The real estate industry has long relied on in-person connections and traditional methods, but technology is rapidly changing how properties are marketed, managed, and maintained. This is particularly true for the emerging market of midterm rental properties, which serve tenants looking for accommodations longer than a typical vacation stay but shorter than a traditional lease. Innovations in online real estate marketplaces, smart property management devices, and automated task management are revolutionizing not just traditional real estate transactions but also providing unique advantages for those investing in or managing midterm rentals. Understanding these technologies and how they can be leveraged to enhance the appeal and efficiency of midterm rental properties is crucial for real estate professionals aiming to tap into this lucrative segment.
Traditionally, real estate markets have depended on in-person meetings between buyers and brokers. Technology now makes online marketplaces more trustworthy and secure for real estate as well. These online marketplaces make it easier for buyers to see a list of fitting properties without leaving their current homes.
They also offer services like virtual tours showing a 360° view of the home, or aerial views with special photography, right from a smartphone. Some of these websites don’t even require a real estate agent to be present until later in the process.
Therefore, brokers leveraging technology allow buyers to make a purchase with a high level of service without the usual high commission fees.
Internet of Things (IoT) devices, such as Amazon Alexa, Google Home, or smart sensors that don’t need any personalized human input to exchange data, are just beginning to be incorporated into rental properties. They provide unique ways for landlords and tenants to change how property management is performed.
For instance, smart locks and doorbells enhance security by allowing tenants to see who is outside their door. They also enable landlords to monitor potential security threats.
Also, smart thermostats can regulate the temperature within a rental unit automatically, which lowers the cooling and heating costs, while keeping tenants comfortable.
Real estate agents usually need to repeatedly fill out the same paperwork for different properties. This wastes valuable time they could spend on growth activities such as creating leads on social media, networking, or looking at new properties.
Entrepreneurs have noticed these inefficiencies and created products that make these redundancies disappear through automation.
Task automation is becoming an important aspect of staying competitive in real estate. This includes automated email campaigns to bolster marketing, technologies that target potential prospects, appointment scheduling automation, and even portfolio management in the commercial real estate industry. These processes increase business prioritization, service, and efficiency.
This is particularly impactful in creating a better strategy for asset management research. Such research typically involves determining the cash value of each property in a portfolio and creating an insightful spreadsheet.
Although worthwhile, the software for solving these inefficiencies can take a long time to develop. That’s why it’s important to understand the requirements and challenges of developing such a solution in order to create a product that effectively solves all common problems of a real estate firm.
Until recently, all dealings between a realtor, broker, or client were done in-person. But now there are technologies that are changing the landscape.
These emerging technologies allow real estate professionals to save time and still offer exceptional service. By embracing the technologies described above, your firm will be poised for a competitive advantage, and therefore greater revenues.
Lisa Michaels is a freelance writer, editor, and a thriving content marketing consultant from Portland. Being self-employed, she does her best to stay on top of the current trends in business and tech. Feel free to connect with her on Twitter @LisaBMichaels.