Proptech, Realtech, Real Estate Tech. Heard any of these buzzwords lately?
Simply put, they're labels placed on real estate technology. You might be an all-in, show-me-all-the-new-tech person. Or perhaps you're hesitant to invest time and money into new tech when you've found success with traditional methods.
It's unrealistic to think you'll need every single gadget, widget, and app. How can you benefit from these real estate tech options? Keep reading to discover how innovative real estate technology can boost your business.
Overwhelmed property owner/manager? There's an app for that! Actually, there are many apps for that. Property management apps allow owners to organize, communicate, and share information.
From secure payments to maintenance requests, property management apps can help. These platforms store renter data and alert property owners of any issues.
Real estate technology is also a great way to keep your properties secure. Camera systems make sure you (and your renters) can see who is onsite and when. Remote locking and entry apps keep renters' homes secure.
Did John on 8th street lose his keys again? The landlord/owner can see that he's there and let him in without leaving the dinner table.
Is Mary behind on her rent? Use alerts from your property management app to let you know how many times she's missed a deadline. Message her through the app to connect with her. Messaging with renters provides documentation and may be more comfortable than face-to-face conversations.
Apps like doorloop allow renters and owners to track payments. They also allow tenants to pay rent through the app.
Property technology helps renters find and vet their properties. The same real estate technology helps renters find and screen their renters. Turbotenant.com, for example, helps property owners advertise. This type of real estate tech screens applicants organizes lease agreements and manages tenants.
Property managers can take advantage of real estate agent technology services as well. Vacancy listings with virtual tours get up to 87% more views than those without. Platforms like istaging and 3D Vista make 3D virtual tours affordable and accessible.
Thanks to residential and commercial technology, you don't have to have millions to be a real estate investor. Apps like Fundrise, RealtyMogul, and Cadre help the every-person become a real estate investor. With multiple investors pooling together, larger (more expensive) investments are now available.
While no investment is without risk, legit crowdfunding platforms abide by SEC regulations. Crowdfunding with real estate technology is a great way to get started as an investor. Just make sure the platform and your fellow funders are legit.
Virtual tours aren't just for landlords. Real estate agent technology has a lot to offer the market as well. Virtual tours get more clicks, but they can streamline agent time as well.
What if realtors didn't have to sit at open houses for two hours every Sunday? Virtual tours and remote monitoring allow real estate agents to show homes without physically being there. Thanks to real estate agent tech, every day can be a virtual open house day.
Tech platforms allow agents and potential buyers to communicate during virtual showings. It's the closest thing to being there without being there. Visengine and Zillow are two examples of 3D virtual tour technology.
Drones are playing a big part in real estate technology. In fact, one study found that 83% of home sellers prefer to work with a drone-using agent. Drones give great above-the-home pictures. This allows potential buyers to see the condition of the roof. Aerial drone photos give a birds' eye view of the entire property. Something agents can't duplicate with traditional photos.
Drones are also a helpful commercial technology. Real estate investors looking at commercial properties can get a clear picture of difficult-to-see areas. It can also help when buying large areas of land where exploring the entire area on foot could take hours.
How many hundreds of pages do sellers and buyers need to sign when closing on a property? What if that number could be reduced by real estate technology? Great news, it can.
Digital platforms like Doma and EasySoft streamline the closing process by automating legal documents. These platforms provide an easy way for sellers, buyers, and agents to communicate with each other.
EasySoft helps with accounting and IRS reporting tasks. Doma offers virtual signings and eClosings so all parties can seal the deal without physically meeting at an agency. DisplaySoft and Stavvy are two more platforms offering eClosings and document organization.
Commercial technology is making commercial real estate more accessible and user-friendly. We've already seen real estate tech help with property management, documents, and showings.
Platforms like Top Producer, Property Base, Lion Desk, and Bold Leads make lead management and drip campaigns CRM-friendly. CRM tech offers databases to capture and store leads from websites and social media. They can also help turn leads by encouraging specific communication and reminders.
These platforms create user-friendly ways to view and communicate with your contacts. From one-touch actions to 360 profile views, commercial real estate agents and brokers shouldn't ignore the benefits of commercial real estate technology.
If you're ignoring real estate tech, you might be surprised at how easy it is. Many real estate technology platforms offer user-friendly affordable options. From eClosings to database storage, you can find a one-stop-shop option with real estate technology.
Residential and commercial real estate agents benefit from drone use, 3D virtual showings, and eClosings. Property managers can communicate with tenants and track their payments using real tech.
With crowdfunding platforms, real estate investors don't have to be millionaires. Every day people can build wealth and portfolios by sharing investment costs with others. They can find each other through trusted crowdfunding software. Whether you're an experienced real estate mogul or an up-and-coming residential realtor, there's realtech/proptech/real estate tech for you.
Want to learn more about buying or selling real estate? Questions about the current market climate? Explore realtybiznews for the latest on real estate, technology, housing, and more.