What the experts are saying
CEO of FortuneBuilder and a real estate investor, Than Merrill, recognizes the impact of technology on the real estate industry. 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 expects that these technologies would allow buyers and sellers of real estate to work faster than ever before.
In a similar vein, several industry experts anticipate that technology will upset even more real estate investment practices. The CEO of Archilogic, Dominique Burgauer, believes that in the very 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 says that as more Millennials become homebuyers, they will not “tolerate the industry as it is today.” The demand for online services will only increase, forcing property investors, landlords, and a variety of 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
In light of the consensus among real estate market experts regarding the impact technology will have on the future of rental property investing, it would seem smart for property owners to pay attention. It is more crucial than ever 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 like Real Property Management Shoreline to guide 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.