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What are the three trends in real estate technology

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IT professionals have seen firsthand how their technology needs have changed over the years. The biggest difference in the real estate sector is obvious. People are spending much more time at home. To cope with this change, real estate companies have used advanced technology.

The IT industry changes every five to seven years, so I often advise my clients that it’s important to prepare for the impending innovation curve. The pandemic shortened this cycle almost overnight, leaving organizations with only weeks to implement new technology to address the problem. Clients are often asked to develop disaster recovery and incident response plans for catastrophic events, but many of our most prepared clients are fully prepared for this unprecedented public health crisis. There was no real plan for those unprepared. They scrambled as fast as they could, with a “move fast and break things” mentality.

A return to stability is underway, with both experienced and inexperienced realtors recognizing the rationality of technology. Our team has discovered an interesting trend in real estate client IT implementations. Here are his three of the revolutionary trends we’ve been helping our clients with.

enhanced video surveillance

As people confine themselves to their homes, many building owners and property management companies are placing increasing demands on traditional video surveillance and access control systems. The data became so overwhelming that the system was unable to measure and manage the facility’s needs with more residents, couriers, workers, and more.

The traditional storage period for video systems was 30 days or less. Many states now require longer retention periods. For example, New York State requires three years of retention to cover the statute of limitations for liability. With court backup, clients typically see legal judgments 12-18 months after the incident. The only way to refute or prove the case is to properly archive the video system. Historically, long-term storage has been very expensive. However, with the new cloud and local storage, long-term video storage has become much more affordable, and many clients keep 3 years of his videos.

Some buildings were monitored 24/7. However, the large number of people entering and exiting the building made it very difficult to monitor the number of potentially harmful triggers. To bolster or replace the first line of defense, artificial intelligence-driven technology has now enhanced state-of-the-art cameras to detect and deter loitering and vandalism. These robotic capabilities monitor and alert in real-time, deploy anti-vandal speakers and make announcements.

Software aggregation

Many realtors and agents have done their best to resolve the issue quickly. We purchased additional cloud-based software due to rapid deployment, easy training, and lower relative costs. One of the issues that has arisen all the time with clients is how to aggregate data to increase efficiency when using separate systems.

Many of our clients use multiple software to manage their sales and rental operations. Variable factors and data include non-standard ad-hoc methods such as portfolios, agent splits with team members, referral agents, and landlords. When you combine this with accounting software, customer relationship software, commission software, email software, marketing tools, etc., it becomes a very complex setup.

There is a growing need to connect all these platforms into a single data warehouse to consolidate all system data into a “single source of truth.” Eliminating some software can reduce costs and make processes more efficient. This technology consolidation trend started with many vendors and will only continue to grow.

Customer relationship management

Many organizations have recently become more decentralized, hiring outside of their traditional geographies. Today, we see core teams of investors, developers, and bankers struggling to communicate effectively.

Many of the Mortgage Banking constituencies were hired quickly and had separate sales processes, so clients were unaware of various performance indicators. This made it difficult to effectively reuse past customers, determine mortgage officer performance, and securely manage sensitive contact information company-wide.

Customer relationship management (“CRM”) technology organizes vast collections of siled contacts, provides unified marketing, increases sales and efficiency, creates key performance indicators for management, It helps you turn your company’s website into a new business generator.

A common theme we’ve seen is that the real estate sector is a technological explosion of tools and software. Smart organizations are embracing these new technologies. A thorough IT assessment can help you understand where your organization can most benefit from the aforementioned technologies and solutions.