How Technology Is Revitalizing Real Estate

real estate
Written by T.E. Wing

Technology is transforming the real estate business, and real estate pros ignore it at their peril. Here’s why.

Real estate is potentially a lucrative business, something to which long-time realtors will certainly attest. And, as with most industries, new technology is streamlining the work a realtor has to do. Unfortunately, for someone who has been in the business a long time, it may seem safe and easier to continue to do things the old-fashioned way.

However, such old school methods stand to slow down progress, especially as competitors utilize technology to speed up administrative paperwork and logistics. It’s essential to make the move in order to keep up.

Fear of technology

If you’re trying to overcome a fear of technology, you should know that you aren’t alone. Brookings Institute researchers reported that the majority of Americans fear technology more than almost anything else.

In fact, one could argue, rather convincingly, that those who don’t fear technology are in the minority. In other words, you shouldn’t go into the situation under any false pretenses and erroneous assumptions. In many ways, your it’s prudent to be so cautious, especially when it comes to volunteering sensitive business data to a system that you might not fully control and/or understand.

Balance is key

Forbescontributor Joe McKendrick wrote a salient article addressing the rapid pace of advancing technology, and its implications for business.

The primary point of the piece is that balance is key. You’re already aware of the numerous benefits afforded to businesses that embrace technological advances. You must now acknowledge the growing risks associated with relying on technology. Another author, Pradeep Henry, published an article at CIO Magazine,highlighting three business risks to avoid when investing in tech. His first and second points are likely the most compelling for someone who’s already skeptical about the prospect.

What solution is best for you?

As for software solutions similar to Zillow but designed with landlords in mind, there’s definitely no shortage of options.Landlord software is all the rage these days, because they streamline formerly cumbersome, disparate, and often tedious duties. The real challenge is figuring out which solution is the best fit for your specific business needs. That’s a different ball game.

Of course, your experts insight will be invaluable. As for those who are new to real estate, they should learn as much as they can. Review documents and have those who have been in the field explain as much as they can. You can then tap into openly available resources that showcase and compare various property management solutions.

Once you begin diving into the data, you’ll realize how important it is to be well-versed about the underlying business practice and processes. There are countless features that could appeal to even the most old-fashioned realtor as he or she peruses the options. That could be the most convincing part of all.