How Technology Can Help The Real Estate Industry

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Some industries have been slower than others to get on board with advancements in technology. Real estate is one of the industries that often lags behind in terms of tech. Many real estate professionals have continued to manage their properties and make decisions the way they’ve always done them, even as technology transforms the world around them. As a report from the Wharton School of the University of Pennsylvania explains:

“Participants in the real estate industry can use technology to make faster and better decisions…[but] the real estate sector is one of the few remaining sectors of our economy that has created immense wealth with little or no technology know-how and interest.”

So even if you think that your commercial real estate business is doing well, it’s still worth it to give technology a chance. Not sure how it will help you? Here are some of the biggest benefits that technology has to offer the real estate industry:

Technology Improves Efficiency For Real Estate Companies

One of the main reasons to adopt technology is that it increases your business’ efficiency. In fact, research has shown it to be the No. 1 reason for CRE companies to adopt technology. According to a KPMG report, 65% of the time a real estate company hires a tech company, it does so to help improve speed and operational efficiencies. If technology can handle some of your workload, it frees up your employees to focus on other tasks. This streamlines your company’s workload in a way that benefits everyone.

Technology Helps Real Estate Professionals Make Informed Decisions Fast

Real estate companies also enjoy using technology because it improves their decision-making. Improved decision making is one of the main reasons real estate companies choose to invest in technology (44% of the time, according to the KPMG report).

Technology can help your real estate company not only gather data but actually interpret it. This allows your company to make smarter decisions, positioning you for greater success. Technology can give valuable insights that you might otherwise miss.

Technology Keeps Operating Costs Low

Whether you’re buying a new computer or overhauling your bookkeeping systems, there’s a cost to technology. But you should think of it as an investment, not just a cost. Investing in the right tools can save you in the long run. For example, when technology is performing tasks instead of a person, there’s no person to pay. Ultimately, this means you get to hang onto more money, which helps your business’s revenue.

Technology Gives Some Real Estate Brokers and Advisors a Competitive Edge

Real estate advising and brokering firms are some of the most competitive in the real estate industry. And they are some of the most common early adopters of the latest technology. In a high-stakes market, tech helps them stand out from their competitors and win clients over. These professionals often invest in:

• Cloud-based solutions.
• Smart-building technology.
• Automation.
• Integrated systems.

Most of these solutions help brokers and real estate advisors execute manual tasks that don’t require much critical thinking. This frees up a company’s employees to work on creating value for the business. It also allows brokers and advisors to spend more one-on-one time with clients. That’s something technology definitely can’t do.

All of this comes back to efficiency. It divides up the workload in a way that allows a brokerage firm or real estate advising company to complete the most work in the least amount of time. Ultimately, that serves the employees, the business’ future success and the clients in the best way possible.

Automation Technology Simplifies Asset Management 

When it comes to certain tasks, there’s a lot of repetition. The tasks are often fairly easy, but they’re time-consuming when you’re doing them over and over again. As noted in the KPMG report, “The tasks involved in asset management tend to be straightforward and repetitive, making them ripe for automation. This means that there’s a big opportunity for efficiencies.”

When you turn these kinds of tasks over to automation, you’re putting your human labor to work in areas where it really needs it. A person may find it draining to do the same thing over and over again, but technology can perform repetitive tasks with consistent quality.

Harnessing the Power of Tech in Your Real Estate Business

If you’re a real estate company that isn’t currently taking advantage of technology, then it’s a great time to get started. There are many easy ways to begin, such as adopting a cloud-based solution for managing your assets or investing in powerful additions to your current technology stack. Find new ways to elevate your business’ success — there are some truly innovative options out there!

Source: forbes.com