Digital Transformation In Real Estate: Trends And IT Solutions

Alex Tarasenko
Alex Tarasenko

Unlike many other industries, real estate is booming in 2020/2021 and so is digital transformation within the industry.

As the pandemic hit businesses of all types, immovables seem to be the bullet-proof asset everyone is looking for in turbulent times. The real estate market is on fire, but the competition is fierce, too, so poor acquisition choices or property mismanagement can be financially fatal.

Now, what can resolve such issues better than software?

Real estate software development and IT services

Technology has helped to overcome challenges in almost every sphere of life, and real estate management is not an exception. More so, custom software has already proven to be a golden goose for the industry. 

Here’s who can benefit from custom property management solutions: 

  • Real estate agencies
  • Private and corporate facility owners 
  • Landlords and tenants
  • RE startups

Now, let’s look into what we can offer to each of these groups.  

1. Real estate agents and agencies 

Before anyone else, it’s real estate agencies and individual realtors who can benefit from custom digital products. Whether it’s a single-page business card or a fully-fledged digital platform with CRMs and admin dashboards – building up a strong online presence is the right move.

Here are some of the products and services businesses usually look for:

  • Web and mobile apps for realtors and agencies
  • Customer relationship management (CRM) and marketing tools
  • Facility search and listings 
  • Multiple Listing Service (MLS) and IDX integrations
  • Accounting and document turnover 
  • E-signature integration 

2. