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 declares, “the emergence and growing popularity of cryptocurrency and blockchain will greatly impact transaction times” for those in the real estate market. He also thinks that these technologies will enable buyers and sellers of real estate to work more quickly than before.
In a similar vein, several industry experts anticipate that technology will upset even more real estate investment practices. In the near future, according to Dominique Burgauer, CEO of Archilogic, “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 says that as more Millennials become homebuyers, they will not “tolerate the industry as it is today.” The need for online services will only increase, forcing property investors, landlords, and other market participants to go online.
Alternatively, Adena Hefets, co-founder and chief executive officer of Divvy Homes, says that innovation has already pushed real estate investing in new and interesting areas, and that this trend will continue. This innovation, according to Hefets, “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
Since real estate experts predict that technology will have a huge effect on the future of rental property investing, it seems smart for owners to pay strict attention. Now, more than ever, it is crucial to be current with the most recent technological advances. Using cutting-edge technologies, you can anticipate important market shifts and continue to maximize the potential of each property.
Simultaneously, evaluating each new real estate technology tool as it becomes available and determining the best course of action can be time-consuming. Hire a good management company, such as Real Property Management Prime, to help you navigate 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.