around the house. Even smart security systems keep raising false alarms due to hyper-sensitivity issues causing fake alarm security issues in households. The tech developers need to put more thought into this before it becomes an affordable and viable option for all households.

Why smart homes are the future

The technology is still in its initial stage, but there is no denying that this is the need of the future. The busier people’s lives get, the more chaotic everyday tasks around the house will become. This is why smart homes are making their mark. It makes residents' lives more convenient; it also lets them control every corner of their house right from their phones. That is why homeowners and residents are slowly experimenting with smart devices. Data says 69% of houses across the US already have at least one smart device in their homes if not two. It is only a matter of time before more and more systems around the house start coming under this category. That is why as real estate owners, you must think about revamping your properties with smart devices in the near future.

As a property manager and owner, what do you think? Though smart home technology is yet to reach its full potential, it is sure to grow soon. Even if you are yet to implement these smart techs into your properties, there is no issue in starting technology implementation in your property management plans. Yes, selling or renting out a smart home might seem a little far stretched at the moment. But the time to get the right property and asset management software integrated into your system is now.

At Assetsoft, we can help you understand and seamlessly integrate the right property management software for your projects. Yardi and MRI software can automate it all from real estate property management, asset management, investment management, and back office work. The use of these latest techs will help you get ahead in the market and get an edge over your competitors.

Talk to us soon to know more!

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Are You Ready For Generation Z Renters?

Thu, 07 Oct 2021 08:00:00 -0500

For the past few years, the global real estate industry focused on marketing to one target audience: millennials. But as technology develops, we have an entire generation having a different set of requirements. Gen Z renters are digital natives who haven’t lived without the internet. As the oldest ones turn 24 this year, now is the perfect time to prepare your business for the new generation.

There are around 68 million people belonging to Gen Z in the US alone. This demographic is the reason why most property managers want to cater to their needs. To give you a head start, we have compiled the best ways you can use technology to attract Gen Z renters.

Finding properties online

Gen Z uses social media for almost everything, even finding properties. Instagram and Youtube are some of their favorite online platforms. Even though Google search is still a popular method to market properties, you need to look beyond that to reach Gen Z renters.

Modify your marketing strategy to include social media platforms. In addition to Gen Z renters, these platforms also contain a large audience of all age groups. By creating the right ads, you can target the Gen Z renters while still marketing to other groups. Well-performing social media posts also show up as search results which drive organic traffic.

Improve your SEO strategy and create engaging social media posts to build a clientele of Gen Z renters. They also value personalization right from their playlists to their apartments. Create a brand strategy that speaks to them and personalizes their tenant experience.

Affordability over amenities

Even the oldest Gen Z members are still just out of college and looking for a place to live. They look for financial stability and believe in “saving” more than “spending.” A survey by BHG Real estate reveals that Gen Z tenants are ready to give up luxuries to achieve homeownership.

While they value tech and connectivity in their living spaces, affordability is still their topmost priority. Rental prices that allow them to save for their future home are most appealing to this generation.

They also prefer long-term leases that are longer than a year. This helps them achieve stability while they work for their future. According to a survey by Tenant Cloud, 55% of Gen Z renters plan to rent for a few more years, till they can buy their own properties.

Reviews matter

Gen Z do the most research online with 30% of them checking ratings and reviews before touring a property. So apart from listing your property on social media platforms, you also need to build a positive reputation around your property management business.

The best way to get reviews is to ask your current or previous residents. However, tenant experience plays an important role in what kind of review you will get. People rarely need a push to write about a negative experience. But if you ensure quality service to tenants, you can easily get positive reviews from them.

Consider collecting tenant feedback to improve your services accordingly. Tenant portals such as MRI Tenant Connect are an excellent way to maintain tenant communication and collect feedback.

More tour options

For Gen Z renters, property tours need not be on-site with an agent. A survey by RentCafe revealed that 52% of Gen Z renters chose non-traditional property touring methods including virtual and self-guided tours.

Virtual tours use a collection of images and videos that allow a tenant to view a property through phones and computers. You can also conduct virtual tours through video calls with an agent showing them through the property. Virtual tours save time as prospects can view the properties at their own convenience.

Self-guided tours, on the other hand, are conducted on-site. But, these tours lack an agent and the prospects view the properties on their own. Tools such as RentCafe Self-Guided Tours help create a seamless property touring experience. The software includes features such as tour scheduling and ID verification. You can also use AI chatbots to assist prospects throughout their property viewings.

High-speed internet connection

Since this generation is tech-dependent, it is no surprise that high-speed internet connection is the number one priority for them. Ensuring excellent connectivity through WiFi makes your property stand out. As the remote working trend is also catching up, building co-working spaces with a reliable internet connection are also helpful for all your tenants.

You can implement WiFi-as-a-Service (WaaS) to accommodate a high number of devices. WaaS allows your tenants to access the internet directly from your WiFi network. Tenants can choose their own bandwidth speeds through different monthly packages. A WiFi connection also unlocks a whole bunch of advanced amenities that can attract Gen Z tenants.

Smart home tech is a must

Smart home amenities provide favorable housing conditions that appeal to Gen Z. Around 62% of Gen Z renters believe that technology is very important when renting a property. Apart from the convenience and cost savings, these amenities also help in environmental conservation.

