by Gary Dawson
Property management is a dynamic field that is always evolving. As a result, real estate managers must continuously update their knowledge and skills to stay ahead of the curve.
In this blog post, we will discuss some of the emerging trends in real estate management. By staying up-to-date on these trends, you can position yourself and your company for success in the ever-changing world of property management.
Real Estate Management Trend #1: The rise of the internet of things and how it’s changing the real estate landscape
The technological landscape of the 21st century is rapidly evolving, and real estate agents need to stay in-the-know when it comes to these trends. The internet of things (IoT) is no exception–and as it rises to prominence, the digital realm impacting nearly every aspect of home buying and selling. This advancement means that real estate managers need to understand how their IT system works if they plan on staying competitive in their industry; from smarter homes being built with interconnected devices and wireless networks, to voice controlled technology that facilitates convenience for buyer’s virtual tours, all of which, by the way, can be integrated with Yardi Voyager.
The industry is continuing its push towards streamlining digital contracts for transactions, meaning agents must be aware of the changes taking place and the implications this can have on their business operations. It’s clear that the future of real estate lies with embracing these emerging trends–so understanding the nuances of IoT is essential if you’re looking to remain afloat amongst today’s tech-savvy market.
Real Estate Management Trend #2: The importance of energy efficiency in real estate
Investing in energy efficiency is an important part of real estate that often goes overlooked. Making simple home improvements, such as efficient heating and air conditioning units, insulation and windows, can reduce how much energy a house consumes and provide long-term savings on utility bills for homeowners. Not only does this make a home more comfortable year round, but it can also increase its resale value by making it more attractive to potential buyers.
Furthermore, green energy features like solar panels and geothermal heating systems provide even greater benefits in terms of both cost savings and environmental impact. As the push towards reducing energy consumption grows, investing in energy efficiency should be seen as a primary means of leveraging the marketability and long-term value of real estate investments.
Real Estate Management Trend #3: How to make your property stand out in a competitive market
As a property owner, standing out from the competition is key to success. In a competitive market, the best way to make sure your property stands out is through effective marketing and maintaining a high level of customer service. Utilizing digital tools and social media platforms has become an essential part of real estate strategy and can be used creatively to spread awareness of your property. Investing in good quality photography and/or capturing video content is another great way to showcase your property in its best light, highlighting all its selling points.
Finally, having detailed documents such as broker notes and feature sheets will allow potential buyers to view all the essential information they need before making any decisions. All of these strategies together will help you get noticed, attract buyers, and ensure that your property stands out from the competition.
Real Estate Management Trend #4: The trend towards sustainable and green buildings
As the environment continues to take center stage in conversations around the world, more and more buildings are being designed to have sustainable and green features. Builders and architects alike are taking into account the ecological impacts of their designs. Utilizing energy-efficient elements from insulation to solar paneling, these efforts are making a real difference in our carbon footprint. Even cities are stepping in to help shape greener building initiatives by mandating renewable source materials and increasing energy efficiency minimums. It is inspiring to see how people are coming together for today’s environment, as well as future generations yet unborn. The trend towards green buildings is an exciting development that should be embraced and celebrated in all parts of the world.
Bringing it all together
The key to managing a real estate portfolio in this increasingly technology-reliant world is to bring everything together into one centralized place where it can be efficiently monitored and effectively managed. To do this, the real estate management company needs a comprehensive, multi-faceted platform–such as Yardi Voyager–that has the technical capabilities and functional scalability to handle this type of workload. Implementing such a system is not for the faint of heart and will often require the expertise of resources from outside the organization to assist. But once the platform is installed, configured and in place, the benefits will be realized virtually immediately and will also provide a very stable and reliable platform for long term growth of the portfolio.
What the future holds for the real estate industry
The future of the real estate industry looks exciting. With the emergence of new technologies and customer facing solutions, there is huge potential for the sector to expand in ways never before seen. The rise of virtual reality and augmented reality have revolutionized the way homes are bought and sold. Online platforms such as Zillow have helped make buying and selling homes more accessible than ever before, while blockchain technology could create further transparency within real estate transactions. Given these advances, the real estate industry appears to be heading towards a much brighter future.
In conclusion, the real estate industry is undergoing a massive transformation with the rise of the internet of things. Properties are becoming more energy efficient, and buyers are leaning towards sustainable and green buildings. This surge in demand for eco-friendly properties means that it is more important than ever to make sure your property stands out amongst the competition. The future holds promise if home builders, agents, appraisers, and investors get on board with green initiatives and new technologies. Technology will play an even greater role in this evolution as we continue to move forward and shape the real estate industry as a whole. By staying up to date with changing trends, you can ensure that your property remains competitive in today’s market.