What the experts are saying
CEO of FortuneBuilder and a real estate investor, Than Merrill, recognizes the impact of technology on the real estate industry. Merrill declares, “the emergence and growing popularity of cryptocurrency and blockchain will greatly impact transaction times” for those in the real estate market. He also believes that these technologies would empower buyers and sellers of real estate to work swifter than ever before.
In a similar vein, several industry experts anticipate that technology will upset even more real estate investment practices. Dominique Burgauer, CEO of Archilogic, predicts that in the not-too-distant future, “almost every stage of a building’s lifecycle will be managed online. From construction and furnishing to sales and maintenance, the real estate industry will be online.” Burgauer expects that as more Millennials enter the homebuying market, they will not “tolerate the industry as it is today.” The demand for online services will continue to expand, necessitating that property investors, landlords, and several other market participants shift their business online.
On the other hand, Adena Hefets, co-founder and CEO of Divvy Homes, observes how innovation has already revolutionized real estate investing and will continue to carry it in new and interesting directions. This innovation, according to Hefets, “will continue to dramatically improve the customer experience – as more real estate companies will apply the immense data they have collected from being in the market to their platforms. This data application will help us better understand the market, helping home buyers negotiate, obtain a mortgage, deal with title issues and escrow, and efficiently remove many headaches that previously plagued the home buying experience.”
Implications for Rental Property Owners
In light of the consensus among real estate market experts regarding the impact technology will have on the future of rental property investing, it would seem smart for property owners to pay attention. It is more crucial than ever to be current with the most recent technological advances. You may remain ahead of major market shifts and continue to maximize the potential of each property by utilizing cutting-edge technologies.
Likewise, assessing each new real estate technology as it becomes available and deciding the best course of action can be time-consuming. Hire a good management company like Real Property Management Tulsa to guide you through the changes. We are part of a national company with the resources to research and adopt the technology rental property owners need to stay profitable and efficient. Contact us online today to learn more.