Mobile technology is causing changes in all industries. Even in real estate, an industry which has historically been slow to adopt new technologies, is now seeing the game change with the growing prominence of property technology, or “PropTech” for short. Specifically, mobile PropTech that consumers and business can access right from their personal smartphones is changing how people go about buying, selling, and renting properties. Here’s what to expect to stay on top of the trends and anticipate consumer demands:
Huge amounts of property data are now at the fingertips of property managers across the globe.
One of the areas that has exploded with new technological innovations has been that of data collection and artificial intelligence. With these new technologies, realtors now have access to more information about changes in property values, neighborhood demographics, and can even utilize specialized algorithms to make more accurate, informed predictions then ever before.
Consumers have access to more information, and expect mobile accessibility.
While in traditional real estate only realtors had quick access to information about property values, market trends, and could make informed predictions of how an area is changing, consumers can now readily access these types of data using apps on their phones. In a survey of 1,000 home buyers (half of whom were millennials), 63% reported that their personal cell phone was the primary tool used to gather information during their home search. While face-to-face interaction is still in high demand in real estate, the role of the realtor is likely to shift as consumers have less of a need for information. As such, realtors should focus more on guiding prospective home buyers as they make work to make decisions.
Property management is going mobile, and consumers are ready.
With the introduction of many property management apps in the past few years, it is now easier than ever to centralize communications and exchanges between landlords, tenants, and maintenance personnel. Especially among millennials, who often are unwilling to make the jump to owning their own home, the rental market is very active, but many consumers are frustrated with antiquated systems. While paying rent with a check used to be standard, there is now more demand than ever for online payments that can be sent through a tenant’s smartphone. But these new property management apps aren’t just a consumer demand – they can also be very useful for landlords by making off-site management all the more seamless through automating various processes.
Demand for “smart homes” with integrated mobile technology is on the rise.
We have all heard of devices like Amazon Alexa which allow users the ability to interact with the environment using voice commands, but more specialized devices are also now on the market. New devices allow homeowners and tenants to control their lights and utilities and monitor security all from their smartphones, with the latest tech even going beyond the phone to offer different functions controlled by voice commands. While the demand for the convenience allowed by these devices is evident, they can also help improve energy efficiency – something that consumers are also more interested in than ever before.
As with every industry, technology is bringing some changes to real estate. Be sure to check back with us often to stay head of the latest PropTech trends.