Tech innovations are making their mark on all industries and real estate is no exception. New technology developments are not only allowing prospective buyers to view properties without stepping foot in them but also making the management and monitoring of properties easier for real estate professionals. In this article, we’ll explore just a few of the ways technology is transforming the real estate industry, for buyers, agents and homeowners.
Just one example is the rise in online rental platforms such as renthero.ie, which enable renters to view properties all over Ireland. Rather than having to show up to multiple inspections, they can search for apartments or houses that meet their criteria and connect with prospective landlords remotely. In addition, property owners can easily showcase their listings and gain access to valuable performance data. This shift towards digital rental platforms has not only streamlined the rental process for both tenants and landlords but has also brought greater transparency and convenience to the market. With the integration of advanced features such as virtual property tours, online payment systems, and tenant background checks, these platforms have become an integral part of the real estate industry in Ireland, transforming the way properties are rented and managed.
Monitoring KPIs and metrics
Real estate management software has significantly enhanced the way company representatives view and handle data, with everything from properties for sale to average days on the market visible at the click of a button. A management dashboard gathers all of the key information in one convenient location, enabling reps to quickly view crucial data that can be used to make important decisions.
By tracking recent sales information, real estate agents can make informed decisions about listing prices and how to best go about marketing similar properties. Agencies can also monitor their sales/rental income, the number of visits to their listings, and track previous enquiries and referrals. Prior to the creation of real estate management software, gathering this amount of data would have been a time-consuming affair and, in some cases, impossible.
Even before Covid-19 lockdowns, there was a rise in the use of virtual tours to showcase properties online. They enable prospective buyers and renters to view properties from the comfort of their office desk or couch and figure out if they want to make the effort to attend an in-person inspection. For those viewing properties from abroad who may not be able to attend an inspection, virtual tours provide a great alternative.
Virtual tours are beneficial for agents too, as they can help to satisfy the curiosity of those who aren’t serious about buying a property and might otherwise turn up to inspections for a sticky beak. When a listing includes a virtual tour, the people who do turn up to inspections are more likely to be prospective buyers and worthy of the agent’s time. Virtual tours also give buyers an opportunity to get a “first look” at a property before putting together a list of questions to ask the agent during the in-person inspection.
On the surface, real estate mobile apps are all about convenience for buyers and renters, giving them easy access to the latest listings and sales information on their smartphones. Real estate apps showcase all available properties under one search result, with the option to filter results based on individual preferences. Rather than having to individually check the properties being listed by various agencies, customers can view them all via an easy-to-use interface.
But aside from customer convenience, real estate mobile apps are also an effective means for real estate companies to understand their customers, based on previous activity. It gives them a rough idea of what the customer is looking for and enables the company to more effectively market similar properties. For example, mobile apps can send personalised notifications to users when properties are listed on their platform that they think the customer may be interested in.
Smart home technology
Another way that technological innovations are transforming the real estate industry is in the realm of smart home devices, which can do everything from increase energy efficiency to play your favourite music with a simple voice command. Smart home technology is basically the remote control of appliances and devices via an internet connection and using a smartphone or tablet. Through an app, users can control temperature, lighting and even home theatre systems, without having to go anywhere near them.
Smart home technology is all about making life more convenient, whether that means your phone “pinging” when the washing machine has finished its cycle or the internet-connected touchscreen on your fridge checking if there is milk at home. But it is also an effective means of monitoring your home security, most obviously via smart cameras. Smart locks can also be implemented to allow select people to access your home when you’re not there (such as house-sitters or cleaners), without the risk of leaving keys under the mat.
An exciting future of innovation
Real estate technology is a broad term that encompasses many different types of innovations, from property management software to virtual reality experiences and apps that make life easier. What they all share in common is the purpose of making the managing and monitoring of properties easier and more effective. In a world where many people are increasingly looking to apps and online platforms to solve the challenges of day-to-day life, the future of real estate technology looks bright.