The digital revolution has been upon us for some time now, and it has been slowly but surely changing the way that businesses operate on almost every level. This stream of new technologies and the consequent ever-increasing levels of interconnectivity has paved the way to more streamlined and efficient business operations, and it’s also changing the way that businesses interact with their customers. This article will look at some of the ways in which smart technology is influencing and bringing about powerful change in the real estate sector.
Smart technology is increasing revenue
There are a number of different ways in which the real estate industry is already benefitting from these new technologies. In order to not lose out on business, it is important in this day and age that any real estate business appropriates and adapts to these modern technologies, if not, businesses would expect now to see a drop in revenue and difficulty in securing new clients.
The amount of market time it takes for a smart home to sell is less of that than a home without these products; saving time, money and resources. Many tenants now have embraced this new technology and have adapted to more modern ways of doing things, more and more homes now have smart technology installations, and prospective buyers are starting to factor things like technology and connectivity into their property choices. So moving with the times is essential.
The ‘Smart Home’ choice
There is no doubt that smart home technology is significantly influencing the real estate industry. Certain smart technologiesnow are highly sought after by prospective tenants, and statistics show that 47% of millennials now have some form of smart product in their homes, just one of the many stats showing it’s ever increasing importance.
Although, it’s not just all about marketing a smart home to millennials, other potential buyers including single parents for example, who are likely to be attracted to a property that features smart home security. In addition, the growing awareness and concerns that many people now have about our impact on the environment mean that people are now more cautious about saving energy and energy efficiency, which is an important function of many smart home products. There are numerous ways in which real estate marketers can capitalise on the ubiquitous rise of smart technology.
On the topic of people making more environmentally friendly choices, evidence of this trend is being seen in a rise of what’s known as the ‘sharing economy’. People are working more remotely, and cutting down on costs, pollution and waste through car sharing, or renting furniture or home decorations rather than purchasing.
The more modern real estate companies and related business are adapting to this lifestyle change buy renting items such as furniture and desks on a monthly basis, eliminating the need for business to buy new furniture and then sell it on.
Other real estate companies have reduced the amount of lease time on office space, as longer leases are becoming more of an unattractive option now people are living more mobile and shared lifestyles. While others are now enabling homeowners to lease out their own spaces to businesses, and on the flip side, allowing businesses to rent out furnished homes for extended stays.
The sharing economy trend could create new business opportunities for the real estate industry, as interim property use is on the rise, as is looking at ways in which to harness unused spaces.