It has become evident that technology is rapidly becoming an integral part of any business and every aspiring entrepreneur should not lose sight of this fact. However, because of the speed of all technological advancements, it’s hard to keep up. Therefore it’s necessary to research and read up on all technological innovations in a particular industry you decided to invest your money in.
The Rise of Real Estate
Research has shown that real estate has the capacity to be the best investment. Investing in real estate most likely won’t produce immediate get-rich-quick results you would expect but for investors willing to do the necessary homework, make a smart buy and properly manage that property, the rewards can be substantial.
So, you’ve foreseen this rising tide and decided your field of interest is going to be the real estate industry. You’ve done thorough research and decided to invest in India since Indian real estate has attracted $32 billion in private equity so far. The looming question still remains. How can your new business venture benefit from technological innovations and make your work easier?
There isn’t an industry that hasn’t seen great benefits from using big data and that goes for real estate as well. It has enabled real estate brokers to access cloud storage and analyze higher volumes of data quickly and therefore deliver investment information faster resulting in better decision making.
Another benefit big data has provided is related to predicting real estate investment outcomes. Not only is analyzing large data sets proven to be easier using big data but determining the crucial variables for predicting future investment trends is also more clear. Analyzing risk will no longer be an issue.
Since the majority of real estate clients are most likely going to do research on the internet, real estate brokers had to put all their offers online. Especially if their properties are outside of their market area, walking a property in person is impossible.
Buyers cannot make their decisions unless they can envision the place. Aside from actual physical property viewing, virtual viewing and 3D tours are the next best thing.
Landlords face challenges when managing their property. The more property they own, the more challenges they face. If those properties are scattered across different states, the challenges are multiplied. There are good news – automated solutions coming online, such as:
- An online property management portal, Cozy, that offers useful solutions like free automated rent payments and background checks for a nominal fee.
- Landlords can also become digitally equipped with features where they get notified if their property is being sublet illegally, provided by a company SubletAlert.
- Companies like SMS Assist, one of many online platforms that takes over complete control of repairs and maintenance on thousands of properties.
Most of us regard drones as cool toys or militarized weapons, but they’re quickly becoming integral part of many industries, including real estate. Home inspection firms have been using them to survey roof conditions as human inspections are often limited due to height issues or issues with confined spaces.
A camera that is attached to the drone can capture high-resolution footage and full high-definition recordings. It can even include multispectral thermal imaging to detect leaks and mold issues. What’s the best part? Drone inspections can be completed faster and at a lower cost as opposed to traditional methods.
Get on Board
These technological advances applicable in the real estate industry are just the tip of the iceberg as they continue to evolve. That is why being a real estate investor is becoming less daunting and more profitable. Keep track of all the latest applications that come to the market and ensure a long future as a real estate mogul.