5 Ways Technology is Transforming the Home Rental Industry – 2022 Guide

Throughout the years the internet became a massive part of our lives. We can’t imagine our day without checking on social media, chatting with our friends, and sending an enormous number of emails. It made our life much easier and better. But also more complicated and worse. There are so many discussions about the positive and negative sides of the internet, but that is not something we’re going to talk about today.

In this article, we’re going to deal with the facts. Since the beginning of the 21st century, many things have changed, including the way some businesses work. Many new businesses were born, while others were shut down. Some of the industries changed their basic way of functioning. The ton of paperwork was eliminated because the computer programs became a good, practical substitute. And personal interaction has been replaced by online communication. One of the industries that have completely transformed was the home rental industry. Let’s see how.

1. TASK AUTOMATIZATION

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Before the internet realtors had to go through plenty of papers and forms every day. The valuable time was spent on things that could’ve been done much faster and with more efficiency. With new online programs, this became a past. Now real estate agents can work more on collecting leads, research different properties, and other important tasks.

Another thing that was very complicated before technology improved was data collection and storage. In the real estate industry, all records need to be kept. Every transaction that was ever made has to be stored somewhere. The same goes for property files, contracts, and others. Only a few decades ago all this information had to be written manually and stored in some physical space. With Cloud, Dropbox, and other data storage platforms this finally became a past.

2. DIFFERENT KIND OF MARKETPLACES

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The home rental industry was always based on live interaction. If you wanted to see the place you’d like to rent you had to schedule a meeting with an agent. After that, you had to drive to that place and then walk through the house or apartment. After that, you could paint a picture in your head about the place and terms of purchase. It was time and money consuming, but that’s just how it worked.

Nowadays, this looks completely different. If you’re looking for some flats for rent, you don’t have to spend hours wandering around. Instead of that, you can do it from your home, while sitting in a comfy chair. You just go online, find a marketplace, and go on a virtual tour of the house. You can read all information and conditions. And the best part is that everything is trustworthy. You can easily conclude how safe it is for you to rent that place.

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3. ORGANIZED PAYMENT

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Before technology took over, property managers have had many difficulties with collecting money for rent. Besides that, it was time-consuming and untrustworthy. In the past, people in the home rental industry had to deal with checks and cash. Both of these paying methods were (and still are) very unpractical. We all know that, when you work with cash, there is always a chance to make a mistake. And then you need more time to fix it. It’s just not professional and therefore, should be avoided. This applies particularly to businesses renting managed properties, such as shopping malls, corporate buildings or so.

This has been overcome with online payments. We all know how easy it is to pay for everything online. Now property managers don’t have to collect money for rent manually as well as deal with other unnecessary activities. Mistakes are now happening less often. Payments are much more organized and are running smoothly. Both tenants and employees in real estate enjoy the benefits of these new opportunities.

4. PERSONALIZED ADS

Source: zillow.com

If realtors want to target specific customers they can do it now. Ads are a relatively new, effective tool. Let’s say a potential customer is looking for a luxury apartment in the city center available for rent. He’s scrolling for hours already, but it seems that he just can’t find the right thing. Even though there are some amazing new houses on the market. They are just not showing up. With good ads management, the real estate agent can target this buyer and find some new leads. Before the internet and ad development, this was impossible.

5. REALISTIC AND ACCURATE PRICING

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In the past brokers were able to calculate the price of the real estate based on just a few information. The past and current neighborhood situation and features that come with the house are some of them. Technology has brought the possibility of a more accurate price estimation. Mathematical models and artificial intelligence are now doing this calculation more precisely. And this is something that makes life easier for every buyer.

Not everyone has the right information about real estate. Or enough experience in this area to make a smart and good purchase. And when renting or buying a home this is a big deal. So this is one more thing that technology improved to a great extent.

CONCLUSION:

The real estate industry wasn’t that susceptible to change in the past. But cost-effective technology changed that. Real estate agents, brokers, and buyers all enjoy the benefits of the internet era. Things are now happening faster and more effectively. And that means – more profit, too. On the other hand, buyers can easily find what they’re looking for. They don’t need to spend too much time or energy. Valuable information is now just one click away.

It doesn’t matter if you think the internet is good or bad. We can all agree it improved some of the business and made significant changes. With a cost-effective technology, the rental home industry has made a step into a new chapter.