How Successful Landlords Make the Most of Their Technology
Uber killed the taxi. Technology has changed, and the pace of its growth has increased. In 1965, the co-founder of Intel, Gordon Moore, created Moore’s Law, which states that every two years, the capacity of transistors on a microchip will double. This prediction proved correct from about 1975 to around 2012, when the growth of the transistors slowed because nothing could rise forever. 
What did we experience in the past?
As a young boy, I spent hours playing the Atari table tennis game Pong with my friends. Just a couple of kids, a television, a console, two dials, one knob, and one button were all we needed for hours of entertainment: bouncing a square ball with a rectangle paddle across a screen.
Today, a significant technological increase since Pong allows me to work with amazing people from several countries and time zones. On a five-and-a-half-inch screen displayed on a gadget that fits in my back pocket, we interact face to face across the world in real-time daily.
Where are we today?
Today, in my daughter’s second-grade classroom, she studies reading, writing, and math on an iPad and learns about 3D printing and coding and uses robots.
Genetic sequencing has been developed, and we widely use Artificial Intelligence. In addition, inventors have developed computers, semiconductors, and digital technologies.
What lies ahead?
In his 1999 book The Age of Spiritual Machines, Ray Kurzweil, futurist, inventor, and Google’s Director of Engineering, suggests that when technology reaches its limitations, new technology will replace it, allowing for an exponential evolution. He believes that by around 2045, we will experience “technological singularity.” 
As described by Kurzweil, Singularity is collective machine intelligence that combines all human knowledge with machine intelligence to be more potent than all humans.
The concept that Kurzweil described received much criticism in 1999; today, his suggestions seem more viable since we already have combined all human knowledge available since history has been documented and can access it just by stating, “OK, Google…” Moreover, the rate of technology growth continues to rise.
What do technology, Big Data, and Artificial Intelligence trends mean to you, the AAOA Member?
We must face how society changes and understand how that impacts the real estate industry.
Gordon Moore taught us that technology would multiply until it can no longer evolve. Likewise, Ray Kurzweil explained that new technology would replace it when technology can no longer improve.
When you drive your car, you can avoid every pothole on the road and avoid traffic when you use your Waze app. Waze shares real-time information about traffic conditions, police speed traps, and vehicles stopped on the shoulder by combining data from more than 50 million people.
Amazon Prime can predict your next purchase by mining, analyzing, and interpreting data. They almost know that you need a pair of shoes before you realize that the midsole has lost its cushion.
Technologies are becoming intertwined. Big Data, robotics, Artificial Intelligence, and self-driving cars are real.
It means that moving forward; you will drastically have to adapt the way you do business. For example, today, you can find school ratings, tax information, demographic information, and more from the phone in your pocket.
What are some ways we could embrace today’s opportunity?
Some of the changes to embrace include:
- Crowdfunding allows people to combine their money to purchase, which helps owners get more money when they sell.
- The Internet of Things helps manage the utility consumption of properties.
- Mobile apps help you manage everything from any location.
- Online meetings expand your reach to meet investors, partners, and others.
- 3-D virtual tours help you market your properties for sale or rent.
- Social Media allows you to reach an audience of renters or buyers you might otherwise miss.
- E-signing services help efficiency.
What do you need to do now to benefit from the changing technologies?
Whether you want to lease a single unit or market a multi-family unit, it will benefit you to adopt new technologies. Technology impacts how we manage properties, attract investors, and lease or sell properties, and it would best help to embrace our time of change.
As you welcome the change, you will become more efficient and profitable, but please be cautious that you do not remove the human element of connection.
Our times have changed and will continue to evolve. The smart AAOA Member will lean into the evolution.
“Moore’s Law Explained,” 25 October 2019. [Online]. Available: https://ondigitalmarketing.com/learn/odm/foundations/moores-law-technology-growth-rate/.
“RAY KURZWEIL,” 23 April 2019. [Online]. Available: https://singularityhub.com/ray-kurzweil/.
About the Author
Dan Rochon’s purpose in life is to help people achieve their greatness and open doors for their success through his teaching, coaching, and mentorship. He leads the Greetings Virginia Sales Network to exceed expectations for his agents and staff.
As a real estate sales agent, Dan and his team are consistently top producers in their marketplace and provide solutions for their clients. Through his investment company, Dan Rochon has been investing in residential and commercial real estate ventures for more than the past two decades.