Smart home technologies include a host of amenities such as:

Digital locks: Locks that use QR codes or biometric scanners instead of keys.
Smart Lights: Lights that work through voice or motion activation.
Smart thermostats: Adjusting temperature by gauging the number of people in the room, external temperature, and more.

Using AI, machine learning, and the IoT, you can implement smart amenities that are fit for the Gen Z renters.

Prepare for Gen Z together with Assetsoft

Gen Z thrives on digital advancement in rental properties. Assetsoft can help you implement suitable technology through RPA, artificial intelligence, and the IoT. Our team works with the clients to build a custom strategy for each business.

Whether it is property management software or smart home amenities, we can help you with all your real estate technology requirements. Our experts are with you even after implementation by providing the required support and training. By working with Assetsoft, you can leverage the best technology and resources to boost your business effectively.

Talk to us at Assetsoft to make your business Gen Z ready!

Best Real Estate Tech Trends To Leverage In 2021

Sun, 08 Aug 2021 20:20:34 -0500

Just like almost every other industry around the world, the real estate industry was affected because of the pandemic. At a time when people were forced to stay home, change their spending patterns, and reduce consumption of non-essentials, it is a no-brainer that the real estate market would have taken a large hit.

However, the numbers were not as bad as expected during the year. In fact, the introduction of new technology to the real estate market has changed the way users interact with real estate agents to find new homes. According to recent statistics, more than 50% of buyers in the US found their new home through online means.

Most buyers would usually schedule a visit to a potential property in order to get a feel for the house and to envision their future plans within those walls. However, due to Covid-19, this was made much harder to do and so new methods needed to be brought in. It was after this that technology such as virtual tours and online real estate marketplaces became the norm to keep the real estate industry running.

The Top Tech Trends of 2021

The world has adopted both mobile and online technology into all industries, and the use of mobile apps, websites, and other technology is becoming more popular each day. In order to be successful, any real estate business will need to be on top of all these new trends and technologies to give themselves an edge over the competition.

1. Virtual reality (VR/AR)

A decade ago, commercial use of virtual reality technology was almost non-existent. However, over recent years, many industries have been adopting VR technology to improve their business processes. As a result of this, the VR market is projected to rise rapidly over the coming years.

For real estate, the use of VR technology comes in the form of viewing the interior of real estate properties. Users will be able to visualize the space through online means without even having to leave their homes. At a time when people are reluctant to venture out, this is the perfect workaround.

By introducing VR technology to a real estate business, the benefits it could gain are:

Time-savings as the efficiency of “house viewings” is improved drastically
Users can simply access all this information from their mobiles or PC’s
Users will be able to leisurely browse the interior of the home at any time or place
Interior designing/decorating ideas could also be done using similar technology which will appeal to the users

2. Artificial intelligence (AI)

Many online tools and businesses use AI now to power their services. As such, online users have also become more experienced with using this technology. Therefore, leveraging this technology is almost a must due to the fact that it is able to do a more efficient and comprehensive job of matching users with their needs when compared to a human. Here’s how it can help:

Analyzing data - AI works alongside Machine Learning (ML) technology to analyze all the data the real estate business receives in order to provide more data-driven options to the users. This way, all information such as pricing and availability is constantly updated and ready to be presented to potential investors at any point in time.

Providing recommendations - By using an AI algorithm to collect a set of data from users visiting the website or mobile app, the recommendations provided to the user can be greatly improved. The AI technology will be able to determine which real estate deals work best for the user based on the information they provide.

Managing the properties - Keeping track of all the properties, rentals, maintenance, and information on the owners of these properties is not a simple job. The more properties a real estate business is working with, the more work this involves. Most times, the amount of work can be more than a few people can handle. However, AI technology can handle this with no problem, while also monitoring metrics and other data where necessary.

3. Real estate management software

Software has always been used in real estate companies over the years, but it still involved a lot of manual work to keep the software updated monthly. However, using real estate management software that cuts back on work and time consumption for the company is the new trend.

A good real estate management software should be able to manage everything for the property owners - both for the property and the tenants. This new software includes features such as:

Automatic updating of real estate properties
Data management through constantly monitoring metrics
Tenant screening
Monitoring rent payments per month

Automatically monitoring insurance policies
Keep track of new leads (CRM)

MRI and Yardi can help you use the right software for better results. Complete tasks without human interference with RPA. Complete static, repetitive tasks without human errors. You can manage all your properties through one platform and automatically complete all the recurring tasks resulting in major savings of time and money.

4. Having smart access to properties

With the use of technology, gone are the days of real estate agents having to visit properties with potential investors for them to view the place. Most buyers will want to visit more than the initial viewing and each time the agent will have to show up with the keys in order to let them in.

However, with technology such as smart door locks, buyers will simply be able to go to the property, notify the business, and the doors can be unlocked automatically for their viewing. Almost 45% of homeowners want to include some form of smart technology in their homes, so this is a great way of showcasing this technology to new buyers as well.

Technology has been rapidly evolving over the past decade and it is exciting to see where it will lead us a few years from now in the future. Many experts say that companies that don’t leverage new trends and technology are at risk of dissolving because they cannot keep up with companies that do.

For real estate businesses, now is a crucial time to understand and implement new tech trends that can help improve their current business.

Find out the real estate software solution right for you. Assetsoft can help you integrate your ERP solutions and streamline your projects. From MRI to Yardi, our team can help you choose what’s right for you.