We’re always talking about why investing in real estate is one of the smartest (or maybe THE smartest?) investment you can make. And that’s because real estate stands the test of time, typically outperforming other investment vehicles over time.
That’s probably why the real estate industry as a whole has been less receptive to tech innovation. Because if it isn’t broke, why fix it, right?
Tech is no longer something that the real estate sector can ignore – and are now going all in. Here are a few of the newest innovations in the industry:
● Big Data – The real estate and property management industries are uniquely positioned to benefit from big data. The more data we have, the more data-driven decisions we can make. Websites like Zillow, Trulia, and Redfin are using big data to collect and share everything from buying trends to consumer survey results. We rely on market data and consumer trends in our key areas so we can tailor custom lifestyle solutions that will attract long-term renters to our properties.
● Virtual and Augmented Reality – According to a survey by the National Association of Realtors, nearly half of all potential homebuyers and renters search for properties on the internet first. Not really, surprising, right? Realtors and Internet Leasing Systems (ILS) can now create virtual reality tours of properties that potential buyers and tenants can experience from the comfort of their own homes. It also helps long-distance buyers virtually tour properties they can’t physically visit, which is key for our out-of-town long- term stay guests.
● Drones – Drones can also be used to provide a tour of the area. For new builds, a drone might capture the feel of a new neighborhood. Drones can also be used to spot potential risks or maintenance problems, which could lower the price of a property or be used in negotiations. Check out this drone footage of our 4th Avenue project in New York.
● AI and Machine Learning – Artificial Intelligence is stepping up to to help predict pricing trends more accurately. This type of technology – once perfected – will be able to look at historical trends in the market for any given area. We will be able to analyze value increases or decreases year over year and compare that to national trends. It will also take into account area crime, schools, transportation, and marketplace activity.