Real Estate Technology: Are you ready?
What’s new in the world of real estate technology? What real estate tech tools and gadgets might you want to start exploring now to get the edge on your competition?
According to The Real Deal reports, real estate tech startups raised over $740M in the second quarter of 2014. The fact that NYC firms raised more than Silicon Valley based ones suggests even more innovation in the works. So what real estate tech is in the works, and in the hands of tech savvy real estate agents and investors now?
Property Management Software and Apps
The property management industry is changing dramatically. Increased competition and better tools are forcing managers to be more tech savvy. Those that have a clear idea of how to use these tools have a lead in securing better deals, operational profitability, and gaining new clients. This is a booming sector with developers rolling out dozens of new solutions. Yardi has many mobile apps for empowering PMs. InfoTycoon offers a robust cloud and tablet software that facilitates better due diligence in upfront inspections, and tracking individual unit and employee performance.
Wearable Tech
Fitness bands may still be finding their feet, but there are many more types of wearable technology coming out than many are aware of. Many of these could go a long way to enhancing performance and productivity of real estate agents and investors. Aside from smart watches, there are smart bands like Ritot which begins delivery in 2015, and of course Google Glass. Glass has endless options and potential applications for the busy real estate CEO.
Crowdfunding
Crowdfunding is increasingly becoming the go to solution for financing in real estate. Crowdfunding can be used to secure startup funds, pool money for personal real estate needs, provide proof of concept for new construction developments, and raising visibility. Rather than a standalone fundraising tool, funds raised on popular crowdfunding platforms can be combined with more conventional mortgage lending for enjoying the best of both worlds.
FICO 9
A new FICO credit score is being rolled out. It may provide a significant boost to the credit scores of many. It could seriously wing others.
Promoter.io
Promoter.io is a new service which builds on, and has received venture capital from the creator of NPS (Net Promoter Score). Utilizing an easy to use app business owners are able to rapidly poll their clients and contacts, hone in on their fans, find out where they need to do more work, and leverage contacts for more referrals and growth.
Schedule Once
Schedule Once offers a simple to use scheduling tool that syncs with your Google calendar so you never miss another meeting. Enables users to set their availability for eliminating back and forth debates that will slow you down and take away from money making activities. According to Inman News Realtors are also increasingly beginning to adopt mobile apps for scheduling showings.
Distressedpro
Distressedpro offers software users the ability to tap into real US bank data to see exactly what is going on behind the media hypes, find deals on mortgage notes and REOs, and uncover potential listings for real estate agents, along with tools for connecting with decision makers at banks via social media.
TouchPico
TouchPico already raised over $685k of a $55k funding goal on Indiegogo. TouchPico is a handheld mobile device that can turn any surface into an interactive 80” touchscreen. The potential uses and benefits for real estate pros on the go are obvious.
Hyperlapse
The Hyperlapse app from Instagram allows real estate investors and agents to create their own time lapse videos without needing tripods or expensive equipment.
Of course for every 100 new real estate tech startups and tools just one might gain any serious traction. Even among those that do catch on, and add value, one of the biggest problems real estate professionals and consumers face is how terribly fragmented these software and apps are. Industry pros are busy enough. Most haven’t learned how to use half of the tools they have invested in, or use multiple tools that overlap but don’t do the whole job.
Ease of use and implementation is key in any new real estate technology. It’s also crucial that professionals take the time to put them to work and insist that their team members do too.