Technology development, and software, in particular, managed to penetrate every sector, every domain, and every industry out there. Real estate is no different. The shift that’s happening as we speak is real. Software development in the real estate sector is making a real change for every agent, broker, and investor.
Today, like never before, real estate is going through some real transformative shift, and the more time passes the more things are going to be technology-driven in this sector. Below, you will encounter some of the best examples of how software advancements are changing the property landscape.
PMS
No, it has nothing to do with women. PMS in the domain of real estate stands for Property Management Systems. The software in this part of real estate operations has become the foundation of all future operations. Today, people in charge of dealing with real estate and all kinds of property heavily rely on different end-to-end solutions that benefit property managers more than all.
These PMS software solutions can help streamline everything revolving around collecting rent, requests for maintenance, all forms of accounting tied to property, and of course, the communication between all parties involved starting with property managers down to tenants.
With the right PMS solution, you can keep track of every small intangible from vacancy, rent price, maintenance, and leasing, and have it all work in a highly efficient system that provides everyone with transparency. It is a new era of property management for sure.
Virtual Reality
While not fully implemented in real estate management, virtual reality is slowly taking over the world, and this domain will be on the menu soon enough. In essence, we are talking about immersive virtual property tours. Yes, it sounds like something from a Sci-Fi movie, but soon enough it will be a true reality for all of us.
Virtual Reality (VR) and Augmented Reality (AR) are the technologies that made virtual tours a real possibility. Today, you do not have to visit a property physically. So, you can start shopping for a property in San Francisco even if you’re living in Dallas. Yes, 3D tours of the property are a real thing and are making things much easier for both the buyers and the sellers.
We are ushering in a new era of real estate business and outlets immersed in software development such as Jelvix are a testament to this. The best part is that these tours truly represent any given property as if you’re there providing a new dimension for each buyer.
Online Listing Platforms
Property searches have been revolutionized by different platforms. Those who managed to dig deeper and remained are the ones focused on creating property listings from different sources all at one place making the work much easier for both the sellers and the buyers.
The best part of these platforms is that they use specific algorithms intending to create personal listings that would cater to each user separately based on their previous searches. Within these listings, you’ll find all the necessary data tied to your personal recommendations, the value of the property in question, and of course different market insights.
Lead Management and CRM
CRM has been around for a while now. But Customer Relationship Management is only recently entering the domain of real estate. CRM designed especially for those involved with properties is based on efficient lead management, communication, and mandatory follow-up.
Thanks to CRM real estate agents and brokers can follow leads, manage client interaction on a whole new level, and schedule appointments with half the effort. The solutions in this department are numerous, and their application in the domain of real estate can’t be underestimated.
The leading names in this field are Salesforce and Propertybase. With this software you can manage leads with more ease, your marketing will be automated, in the same way as the follow-ups, and interaction with clients will be seamless. All of it was made possible by having CRM adapted for the needs of the real estate domain.
AVMs
Automation valuation models have been making strides in the world of real estate for some time now. Real estate brokers found real value in having data analytics and machine learning working in their favor. Today, the work surrounding the real estate market has been toned down quite a bit.
Today, real estate agents and brokers can use computers to estimate property value based on market trends, sales frequency, and other factors. By using AVM based on machine learning and data analytics it is possible to be more precise than ever when estimating a value of a property.
Blockchain Technology
We, as a society, truly took a massive leap forward with the inception of blockchain technology and digital currencies. It was hard to believe that the domain of real estate would not be touched. Thanks to blockchain technology, now, when you buy a property, you can make a transaction faster, easier, safer, and more secure than ever before.
Also, full transparency of any transaction is fully guaranteed as it will be stored on the blockchain. Many platforms all over the world have adapted their operations to cater to both the cryptocurrencies and the real estate market.
Thanks to the blockchain tech you can now sign smart contracts, use decentralized ledgers, and speed up both the selling and the buying process. This way, the need for intermediaries is cut, and everything is done faster, with more safety and security involved, and above all every deal remains transparent.
Tenant and Resident Portals
Software development penetrated every pore of the real estate world. So, tenants, residents, and landlords haven’t been left out. The idea to cater to them brought out the birth of these portals intended for landlords, tenants, and residents.
Thanks to these portals, today, it is possible to do online many of the things you did earlier in person only. Paying rent, seeking maintenance, and starting communication are all now possible via these online portals.
Bottom Line
The world of real estate recognized the technological development that was happening all over the place and adapted accordingly. Thanks to the many technological solutions, some of which we listed above, today, the world of real estate is better than ever.
As more time passes we can expect even more progress in this domain. Things such as VR property tours and CRM software for real estate are just the beginning.
