Assetsoft - Blog #VR

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.

What Has Technology Done For Real Estate Evolution?

Sun, 11 Apr 2021 18:02:04 -0500

For many, real estate doesn't make them think about technology. Most picture a real estate agent is giving tours or listings on dedicated sites. However, the industry has been one of the primary players in technology innovation.

In recent years, real estate has been going through a major technological overhaul. It has benefited from solutions like CRM and ERP software. It has also seen property management software and other platforms specialized entirely on real estate operations.

Before we begin, we must remind you how you can make the most out of technology implementation. We work with many major software providers to ensure you have premium access and support for the market's best platforms.

How has it changed the landscape?

Real estate has reaped substantial benefits from technology innovation. It has become fundamental for property managers to streamline financial processes, logistics, communication, and sales.

2020 opened many companies' eyes as well. Social distancing and other measures demanded digital adoption if companies wished to curb the financial turmoil. The year became a catalyst for software implementation in most industries, and real estate wasn't the exception.

Marketing

Digital listings are the earliest example of technology's changes in real estate. Today, we take for granted how we can find listings on any website. Additionally, social media has become a primary marketing channel for any property manager.

Online companies

Today, and especially with remote work becoming more prominent, having a physical location isn’t necessary. Real estate managers can handle plenty of their operations on the internet, even showing properties via virtual tours.

Virtual reality

While we're on the topic, virtual reality has been more crucial than ever since last year. With social distancing measures, people have started to discover how convenient it is not to visit the property for a tour.

Ecology

Solar panels, roof cooling, biodegradable building materials, and energy-efficient practices have also changed construction projects. As demand focuses more on eco-friendly spaces, upgrading properties becomes a necessity.

Fintech

Finally, financial technology has driven much of the industry’s innovations. Companies can streamline payments and make tenants’ lives easier, creating a more attractive offer against their competition.

The evolution of real estate technology

PropTech (or Property Tech) has been the most prominent driver behind real estate’s technological evolution. The concept aims to merge software and property management, and it’s among the best investments for any firm.

The concept has brought vital innovations, such as online transactions, virtual property tours, extensive data management, and process automation. Many of these features have been standard in many sectors, but PropTech has tailored them for real estate.

PropTech generations

Initially, PropTech focused on finding ownership options via market studies in real estate. The information was sold to stakeholders, and it wasn’t until “PropTech 2.0” that innovation became the attention center.

This “second wave” introduced the IoT to real estate. It also encouraged growth for other developments, like smart construction and energy efficiency.

New concepts arising

PropTech has moved beyond those concepts as well. Today, energy efficiency and similar practices are typical for many.

Now, the main focus for PropTech is to enable advanced solutions, like AI, automation, IoT, and more.

How has real estate benefited from these innovations?

PropTech has been vital for real estate’s growth. It has built many of today’s standards, and it continues to breed new practices.

It’s enabled companies to automate operations and manage their properties and teams more effectively. That translates into more efficient services and saving costs.

Real estate meeting this growth

While technology’s evolution is crucial, we need to focus on how real estate has evolved alongside it. Technology has changed how people function and perform countless tasks, and real estate isn’t the exception.

Real estate is a complex industry, which has made these developments almost a given for many companies. It's natural for property managers to look for appropriate software when tackling a problem. This approach has shaped real estate without many realizing it.

Important turns

Technology has become the center for countless companies for a reason. It has changed how people live and what they expect from their services. Becoming the first adopter for these solutions is a game-changer in most cases.

Concept changes

Office space, commercial real estate, and other sectors have been changing with technology. Property management has gone from micromanaging lease agreements and teams to centralizing all the information and communications in a single platform.

Technology reshaping real estate

Real estate’s evolution goes beyond solving problems with the right software. Many industries have done the same, creating industry standards from technology. For real estate, technology innovation has created plenty of these standards.

Unfortunately, many companies had failed to realize this fact, notably before COVID-19 changed the game. Even prominent names are still building their technology platforms and implementing new ones.

The need to implement innovation

Despite the industry's evolution, not all property managers have followed it. It's still mainly up to companies if they wish to implement real estate technology. That means that a significant portion of the market is still considerably outdated.

The most significant technology trends coming this year have become somewhat bittersweet. They promise noticeable benefits for companies who implement them. Yet, companies who fail to do so will experience severe consequences as demand shifts toward modern firms.

Most essential developments for real estate

Real estate tech innovation goes beyond particular apps and software. When we talk about important developments, we mean the fundamental technologies that have allowed proptech and other concepts to grow.

For real estate, the article mentioned three developments that we can consider as the foundation for most software innovation. Two of them have become commonplace on most platforms, but one could come as a surprise for many.

VR

Virtual tours have become the standard for countless companies and prospective tenants. It allows firms to stage and show properties effectively without breaking social distancing regulations. However, the primary consideration is its convenience.

As the pandemic subsides, virtual and augmented reality will remain a favorite for building tours. Real estate will continue to benefit from future developments in this technology, and the same is true for companies who implement it effectively.

The Cloud

However, cloud technology is the pillar behind most real estate software. This primary concept has enabled ERP, CRM, collaboration, and countless other software categories. Data management and streaming have become seamless thanks to the cloud.

Today, most software used by real estate management firms relies on a cloud. That's what allows for instant updates, team collaboration, and practical support. Several devices can access the information and feature necessary without being in the office.

Blockchain

The article mentions blockchain technology, but we need to clarify that this concept hasn't become fundamental in the real estate industry today. Nevertheless, it could provide incredible benefits for the sector and its software.

Blockchain goes beyond Bitcoin and cryptocurrencies. It provides excellent security and transparency for virtually any type of transaction. Developers have experimented with blockchain on multiple processes, and it stands as one of the most promising developments for the future.

What does this mean for property managers?

Real estate keeps evolving thanks to software developers and tech research. However, it’s not an immediate advantage that any company can reap with minimal effort. We’ve seen companies fall behind the innovation trend, and that often results in revenue hits.

In other words, real estate is going forward, but it's up to property managers to follow this growth. Digital adoption continuously becomes more critical. That's why we're keen to help you develop and execute an effective digital adoption strategy.

Technology isn’t merely an advantage

Years ago, digital implementation was a competitive edge that property management firms could implement if they wished. Doing so meant improving their services, but neglecting it didn’t mean financial turmoil. For many, it was better not to implement these apps.

The pandemic, financial turmoil, and government healthcare measures have turned things around. Companies struggled to maintain operations during social distancing and lockdowns while managing revenue losses.

Collaboration apps, management systems, and automation software proved invaluable for countless companies. Technology implementation ceased being optional and became an obligation for many.

Clients will demand more

The efficiency from automation and convenience of tenant portals and CRM software have built new industry standards. Clients and tenants won’t settle for less than today’s standard. That means companies failing to implement these technologies will be less attractive.

Competitors who stay on top of innovation will benefit from this shift in demand. Companies that take longer to adopt digital solutions could hinder their profitability considerably.

Implementing a voice integration system is a simple first step. It’s quick, affordable, and can make a noticeable difference.

There will be less room for error

These solutions translate into more effective operations—notably with automation and AI software. Many services become more efficient and less prone to human error. While that's good for the market, it'll create new and stricter expectations from consumers.

Tenants won’t hesitate to avoid landlords who take “too long” to reply to their queries. The same holds for signing a lease agreement with someone who doesn’t streamline requests and payments via property management software.