Representing the future of the real estate industry... Since the age of the Internet, technology has reshaped how the real estate industry functions. From property management softwares to specific market data accessible with a few clicks of the mouse, information is being exchanged at an exponentially fast rate and has changed how sellers and consumers view the real estate industry. For example, property management softwares easily allows building owners to review current and historical financials to gauge its performance at any time. Superintendents or property managers are able to track late rent payments from respective tenants from the comfort of their laptop or even phone. Big Data has created a whole market demand for real estate data and market research. Equipped with information from cap rates to transaction volume, investors are able to become familiar with a new market in a record time. Incorporation of technology into real estate has undoubtedly created high levels of efficiency, revamped how we work and has proved to be beneficial to all parties involved.
|Role / Company||Location||Posted|
|Data ScientistRealty Income Corporation||San Diego, CA||Jun 22, 2020|
Looking to the future
Real estate technology is ever-changing and we will only see its advancement in the future. Those involved in this field must be proactive and kept up to speed with the latest technological applications to continually challenge the competition in the industry. With rising computing power and larger sets of data, Big Data will become increasingly accurate and more widely utilized in the industry even for asset or market specific analysis. Property management could also begin to see some levels of automation such as apps or tools to detect and schedule required repairs and tenant management. Construction materials and techniques will also become a huge aspect in the real estate industry as technology evolves to provide more efficiency in the development process, likely reducing costs for the investor. These are just some example of countless possibilities in the future as technology continues to rapidly progress, which could potentially change the way the industry functions as a whole.