Technologies Your Real Estate Company Should Adopt to Increase the Profit

October 19, 2020

Last year, real estate startups raised 1.9 billion US dollars. Investors particularly favored AI-based products, including Zillow, with a 565-million-dollar deal, and Rex that raised 45 million dollars. Virtual and augmented reality solutions also attracted a lot of interest.

Such investment preferences show how tech trends impact the market and create the demand for specific real estate software solutions. Today, aspiring startups and well-established enterprises launch real estate CRMs, applications, management software, AR real estate tools, and other services to connect agents with customers and make a profit on real estate tech.

You may join their list with the right custom real estate app. To help you understand what you need, we’ve completed an overview of technologies and top real estate apps to follow.

Real Estate Technologies

Technologies That Help Real Estate Agencies to Improve Their Performance and Capitalize on Real Estate Software

Frankly speaking, the real estate industry adopts innovations at a much slower pace than, let’s say, banking or education. Not willing to change the usual order of things, many agents stick to regular practices and manually process all data. They lose the opportunity to pamper customers with more relevant offers, optimize expenses, and outpace competitors.

Yet this doesn’t mean that every real estate agency should go with the flow. You can be among the first companies that adopt apps, CRMs, or augmented reality for real estate. The digital transformation will give you a competitive advantage and boost profitability. Check out some of the core technologies that are worth considering below.

Real Estate Management Software

It was found that in 65% of cases, real estate agencies hire tech companies to improve operational efficiency. They leverage real estate technology to automate manual routine processes, such as accounting, property management, rent payment processing, and document management. As a result, human hours are used much more effectively, which enables real estate agents to focus on communication with customers and contributes to improved service delivery. This, in turn, speeds up the sales process and, thus, increases profit.

Types and capabilities of real estate management systems

• Real estate CRM software. Customer management software enables agents and property managers to build stronger relationships with customers through continuous communication. Such tools usually store contact information of customers, details of their purchases, preferences, and demographic data. They also support lead generation capabilities that help agencies carry out more deals.

• Accounting and budgeting real estate management software. Such real estate software comprises the functionality for automated bookkeeping workflows, bank reconciliations, check writing, tax and financial reporting. It’s mainly used by medium and large agencies to optimize accounting procedures and achieve regulatory compliance more easily.

• Rent payment processing real estate software solutions. Property managers can use these tools to collect rent from tenants through the most common online payment systems.

• Document and property management real estate tech. With such proptech software, agencies can check property descriptions, find vacant places, and access all the documents related to a specific agreement. This property technology makes the purchase and rental process more transparent and quicker.

• Tenant management tools. Here, property technology is used to create tenant databases with contact details, the history of all interactions, credit data, and other information that facilitates the tenant screening procedure.

Examples of real estate CRM solutions and management software

Once you’ve made your mind about the type of real estate management software and the desired capabilities, it’s time to view the market offer.

TenantCloud is one of the real estate management systems for landlords who prefer to do everything on their own. The tool allows you to handle multiple properties, screen applicants, receive online payments, and even get a free listing website. AppFolio is a cloud-based real estate tech solution for managers dealing with several types of properties, including community associations, residential, commercial, and student buildings. This real estate management solution is the best fit for large agencies seeking a tool that can connect residents, owners, and vendors within one system.

If you need real estate tech to improve customer experience, choose CRM software, such as Zoho. This CRM integrates with live chat, email, and social media marketing services for omnichannel communication. It also includes capabilities for workflow automation and leverages AI for advanced analytics. Although Zoho isn’t specifically a real estate CRM, it is widely used in this industry.

Real Estate Applications and Web Platforms

Real estate web platforms and applications are usually tenant-oriented solutions. They enable customers to view property listings with detailed descriptions, just like in an online store. Whereas real estate web platforms are preferred by desktop users that like to conduct thorough research, real estate apps are popular among mobile customers. Actually, based on estimates, around 80% of millennials have found their home on mobile devices.

Thus, when supplied with the right software, customers are ready to quickly close real estate deals and pay for the simplified search. No wonder that real estate tech companies view real estate website platforms and applications as an important source of revenue.

Key elements of real estate website platforms and apps

All web and mobile real estate solutions have a lot in common. Here are the main capabilities you should pay attention to while looking for a tech provider or developing your custom solution:

• Registration/login page

• Search filters

• Property listings

• Maps

• Payments

• Messaging

The listed functionality is the standard selection of must-have features for tenants and real estate agents. Depending on your needs, you may also enrich commercial real estate apps and web platforms with favorites, reviews, calendars, or social shares.

Examples of real estate web applications

Leading real estate tech providers usually offer both web and mobile solutions. Zillow is one of them. This company prides itself on having the largest property inventory accessible through a custom website or an app. Users can view 110 million homes, create virtual tours to sell their property, find answers to mortgage questions, and more. Such a comprehensive range of services and the impressive database are essential elements of Zillow’s market success. HomePal is another great example of real estate technology innovations. This company calls its product a Tinder for real estate and relies on the same it’s-a-match principle. With 2.6 million euros raised so far, HomePal continues to leverage AI for personalized property search.

Augmented and Virtual Reality Real Estate Tools

The real estate industry is well-suited for AR and VR solutions. VR real estate technology allows potential buyers to see the realistic image of the offered locations remotely. Augmented reality supplies customers with valuable insights about different properties scanned with mobile devices in real-time.

As a result, the selection process happens much faster, and customers are more likely to pick a property on the first try. In the long run, this increases the number of closed deals and revenue for real estate providers and tech companies that maintain VR/AR real estate software.

Types and capabilities of VR and AR real estate technology

• VR real estate tours. Stop wasting time on physical visits to multiple locations and launch an AR real estate tool instead. VR real estate software is usually leveraged by medium to large agencies with multiple properties that can afford to make long-term investments in real estate tech.

• Augmented reality for real estate to supply customers with additional data. This AR real estate capability enables customers to learn all details about the offered property by pointing their mobile devices at it. Besides being exciting, this experience also boosts sales.

• Virtual reality real estate for a non-built property. Such a solution can assist real estate companies in convincing customers to invest in construction before completion.

Examples of VR and AR real estate software

RealAR is a real estate app that relies on augmented reality to showcase a property before it is built. With this AR real estate technology, users can view the layout and room sizes to decide whether they are interested in a specific offer. You just need to point a smartphone at a plot of land to visualize a house. Orinix is another service that offers a similar augmented reality property functionality. The handy app installed on a smartphone is all you need to have an existing 3D tour and learn more about a property by pointing at it.

Custom Real Estate Software Development by Leobit

If commercial real estate software doesn’t provide all the necessary capabilities, custom real estate software development is the only right choice. You may invest in real estate tech for internal use or implement monetization to sell it. Both options will enhance your profitability but in different ways.

Regardless of what you choose, Leobit’s team is ready to back you up. They have completed multiple projects for real estate tech companies, many of which leverage the latest technology solutions, such as AR/VR, AI, and machine learning. To find out more about how they work, check out the case study of the online real estate investment portal and contact Leobit in case you need real estate software development assistance for implementing your idea.

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