The real estate sector has been seemingly reluctant to fully embrace advancements in technology – until now.
Compared with many other industries, the real estate sector has been seemingly reluctant to fully embrace advancements in technology – until now.
At the forefront of customer needs is convenience. A main requirement of any service in modern society is that it simplifies processes, so the customer has the smoothest experience possible.
At Little Real Estate, the importance of technology and the interconnectedness it brings is at the heart of our strategy for delivering a differentiated property management service. Harnessing technology to create a smooth experience for all our clients is something that is at the core of our ambition to be the best property management company in the world.
That’s why we introduced the Little Property Tracker app, an industry-leading technology that is free to download and offers visibility over investment property files for property owners. At the tap of a button, you can see all your property data in real time or view your property financials and statements.
Little Property Tracker is a fantastic tool for tenants too. Using the app, tenants can request maintenance the instant it is required as well as easily check lease agreement when necessary.
The successes of the Little Property Tracker app can be attributed to the fantastic platform of Agentplus, which Little Property Tracker is powered by.
A fully outsourced residential property management solution, it has been designed to streamline the work of property managers. Agentplus makes administrative tasks easier and quicker to complete, allowing for greater time spent developing relationships with clients.
Our team utilises this platform to organise their portfolios and ensure all services are completed on time and with meticulous attention to detail.
These are just a couple of ways we’re staying ahead of the game. But what else is happening in the technology space that will impact the real estate industry?
Big data is a phrase that will become more common in real estate in the near future. Simply put, it’s large data sets that may be computationally analysed to reveal patterns, trends, and associations, especially relating to human behaviour and interactions.
Being able to predict trends or tailor services to a client’s needs has always been at the forefront of the real estate industry. Therefore, it makes sense that having as much information as possible to make informed decisions would be a necessity.
To be able to go through a database and know who may potentially be looking to sell their investment property is an example of how accumulated data can help those in real estate make their services available at the most relevant times for clients. Knowing the right time to offer help could make the experience seamless and easy for any property investor considering selling.
By combining data that has been collected from many different sources into a big pool and analysing it, a more personalised level of service can be created for customers.
Blockchain and digital currency
An interesting path that the real estate industry could potentially walk down relates to blockchain and cryptocurrency.
Simply put, blockchain is digital means of recording transactions. Usually, all devices in a traditional database are all connected through a common link, whereas blockchain is decentralised and relies on each participant to the blockchain to calculate, maintain and update new entries in the database. Each individual entry is known as a ‘block’. As each new entry is made, they effectively form a chain. Each block has a timestamp and a link to a preceding block.
This process uses cryptography (built in security in the form of unique 13+ digit electronic keys) that means only the owner of the key can alter the file.
The potential influence of blockchain is considerable as exchanges can take place in real-time in a peer-to-peer setting. Therefore, this technology may potentially eventually remove the need for banks when conducting a transaction for purchasing a property.
It could also potentially decrease the cost to list and lower transaction fees when properties exchange hands.
2017 saw the first use of cryptocurrency to purchase property in the US and it may only be a matter of time before Australia follows this example.
Artificial intelligence will continue to improve as time goes on and it becomes more practical as a customer service option. Already implemented in a range of industries, it can present a great way to improve workplace efficiency.
A chatbot is a service that you interact with via a chat portal. The service can range from functional to entertainment purposes and it can be a fantastic way for businesses to communicate with their customers.
With customer convenience being at the forefront of such a competitive industry, chatbots could become very common in the real estate industry as they can provide instant responses to clients.
In the evolving trade of real estate, chatbots will make work easier for those in the industry.
Chatbots can collect information from potential renters, easing the workload of real estate employees and allowing possible tenants to provide the data at times that suit them best.
The advancements in drone technology has not only improved upon their quality but also lowered them in price significantly. They are very much a part of the current real estate industry.
The use of drone photography has become common in real estate photography as it allows for a property to be captured via an aerial view that can showcase height and size as well as the properties and features that are nearby, like public transport or a local shopping strip.
Drone videography is also a fantastic and dynamic way to showcase a property. It has allowed real estate agents to take an almost artistic approach to property advertising.
The real estate industry may very well have had its own Uber moment thanks to Airbnb and other short-stay businesses. The mobile nature of these businesses means that potential customers can have their accommodation planned out in the palm of their hand in minutes.
This has already created a huge disruption to the real estate industry and doesn’t appear to be showing any signs of slowing down.
Augmented reality has huge potential to shake up customer experiences. It is a technology that superimposes a computer-generated image on a user's view of the real world.
When inspecting a potential property to rent or buy, with the help of augmented reality technology, prospective buyers or renters conducting inspections could be able to visualise what an empty house will look like once they've moved their furniture inside. Different buyers or tenants would have the ability to use a property as an empty canvas to superimpose their own preferred designs and layouts.
If a potential buyer has gone ahead with the planning of exactly what the property is going to look like, it could motivate them to make an offer sooner.
Virtual reality (VR) is a technology that has come a long way over the last few years. With VR, prospective buyers and renters could inspect a property from the comfort of their own home, interstate or even overseas. Its potential as a time-saving technology means that it could potentially become an important part of the future of real estate. With VR, the need to spend days and hours visiting properties would no longer exist.
Innovation is often difficult to predict. Therefore, it stands to reason that the biggest potential technological advancements that will affect the real estate industry are still ahead of us.
At Little Real Estate we are committed to offering the best customer experience when it comes to property management in the industry. Contact us today to find out more about what we can do for you.