What the experts are saying
Real estate investor and CEO of FortuneBuilder, Than Merrill, notes the impact of technology on the real estate market. Merrill asserts, “the emergence and growing popularity of cryptocurrency and blockchain will greatly impact transaction times” for real estate entrepreneurs. He is also convinced that these innovations will assist real estate buyers and sellers to work more rapidly than ever before.
In a similar vein, several industry experts anticipate that technology will upset even more real estate investment practices. Dominique Burgauer, CEO of Archilogic, predicts that in the near future “almost every stage of a building’s lifecycle will be managed online. From construction and furnishing to sales and maintenance, the real estate industry will be online.” Burgauer thinks that as more Millennials enter the housing market, they will no longer “tolerate the industry as it is today.” The demand for online services will continue to expand, necessitating that property investors, landlords, and several other market participants shift their business online.
On the other hand, Adena Hefets, co-founder and CEO of Divvy Homes, observes how innovation has already revolutionized real estate investing and will continue to carry it in new and interesting directions. This innovation, says Hefet, “will continue to dramatically improve the customer experience – as more real estate companies will apply the immense data they have collected from being in the market to their platforms. This data application will help us better understand the market, helping home buyers negotiate, obtain a mortgage, deal with title issues and escrow, and efficiently remove many headaches that previously plagued the home buying experience.”
Implications for Rental Property Owners
It appears wise for owners to pay attention to the influence technology will have on the future of rental property investing, given that real estate market professionals have all noted the impact technology will have on the future of rental property investing. It’s more vital than ever to keep up with the latest technological advances. You may surely keep ahead of big market shifts and continue to maximize the potential of each property by employing cutting-edge technologies.
In addition, it can be time-consuming to evaluate each new real estate technology tool as it is introduced and choose the optimal course of action. The best option for you is to employ a reputable management firm such as Real Property Management Focus to help you through the changes. We are part of a national company with the resources to research and adopt the technology rental property owners need to stay profitable and efficient. Contact us online today to learn more.