Real estate technology is here to stay, and it’s only going to improve — at least according to Moore’s Law. The implications for those that are early adopters are significant enough to warrant its consideration. At the very least, those that take advantage of the latest real estate technology will have a significant advantage over those that don’t. Fortunately, real estate technology is widely available, easily accessible, and above all else, simple enough for even the most inexperienced of investors to utilize. Let’s take a look at today’s real estate technology that your business should be implementing sooner rather than later.
Real estate technology is unique in that it can be tailored specifically to the individual implementing it. So while there are some technologies better than others, I am convinced that the best real estate technology is the one that fills a void in your investing strategy. Almost every advancement in technology will help you move your business forward, but nothing is more important than a technology that can make our company more efficient in an area that it is currently lacking in. Remember, a real estate website isn’t enough, you have to always move forward.
Below you will find a few of the more popular technologies real estate investors are using today, and how they can help you in your endeavors:
While data isn’t necessary a technology in and of itself, it is defiantly the result of it. At the very least, we have technology to think for all the information we have gathered on, well, everything. That said, nothing, at least that I am aware of, has a greater impact on the success or failure of a real estate investor than their ability to interpret data and information they can glean from today’s market.
Today’s real estate technology is essentially the primary vehicle investors use to gather information on a particular market.
It is important to note, however, that unlike most of the other technologies on this list, big data, will require a substantial amount of work on the investor’s end; it’s by no means a “set-it and forget-it” asset. It’s entirely possible to have all the information you need at your disposal, and to do nothing with it. Investors hoping to benefit from data and information need to be able to know how to not only get it, but to apply what they learn as well. Information will take you nowhere if you don’t know how to interpret it. Conversely, those that can read what the market is saying will have a significant advantage identifying trend ands laying out strategies.
VR & 360 Degree Cameras
They say a picture is worth 1,000 words, but if that’s the case; how many words is a video worth? Before you try to do the math yourself, it’s worth noting that it’s already a moot point. While videos have certainly earned the right to be entrenched as necessary real estate technology, even traditional video has almost run its course. For what it’s worth, video is no longer what it once was. The advent of 360 degree cameras has essentially altered the video landscape as we know it. No longer is a high-def video of a property the most elegant way to portray a home. Now it is entirely possible for investors to take clients on a tour of their property from across the country. But outside of becoming nothing more than a gimmick, what can 360 degree cameras really do for investors that make the commitment?
In my opinion, 360 degree cameras are not revolutionary in their own right, but given the chance, they can elevate a marketing strategy almost exponentially. It just so happens that the chance these cameras need is on the horizon: virtual reality headsets.
For investors to really embrace the best real estate technology, they might want to consider the latest camera equipment — and perhaps even virtual reality (VR). While still in their infancy, I can assure you that they will eventually work their way into the best investors’ marketing arsenals. The combination of a 360 degree camera and a virtual reality headset will allow savvy investors to realize a whole new level of success.
Think about it; these two device working in tandem with one another will revolutionize the industry as we know it. It won’t be long before investors can meet with their clients, and vice versa, in the comfort of their own home, even if the other party isn’t in the same state — or country for that matter. The implications are essentially limitless. In providing virtual tours via the internet, investors can show more properties to more people within a significantly smaller timeframe. Efficiency aside, the number of people you will be able to serve is mind-blowing.
If you want to take advantage of the next best real estate technology, I highly recommend looking into these devices. It’s only a matter of time before everyone else is doing the same.
While far from revolutionary, the use of drones is becoming common place in the world of real estate. Drones provide buyers with a new prospective on the industry, and — more specifically — a home they may be interested in. Investors on the other hand, have come to realize that drones are a relatively inexpensive marketing tool with heaps of potential. In an industry as competitive as real estate investing, it pays to be able to stand out from the competition, and drones can certainly generate exposure. That said, aerial photography will certainly catch a prospective buyer’s attention more so than the average living room shot.
though relatively new, drones have already come a long way. Today’s models are more sophisticated and advanced than they were just a few years ago. According to the National Association of Realtors (NAR), developers are coming up with “more sophisticated models that can be controlled by smartphones, offer longer flight times, are easier to pilot, and boast cameras capable of recording high-definition photos and videos.”
Drones represent the next evolution of real estate videography and photography. It’s only natural that they will become more popular as time goes on. It won’t be long until drones become the norm, as opposed to the exception.
When discovering real estate technology for your business, it’s less about being on the cutting edge and more about filling a void. The best real estate technology, for that matter, is the one that will help you immediately. Whether you are looking into drones, virtual reality or even new ways of acquiring data, make sure you utilize it to its full advantage. Find out which aspects of your company need to be improved, and work from there. Remember, technology should make our jobs easier, so don’t hesitate to jump on a trend you think might be useful.