Top Technologies Impacting The Real Estate Market Today

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Top Technologies Impacting The Real Estate Market Today

Top Technologies Impacting The Real Estate Market Today



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Forbes Real Estate Council

  Successful executives in the real estate industry from Forbes Real Estate Council share firsthand tips & insights.    

With as much as 56% of buyers 36 years old and younger finding their homes on the internet, according to the National Association of Realtors, being an agent or investor on the cutting edge is imperative. More and more buyers and investors are using technology to view, review and decide what kind of a property they want to purchase.

Members of Forbes Real Estate Council share some of the technologies that have had the most significant impact on real estate transactions and why. Here’s what they had to say:

1. Purpose-Built Data Management Systems

Modern real estate software is moving the industry from paper and spreadsheets to new systems to collect, process and store critical data. The flow for financing, acquisitions, development and fundraising benefit from streamlined workflows and data management. These new systems allow firms to create actionable insights through data visualizations, task automation and more programmatic portfolio management and transaction execution. - Michael Sroka, Dealpath, Inc.

2. CamScanner App

For me, the CamScanner app has been invaluable. Being able to remotely execute the docs required to close deals and conduct business has been a game changer. In a broader sense, the capabilities of smartphones have changed everything, from the way we search for and vet investment properties, to how easy it is today to use tech to wholesale properties in any area, from any area. Geography no longer matters. - Ross Hamilton, Connected Investors

3. Telephony

Telephony by far is the most important tech in real estate sales. From the lowly 2,400 bps dial-up modem to the fax machine to email — you name it. You most likely are reading this on a smartphone or tablet. Telephony includes anything where voice or data are transmitted: Skype, WhatsApp, Facebook and so on. - Michael J. Polk, Polk Properties

4. Zillow, Trulia,

Online sites like Zillow, Trulia, and Google allow the customer to shop online, view photos, compare sales, research market trends and even walk the street prior to visiting. Customers of today are a thousand times more knowledgeable than pre-internet buyers. It's a pleasure working with educated buyers, as more time can be spent on the more complex issues and pitfalls of homebuying. - Coni Dean, Venture Realty & Investments

5. Automation Tools

The most meaningful advances in technology for the apartment building brokerage industry are in the automation arena. Data and machine learning are evolving, so that predictions of rents, expenses and underwriting can all be automated. - Lee Kiser, Kiser Group

6. Tenant Communications Apps

Applications such as Tokeet and TenantCloud have made it much easier to professionalize, organize and communicate with our tenants in our residential, as well as vacation, rental business. The apps offer a way for tenants to send requests and they give you access to timely reports to ensure you are top of your rental finances. - Ali Jamal, Stablegold Hospitality

7. MLS Alternatives

We use to coordinate sales of REOs through the MLS. However, many properties need an investor to purchase because of needed repairs, low values and/or the specialized funding that comes with that. We need to be able to tap into that investor buyer pool to move properties quickly. To do this, we use both Craigslist and the Connected Investors marketplace. Using these technologies has made our asset managers' jobs significantly easier and more efficient. - Jorge Newbery, American Homeowner Preservation LLC

8. Electronic Signature Programs

I think the evolution of the e-signature has made a significant impact on the productivity of the various lines of business associated with real estate transactions. It has reduced time-consuming face-to-face interactions, inefficient faxes and various unnecessary steps. It provides each party the time to properly review questions and concerns while meeting compliance and providing an audit trail. - Linda Liberatore, Secure Pay One - My Landlord Helper

9. Video Emailing

I sell from Hawaii. Long-distance communication is key. I use BombBomb for my video emails. It's like being there when I can't be there. I can share my screen and explain escrow documents line by line, for my clients' better understanding. My clients can answer my video by using video with one easy click. It's just more personal! - Eileen Lacerte, Hawaii Beach and Golf Properties

10. Google And Facebook

The big data search engines and social networks collect on users has made it incredibly easy for businesses to pinpoint their best customers and connect with them at the right time, with offers that really provide value and solve their problems. Facebook retargeting ads have been some of the best investments. Now Google has seriously upgraded its capabilities for pay-per-click marketing, as well. - Kent Clothier, Real Estate Worldwide

Forbes Real Estate Council is an invitation-only community for executives in the real estate industry. Do I qualify?

Forbes Real Estate Council is an invitation-only, fee-based organization for senior-level executives in the real estate industry.