Key Takeaways
- Today’s latest real estate technology trends can help new investors compete at a higher level than their predecessors.
- With the right technology in hand, there is no reason you can’t take your career to a higher level than you ever imagined.
- If you aren’t taking advantage of the latest advancements in technology, you will find yourself at severe a disadvantage with your competitors.
The advent of technology serves one purpose, and one purpose only: to make our lives easier. There’s no denying that advancements in technology have simultaneously made professionals the world over more efficient and proficient in what they do. It’s also technology that has enabled business professionals to work smarter, not harder, and real estate investors are certainly no exception to the rule. If for nothing else, real estate technology trends have awarded both new and veteran investors a great way to accelerate the growth of their business. That’s right, whether you are new to the game or a seasoned professional, technology can help grow your business. Make sure you are taking advantage of the best real estate technology trends of 2017.
2017’s Real Estate Technology Trends For Investors
It’s worth noting that not all real estate technology trends are created equal. There are those trends that are unequivocally better than others, and even those that serve as little more than a flash in the pan; the one hit wonders of the technology world. However, while not every technical advancement that catches on is bound to be the next best thing, there are others that have a way of leveling the playing field.
Those real estate technology trends that don’t require too much money or experience, that anyone can use, can provide new investors with a boon to their business. That said, there are some technologies you should be adopting at this very moment if you want to keep ahead of the competition. Better yet, pay special considerations to the following real estate technology trends if you want to end 2017 better than you started it:
1. Drones
While drones have been around for years, we are just now starting to see and appreciate their utility in the real estate investing landscape; namely, their ability to offer a new perspective on things (pun intended). You see, drone’s don’t provide investors with anything we haven’t seen before. Videos and photographs of homes are all but commonplace in the real estate investor landscape, but I digress. It’s not the videos and photos from drones that new investors should be excited about, but rather the new point of view they can offer.
Unlike your typical camera, drones can suspend themselves high above the ground and capture shots on a larger scale. Therein lies the true benefit of aerial photography: prospective buyers will be given more insight into a respective property than ever before. What is a great listing and selling strategy if not for giving the buyer what they want? Instead of offering the same photos that have become synonymous with your average listing, drones can highlight just about everything the buyer would want to know about an area.
New investors with drone capabilities could very easily find their listings topping the lists of prospective buyers. If for nothing else, it’s an advantage in an of itself to have a listing that stands out from the competition. And in my opinion, few things can make a buyer more attracted to a listing than great drone footage.
2. Big Data
Due, in large part, to the evolution of the internet, it is now easier than ever to gain insight into just about any topic imaginable. With the single click of a button, there’s no reason you can’t add to your growing repertoire of, well, anything. Do you want to learn more about rehabbing houses? Perhaps you are a little foggy on the logistics behind private money lenders. Whatever the scenario may call for, simply type the inquiry into Google and watch the magic happen. That said, as our dependance on the internet grows, so too do our expectations for it. We have already seen the internet respond with a resounding answer: the prevalence of big data. The internet knows we want information, and it’s willing to give it to those who know how to listen.
As its name would lead you to believe, big data is essentially extremely large data sets that may be analyzed computationally to reveal patterns, trends, and associations, especially relating to human behavior and interactions. Perhaps even more specifically, big data represents an opportunity for tech savvy individuals to analyze data and apply their findings to real life situations. Consequently, big data has made its way to the top of today’s most valuable real estate technology trends. If for nothing else, information is power in the hands of people that know how to use it.
It’s worth noting, however, that big data is made available to everyone. Whether you are just starting out or a seasoned investor, valuable information is never more than a click away. According to Sheila Eugenio, a Guest Writer for Entrepreneur, “data is no longer exclusive to professionals, but it can be accessed online by those looking to evaluate investments. Real estate technology is enabling more people to become real estate entrepreneurs, which will help drive growth in a traditionally boom-and-bust industry.” If you aren’t using big data, it’s safe to assume your competitors are.
The advantage to utilizing big data isn’t in simply reading it, but rather interpreting it. If you can identify trends through the use of big data, there is no reason you shouldn’t be able to formulate your own ideas with the information at hand. At the very least, big data does a great job at leveling the playing field for those that are willing to adopt it.
3. Virtual Reality
For what it’s worth, the concept of virtual reality has made great strides in just a few year’s time. As recently as 2010, it wasn’t widely believed that virtual reality could be distributed to the masses in a cost efficient manner, let alone convince people they were in an alternate reality — there were plenty of skeptics of the new technology, to say the least. However, thanks to the advent of technology, and perhaps even Moore’s Law, virtual reality has taken hold in the community much sooner than we could have expected. What’s more, people and industries are finding innovative ways to add this technology to their field, and real estate investors are no exception.
I fully expect VR to represent one of the greatest real estate technology trends for the foreseeable future. Why wouldn’t it? Virtual reality is capable of changing the way real estate investors do business. For starters, there’s no reason to believe the right setup wouldn’t revolutionize the way investors show houses. Think about it; you could essentially walk prospective buyers through your next deal without ever leaving the confines of your own home. What’s more, investors can consolidate their efforts by showing multiples parties through their homes at the same time. Virtual online tours will allow anyone with a computer to tour a home that is for sale at any time of the day from their own office.
Not only will virtual reality change the way we market homes for sale, but it could also put an interesting spin on networking. Instead of driving across the city, or even flying to another state, investors could through on a virtual reality headset and meet with sellers, as if they were talking face to face.
It’s Up To You
I want to make it abundantly clear: not all real estate technology trends are created equal. Some carry no weight, while others will shape the real estate landscape as we know it. That said, it’s in your best interest to keep an ear to the ground and mind due diligence; only then will you be in tune with the trends that matter the most. Remember, those that can anticipate said trends stand to gain a significant advantage over the competition.
Have you come across any real estate technology trends that look as if they will hold water? Are you considering implementing a few of them in your own business? Let us know how you feel about the three I highlighted above, or feel free to shed some light on some others in the comments below.
