Real Estate Technology Has Changed the World of Investing For the Better in 2023
Real estate is one of the oldest industries on the planet. For as long as people have owned land, there has been a demand for others to buy it. However, much like the industrial revolution changed the face of production forever, the digital age and real estate technology has changed the game in the world of real estate investing.
From large-scale real estate investors to new independent homebuyers dipping their toes into the market, there is absolutely no denying that the art of buying and selling properties has forever been impacted by new advances in digital marketing, management, and processing.
However, what exactly has changed for real estate investors, and how does it compare to the old methods used by previous generations of investors? Let’s take a look.
But before we dive into the world of real estate technology, if you want to learn more about how you can complete you entire mortgage application and approval online, click the link below for a free strategy call today.
Airbnb and The Art of Short-Term Rentals
One of the companies best known for making waves in the world of real estate technology and investing has been Airbnb. After all, prior to the company’s initial launch in 2008, the concept of offering your own home as a short-term rental property was foreign and unheard of for the vast majority of the population. While it was still a known practice for investors to rent vacation homes and space withing their principal residence, the popularity is holds today was far from an expected reality.
Now, short-term rental sites such as Airbnb, VRBO, and Booking.com have become household names. With the appeal of Airbnb and their services posing a challenge against the hotel industry and pushing it to adopt similar practices for their own listings.
While there will always be people who choose to advertise their short-term rentals in other means such as billboards and newspapers, the ripple effect Airbnb had on the industry cannot be ignored.
Virtual House Hunting and Out-Of-Town Investing With Real Estate Technology
The internet and modern real estate technology have changed more than short-term rental investing. In fact, the entire property market has evolved to embrace the digital age. While house hunting used to consist of magazines, newspaper ads, and driving around the city looking to spot a ‘for sale’ sign, the majority of the population now has the ability to browse hundreds of thousands of homes across the world without ever getting off of their couch.
While the concept of an MLS (Multiple Listing Service) dates back to the late 1800s, the modern equivalent is drastically more advanced than its predecessor. While the original concept of an MLS simply involved brokers sharing their listings together and helping each other to sell properties, they were much smaller and were comprised of smaller groups with a much more limited selection of properties.
Now, whether you are looking to buy a home in a nicer neighbourhood or plan to buy an investment property on the other side of the province, you have access to listings provided by realtors and brokers across the country. For investors who would otherwise have needed to travel in order to invest outside of their hometown, this is life changing. Now they can access photos, videos, and 3D virtual walkthroughs of properties they would like to buy without ever getting into their car.
Buying and Selling Real Estate Online
When someone is ready to list a property or make an offer on one that has their eye, it is possible to complete the entire process online. In the past buying real estate was a process full of handshakes, meetings, and paperwork. Now, for the majority of properties the process can be completed with a few keystrokes and a couple phone calls.
Even the payment process can be completed online, with buyers, sellers and lenders being able to send and receive funds over the internet instead of through wire transfers, cheques, or cash deposits.
With nearly every step of the process available online, there is no denying the revolution modern real estate technology has had on the industry. (Even the mortgage application process is now available online!)
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Online Rent Payments and Credit Reporting
The digital age has created a new ease of access for landlords looking to receive and manage their monthly rental income with new and innovative real estate technology. Whereas it was once required to visit a bank or meet in-person with a landlord in order for renters to make their payments, it is now possible to manually send rent payments each month from a phone or computer. The process can even be automated with a set amount of money being automatically transferred to a property owner each month without any need for the tenant to do anything.
As well, landlords have the ability to automatically report their tenants’ rent payments to credit bureaus. This means tenants can be more easily rewarded for making their rent payments on time each month, and late payments can be more easily reported and reflected on the renter’s credit score.
Digital Property Management Software
Lastly, the digital age has made it easy to organize and manage the entire property management process in a way that was not possible before through modern real estate technology. Now, software exists that can store, analyse, and organize all of the important details regarding every single property in your portfolio. These programs can track rent payments, record maintenance concerns, and help assign tasks to other members of your team.
You can even keep a digital schedule of when property inspections and reappraisals are planned to occur so that you cannot forget.
Enter the World of Modern Real Estate Technology
The world of real estate is always changing, and you deserve a mortgage broker who can help you navigate each new development. That is why we are proud to offer an ideal modern mortgage process here at LendCity. From our easy online application to our network of digital resources and real estate technology for you to learn about real estate investing, we pride ourselves on offering a modern solution to today’s homebuying needs.
So, if you are ready to invest today, or would like some more information, give us a call at 519-960-0370 or visit us online at LendCity.ca. Alternatively, click the link below to book a free strategy call with our team today.