It is no secret that the way individuals are looking for housing has significantly changed in the last few years. Though housing markets provide opportunities that may trigger individuals to purchase new homes, many still opt for rental properties in urban settings. Regardless of the reasons, numerous renters are now hitting the market and developers are on the rise to meet the demands.
However, there are instances that the real estate industry has been slow because they fail to adopt the right technology. For those who wanted to move forward the real estate market, technology is the key.
The following are reasons technology is the way to modernize space to meet increased demand and to move forward in the rental market significantly:
Advanced listing systems give way to concierge platform or solutions. It’s challenging for buildings to develop their own exclusive listing system, and existing websites usually increase the applicant rates and not the quality of applicant. Similarly, rental property hunters find listing sites seldom included the type of information they really care about. The emergence of concierge platforms and solutions start to make things simpler for both.
Experts revealed that there had been some shift towards convenient concierge rental experiences allowing renters to connect with experts who can guide them all throughout their rental experiences. By offering more than just inventory of available housing or rental properties, these concierge services were able to assist renters to find better property managers, better match and more qualified candidates.
Technology for Streamlined Payments
In many instances, payments have been a real hassle for landlords and renters alike. Numerous rental payments are stuck in the pre-digital area. Considering that the payment industry has undergone extensive changes due to important and effective technological innovation, it is still hard to understand why many sectors which rely on timely payments have not caught up.
As a response, streamlined payment solutions were targeting the rental space to help in standardising processes with much better technology effectively. There are services providing convenient payment solutions established to serve renters and even the landlords. These make it easier for the renters to pay on time. For property owners, it makes the payment faster for them. There are companies offering end to end solutions for payments stand to encounter and experience a great deal of growth as the industry adopts these given challenges.
Making Use of Natural Language Processing or NLP Data for Renters’ Empowerment
There are numerous properties that are not measured or tracker regularly which means that renters lack the information they need to locate the right rental property that suits their needs. It is for this reason that the real estate market is turning to Natural Language Processing Technology to easily search renter reviews for relevant data which otherwise go unnoticed.
NLP helps in identifying the qualitative attributes of a property like maintenance responsiveness, noise level, and quality of the amenities that renters will not be able to identify during single property tour. These advanced technologies allow companies to tap to unstructured details and data like reviews to assist in delivering meaningful insights to numerous renters.
Why Technology Matters
More and more renters are getting to the point where they are willing to spend lot more for the perfect fit. In fact, data shows that rent to income spending is actually highest at particular percentage it has ever been before.
It is for this reason that anyone in the rental industry to leverage on latest technologies to better connect with the influx of advanced digital natives who are searching for housing and apartment options that can successfully meet their high demands and expectations. The good thing is that, with the increasing number of technology solutions that hit the market, it has become easier for property managers and renters to find the best match and then maximize the value of their housing experiences.
Until next time and thanks for yours!