Among some of the best changes that have taken place over the last few years is using technology to create new ways of buying, leasing, and managing single-family Newport News rental properties. The real estate industry, as a whole, has benefited from both new digital tools (often called “proptech”) and a generation of Millenial property buyers who grew up with the affordances of these tools. Together, this is moving the business of real estate investing toward innovation and change.
So what are the real estate tech trends to know this year? Let’s see a few of the top trends currently shaping the rental property industry.
1. Analytics and Data
More than ever before, rental property investors have access to data and analytic tools that can revolutionize decision-making and radically change existing processes. By applying new analytic tools to rental property ownership, you can take the guesswork out of the mix and gain a clear view of your investment’s performance and returns.
2. Artificial Intelligence (AI)
This might sound like something out of a science fiction movie, but artificial intelligence (AI) is already being used to help real estate investors with a range of tasks, from developing market forecasts to making property searches faster and easier. Companies like Zillow and Compass already use AI to find properties and lenders more efficiently.
3. Digital Transaction Management
One more important tech trend in real estate investing is digital transaction management. These tech tools allow Newport News property managers and renters to carry out paperwork, transfer funds, submit rent payments, and much more – all digitally and from anywhere! Transaction management tools make buying and leasing investment properties more convenient and enhance the security of transactions. Recommending a digital platform for your tenants to manage their lease, rent payments, and more may be a big pull for many renters.
4. Direct Digital Engagement
Maybe one of the most in-demand tech trends in rental real estate is using digital technology to increase the efficiency and safety of real estate interactions. Today’s renters are accustomed to finding a lot of information about homes for rent online, including high-quality photos and digital, 3-D tours of the property. Not only do tech tools like these save time for property owners, but can also make it easier to find new tenants.
5. Process Automation
Finally, another type of emerging tech trend in the rental real estate industry automates processes, from communication to transaction tracking. Using tools like virtual assistants, real-time chat features, and more, you can improve response time to renter inquiries manage tenant relations more efficiently. It also means your tenants always get a response to their queries – even if you can’t get to them right away. It’s an interesting trend that is likely to continue to develop applications for rental property owners in the next few years.
There are many good details to know about and embrace the tech tools to make your job as an investor and rental property owner easier. But doing it on your own can be expensive and time-consuming. That is why at Real Property Management VA Peninsula, we offer a variety of tech tools that property investors need now and continue to develop new tools that will ensure your properties are managed efficiently well into the future. Contact us online to learn more.
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