The Covid-19 pandemic sped up some of the technological trends in the rental market, resulting in conserving a lot of time and effort for all parties involved.
Big Data
Technology and data go hand in hand. If you are wondering what this has to do with the rental market, read on. 'Big data' is a fancy word for data mining. Its benefits are that data helps you gain valuable insights using data-driven facts about real estate trends, patterns, demographic data, and the projected value of properties in specific locations. This information can benefit homeowners, real estate agents, and renters alike.
From a homeowner's and a real estate agent's perspective, big data can help determine the right value of a property or its rent based on real-time data for that specific location. Big data can also give valuable insights into the preferences of potential buyers and renters, information that can then be used to make informed investments into said properties to improve the chances of the properties being sold or rented out.
Renters can take advantage of big data to check the current rental trends at a given time for a specific location and make intelligent choices based on their findings.
Artificial Intelligence
AI has made its way into every form of the rental and real estate market today. AI can help real estate agencies access vital information and real estate trends in the blink of an eye. It can also help by using data from previous experiences or pattern recognition to provide valuable insights and improve the performance of real estate analytics.
Home buyers and potential renters can benefit greatly from AI chatbots that can give you easy access to simple information such as current property trends in an area or amenities offered at a specific property, or even tips for buying your first home. Insights gained from customer interaction through chatbots can further be used to identify information gaps in the process and further streamline the rental or real estate industry.
Looking for a Place
Gone are the days when you had to drive around looking for homes with a sign outside them that indicated that they were available for rent. Today, renters have the option to narrow down their choices from property listing websites based on their preference of locality, budget, type of property, and more from the comfort of their homes. The ability to narrow down choices doesn't stop here; renters may also filter out options based on whether they want to rent, lease, or go in for rent to own homes.
Virtual Home Tours Using VR
Let's face it in today's fast-paced world, where time is a valuable commodity, home showings are not something one looks forward to. It's safe to say that this feeling is mutual among potential renters, homeowners, and real estate agents. This is why the concept of virtual home tours using VR is widely adopted, and for a good reason.
Until recently, VR was usually associated with gaming, but a multitude of industries have realized its potential and adopted this technology in their respective fields. In the rental market, virtual home tours allow renters to take a complete walk around the property and decide if it is a good fit for them without having to travel to each location physically. Once they narrow down on something they like, they can then schedule an in-person viewing with their respective real estate agent or the landlord.
Smart Locks for Remote Viewing
In the not-so-distant past, in case you had a viewing scheduled, the real estate agent had to be present beforehand with keys to the property to let the potential renters in. This practice severely limited the number of viewings an agent could schedule daily. If one party is late for any reason, it results in a cascading effect of arriving late for all the succeeding scheduled viewings.
This is why smart door locks can give real estate agents much more control over their time and the flexibility to schedule multiple viewings simultaneously. With smart locks, real estate agents and homeowners can give potential renters a limited one-time entrance passcode to access the property in question or limit access to the property at specific times. Smart locks also usually come with built-in cameras that allow tracking of anyone who enters the property.
While the above section highlights the convenience technology has brought into the rental market, there is another facet where technology is changing the real estate market; Smart Homes.
Smart Homes and The Impact on the Real Estate Market
Smart homes are all the rage now and are being preferred by homeowners and renters alike for their plethora of benefits and the convenience they offer. Smart homes are packed with internet-connected devices that enable you to manage, monitor, and automate various systems and appliances in your home from anywhere.
From a rental perspective, today's tech-savvy generation is willing to pay higher rents for smart homes and prefers tech-laden homes over amenities such as swimming pools and other community features, as per the study conducted by PR Newswire. By investing in a few basic smart home features such as security cameras, keyless entry, and thermostats, homeowners improve their chances of renting out their properties at higher rents and thus recover their investment in no time.
Another reason smart homes are preferred today is because of the security they offer as well as lower utility costs. Smart locks, security cameras, and motion sensors provide a sense of security to families and property owners. Automating devices that significantly impact utility bills, such as thermostats, HVAC systems, or even appliances and lights, can drastically drop utility bills.
Conclusion
The rental market and the real estate sector are rife with opportunities for technology to be integrated into the industry. Virtual tours, smart homes, and smart locks are examples of how technology makes new developments possible. Technology has changed our lives in many ways over the past few decades and will continue for years to come.
Author Bio
Kristina White is the Marketing Director at Zero Down. Kristina loves to contribute informative articles in the real estate sector. She proactively keeps herself updated on the changing trends in the housing industry. In her spare time, you’ll find her reading novels and solving crossword quizzes.
