4 Ways Technology is Changing Property Management & Real Estate

Innovative technology has continued to play an important role in the real estate and property management fields in recent years. While new technology is no substitute for quality service, many forward-thinking real estate and property management professionals have embraced a range of developments to better serve their customers. The following are key examples:

Drone Technology

Providing potential tenants or property buyers with clear views of a property via the Internet is very important in real estate. Because people have busy lives, they typically review properties online before deciding whether to visit them in person. If the online listing doesn’t offer enough information about it, they may decide it’s not worth their time to plan a visit. 

That said, “information” comes in many forms. Part of the info an online listing offers about a property may take the form of the pictures and videos of it. 

Thus, many real estate professionals have begun using drones to take footage of properties they’re listing. Drone footage can allow a potential customer to see a property from many angles, get a sense of its size, and even get a better view of the surrounding area near a property.

Virtual Tours

Drone photography and videography can offer a more comprehensive view of a property’s exterior. However, it’s not particularly useful for capturing what the interior areas of a property look like. Some real estate agents and property managers are addressing this gap by offering virtual tours of properties online. 

Most typical virtual tours consist of basic 360-degree images of various rooms within a building. These are usually sufficient to serve their purpose. That said, some real estate pros (usually those who sell luxury properties) take the extra step of designing genuine virtual reality experiences that allow a person to explore a property in a more immersive manner without leaving the comfort of their own home. This is certainly an innovative approach, although it may not be necessary for small properties like family homes.

Data Analysis

In the real estate and property management niches, data analysis can play a very important role in many different ways. For example, by analyzing relevant data points, a real estate agent can more easily and accurately determine how much to ask for when selling a property.

That said, up until recently, data analysis could be time-consuming. Innovations such as artificial intelligence are changing this. With AI, it’s possible to efficiently analyze various data sets without the need for much human involvement. This can provide real estate agents and property managers with more time to focus on tasks that involve directly working with customers.

The Internet of Things

The Internet of Things may sound like a vague or arcane term, but it’s likely you’ve used Internet of Things (or IoT) devices already without even necessarily knowing it. Essentially, IoT devices are devices that are not computers, smartphones, or tablets, but are nevertheless connected to the Internet. For example, there are now IoT thermostats that allow homeowners to adjust them remotely via an app. IoT security cameras can be used to check for burglars when a homeowner is away.

Those are merely two examples. According to surveys, it’s becoming increasingly important to homeowners and tenants that their properties feature this type of “smart” tech. Real estate professionals are catering to this desire by equipping their properties with a range of IoT devices. This is a trend that’s likely to continue as IoT devices become more commonplace in the future.

Just keep in mind that this is by no means an exhaustive list. There are many ways technology is constantly reshaping property management and real estate. These examples are simply some of the more noteworthy developments in recent years.