How to Increase Efficiency and Add Value with Real Estate Technologies
Professionals within residential real estate financing, leasing, development and property management are finding new and exciting ways to implement technologies that improve efficiency and add value to their businesses. However, finding the right technologies, implementing them and making them work for your particular real estate enterprise can seem overwhelming. Where do you start?
While this is certainly not an exhaustive list of “things to do” and “items to consider,” our hope is that it pushes you to think outside the box, to embrace technology for its ability to improve efficiency, and find ways to utilize the best technologies to add value.
Where to begin
The multifamily industry has seen so much advancement within the technology realm over the past few years that there’s even a hashtag to represent this growth: #CRETech. New trends in big data, property management platforms, billing and accounting platforms, crowdfunding and more are filling the social airwaves and are commanding valuable stage time at real estate conferences across the country.
When you’re ready to increase your efficiency, a great place to start is to do some research and see what other businesses – whether competitors or not – are doing to streamline their processes and systems. Next, drill down to the specific area in which you believe you have room for improvement.
No matter if you are a trendsetter in your market or the type of company to follows the herd, than you may want to get on board with fast growing ClickPay.
Do you need better accounts receivable service and software (both billing and payments) that can improve your internal processes? Finding the right technology to improve this facet of your business, for example, could pay dividends just with the time that you’ll save alone – not to mention better processes and accountability can have a dramatic impact on your ability to collect rents efficiently and on time. A technology like ClickPay can be the perfect solution.
Maybe your multi‐family management portfolio has experienced tremendous growth over the past year and you’re in need of management software that can keep up with your growing business. There are a tremendous amount of players in this space, ranging from Appfolio (web‐based) to Yardi (Enterprise) and others.
What’s more, there are numerous technologies that landlords and multi‐family property managers can implement that also increase the value of the property in the eyes of the tenant. While they may seem simple and commonplace today, technologies like wholebuilding Wi‐Fi, pre‐wiring for fiber optics, even electric car charging stations can be draws to tenants. But based on consumer polls, residents want online payments even more so than they want a pool.
Integrating New Commercial Real Estate Technologies
Once you really start to dig in and research the technologies available to professionals in the commercial real estate industry, you’ll find that nearly all facets of your business can improve – therefore adding tremendous value to the enterprise itself.
Great technologies, however, are useless unless they’re being used. As such, it is hugely important that all of your team members embrace the new technologies you choose and receive the training and support they need to feel comfortable and excited about what’s now available to them. Working with a service like ClickPay, that engages its own internal marketing resources, ensures that residents know about the new service, and how to use it.
For more information on the advantages of technology in the real estate industry, contact us. We’ve only begun to scratch the surface of what technology‐driven platforms can do for us in our personal and work lives. Connect with us today!