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 also believes that these technologies will help buyers and sellers of real estate to work more quickly than ever before.
In a similar vein, several industry analysts anticipate that technology will disrupt even more real estate investment customs. Dominique Burgauer, the 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 expects that as more Millennials enter the housing market, 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.
An alternative opinion from Adena Hefets, co-founder and CEO of Divvy Homes, points out that innovation has already altered real estate investing and will continue to do so in new and interesting ways. According to Hefets, this invention “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. Now, more than ever, it is crucial to be current with the most recent technological advances. Using cutting-edge technology, you can anticipate big market shifts and maximize the potential of any property.
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. An alternative can be to hire a reputable management company, such as Real Property Management Cairn, 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.