Key Real Estate Areas Where IT Solutions can be Employed by Realtors
As per the NAR report, the global real estate software market is expected to grow at a rapid pace - around 8% CAGR over the next two years. The primary reason behind market growth includes the increased demand for tech solutions among real-estate professionals to cater to the diverse needs and preferences of consumers. Majority of the people today are no longer interested in checking out newspaper ads to find or sell a property as they want to explore homes virtually before buying them online through the assistance of their real estate agent.
Savvy real estate business owners today understand that partnering IT consulting and software development companies is important today to get best-in-class real-estate software solutions. Real estate software solutions help realtors improve communication and reduce friction in their business by automating routine tasks. Managing the entire deal cycle - right from initial request through matching listings to negotiations and closing can be easily done via real estate software solutions by realtors.
The 2019 real estate report by National Association of REALTORS® (NAR) also confirms that 44% of buyers prefer searching properties online before buying them. Also, 93% of the customers used websites as a primary information source for property buying whereas 73% of buyers have found their new home via a property search app in 2019.
Role to Technology is Getting Bigger in Real Estate Space
- IT technologies like Artificial Intelligence, Cloud computing, etc. are offering new, faster and better ways for realtors to connect with potential customers, respond to their requests and generate more leads.
- Through custom real estate mobile apps, customers are finding it easy to search new homes, put property on sale or rent, communicate with brokers and get the assistance anytime, anywhere with few easy clicks.
- Real estate management software or services are also helping property owners and realtors to better control and promote real estate assets online.
The trends clearly show that realtors are interested in adopting technology for different real estate functions. However, 48% of real estate companies in the NAR survey also said keeping up with technology is one of the major challenges for them. Many small and medium scale real-estate business owners said they don't know the exact real estate areas where IT solutions can benefit them most in terms of increasing ROI and business profits.
This is why the article lists out the key real estate functions where you can easily deploy IT software solutions to grow your business profits. Partnering a reliable real estate software solution provider for your real estate business can also be a great idea to automate and streamline your real-estate tasks or activities:
Real Estate Areas where IT Solutions can Make a True Difference to Your Business:
Real Estate Property Management
Managing real-estate tasks can be tedious tasks for real estate property managers, owners, brokers, etc. real estate property managers and brokers perform a variety of tasks like property maintenance, advertise rental properties, qualify tenants, rent collection, budget improvements and property record maintenance, etc.
You, as a real estate broker or manager, can perform all such tasks with ease via a quality real-estate management software like Buildium, Appfolio, etc. When choosing a real-estate management system or software, you should always check out some of these powerful features:
- Rent payment processing
- Accounting and budgeting
- Property tracking
- Tenant management
- Accounting and budgeting
- Document management
In a real-estate & housing management software, also check for the customization, cloud-compatibility and MLS integration functionality. Presence of all such features in the software tool makes the real-estate management task convenient for you.
Multiple listing services (MLS) in real estate are used by real estate brokers or realtors to share property information with other brokers to cooperate in sale for exchange of monetary benefits if they introduce new property buyers. Through MLS directory or database, thousands of realtors in US and Canada share property information on the portal and compensate other brokers who help them introduce new buyers.
An MLS software or tool can be pretty handy for you to cooperate with other brokers who are also working with customers to find or sell their properties. You can request a custom MLS tool or software from an expert IT solution provider, offering MLS development services. Such an MLS solution will help you perform advanced search, check local listings, contact brokers and enter property details, etc. - an all-in-one tool to simplify your MLS tasks.
When choosing a custom MLS software, look out for the following features:
- Client Portal Feature
- Calculation And Authorization Features
- Edit / Add Listing Feature
- Contacts Manager Portal
- Buyer Scrutiny Feature
- Responsive Design
- Email Prospecting
- Market Trend Features
- Responsive Design
- Eye Catching UI/UX
Customer Relationship Management
Since clients are the most important members in any property deal, maintaining a strong relationship with customers is vital for real estate agents. Customer relationship management tasks can also become time-consuming and cumbersome for property dealers due to engagement in multiple other deals. Hence, real-estate CRM software can be extremely beneficial for real-estate businesses as it automates and streamlines the tasks related to customer relationship building and marketing.
A real-estate CRM tool helps agents manage client relationships effectively. It can also work as a useful marketing and communication tool for property agents. From capturing real-estate leads, marketing campaign management to staying top of real estate trends - a CRM software covers it all.
Important points to consider when choosing a real-estate CRM software:
- It should be easy to set up and install
- It should have customizability and scalability features
- Purchase software from an experienced and professional real-estate CRM vendor
- It should also be easy to use
- It should help you in building lead lists, automating marketing tasks and lead generation
Enterprise Resource Planning
As a real estate agent, if you want to build your business quickly and stay on the top of your industry trends, then an ERP software solution can work best for you. It helps you streamline and automate the misaligned and important tasks of your real-estate business. Some of the major challenges faced by real-estate businesses include lead generation, maintaining good customer relationships, tracking customer & market data, accounting and much more.
Using a powerful ERP software or system, you can tackle all such challenges with ease. ERP solution also bolsters visibility and efficiency for your real estate business.
While choosing an ERP software for real-estate business, you should check out the following features:
- Inventory management system
- Customer portal
- Sales and transaction module
- Booking management system
- Agent management program
- Property bank system
- Visitor control system
- Human resource management system
IDX or Internet Data Exchange is a software standard that is employed by real estate brokers or realtors to display and update property listings on their website, directly from MLS (multiple listing services). IDX enables real-estate businesses to showcase a wide range of properties with updated details, which means you can get more leads for your business.
You, as a real estate agent, can request for IDX integration services from top real-estate software solution providers like A3logics. Using IDX integration services, you can create an indexable page for every property listing available on your site, giving your site more authority and visibility over search engines.
You can contact real-estate software solution providers directly for:
- IDX integration services
- IDX/MLS website integration
- IDX design solutions
HOA management tasks like monthly/annual fee collection from the community, setting or enforcing community rules/guidelines, protecting property values, self-governance, etc. can be tedious for Homeowners’ Associations.
Relying on a powerful HOA management software can help the association in managing board members, dues and documents of hundreds of single or multi-family property homes. To streamline and automate HOA management tasks, you, as a real estate property business, can use various software like:
HOA Management Software
- Cloud-Based HOA Management Software
- Condominium Association Software
- HOA Property Management Software
- Custom HOA Management Systems
- HOA Database Software Services
Determining the economic value of a real estate investment property is very crucial for owners, brokers or realtors. Proper valuation of property helps in the exact determination of taxes or insurance one has to pay. It also helps in determining how much profit one will make whether through rental income, property appreciation, or both.
Instead of spending money on hiring a professional certified appraiser, you can utilize real estate valuation and analysis software. Using such software, you can easily obtain:
- Market insights
- Investment analysis details
- Collateral appraisal
- Monthly cash flow details
Streamline Your Real Estate Business through Reliable IT Software Solutions
To help brokers and companies in the real-estate domain, we at A3logics provide custom, interactive and bespoke Real Estate IT Solutions that help our clients grow, maintain excellent customer relationships, generate leads, and increase profits.
We also hold deep expertise in developing, implementing and installing custom real estate software solutions as per our client needs and expectations. Combining our technical expertise and in-depth knowledge of the industry, we deliver enterprise-grade real-estate IT software solutions based on cloud computing, Artificial Intelligence, IoT, mobile and wearable technology.