Technologies to be on the Lookout for This Year
It is not a secret that technology has impacted every industry across the board, and real estate is no exception. Newer technologies such as AI, and blockchaining enter the game, we will see more and more opportunities to streamline the process and take advantage of the changing landscape in real estate investing. In a recent article published by Forbes Real Estate Council, they asked a group of their members what they thought were the technologies that we should be on the lookout for this year. Here is a highlight of those programs and tools that could impact property buying, selling and investing.
Deal Management Platforms: These specialized platforms are data troves for investment firms to build and leverage a database of every deal they’ve ever processed. It not only adds tangible value but also delivers critical enterprise risk management that firms need. With structured deal data, firms can measurably increase productivity and reduce errors in underwriting and due diligence all from a UI that teams want to use. – Michael Sroka, Dealpath, Inc.
Artificial Intelligence: Artificial intelligence is the next generation tool that will take care of ongoing prospecting, lead generating and old fashion customer service. AI is so sophisticated that clients can get information instantly and agents can have a personal assistant working 24/7 at the weekly price of daily Starbucks latte. – Rita Santamaria, Champions School of Real Estate
Automated Valuation Models: As the real estate cycle matures, investment companies will need a quicker way to decide if a deal is worth pursuing. Automated valuation models (AVM), like what Enodo provides for multifamily, allow users to quickly produce revenue and expense information needed to analyze a deal. I think AVM will forever change the analyst role by increasing both efficiency and objectivity. – Susan Tjarksen, KIG CRE LLC
Tokeet: Tokeet is a great application that can help you manage multiple vacation rental properties on various sites from one platform. It takes away the hassle of having to update multiple calendars with booking confirmations. – Ali Jamal, Stablegold Hospitality
Data-Driven Insights: I’m excited to see more and more tools that yield insights on which spaces truly bring value to tenants. Whether it be commercial, residential or retail space, understanding — and measuring — how space gets used is critical for optimizing the tenant experience. This will help investors, developers and end-users to maximize value. – Benjamin Pleat, Doorbell Inc.
Technology Increasing Transparency: The most exciting development I see is technology enabling transparency. Borrowers and brokers alike benefit from more information throughout the transaction process, and fintech-driven lenders are building better businesses for all parties around technology that offers greater information as well as speed and efficiency. Evan Gentry, Money360
For more than forty years, Knipp Commercial has been helping investors like you maximize their property values, while creating a beautiful space that you can enjoy for years to come. Our experienced team members are standing by, ready to assist you today. We look forward to hearing from you soon!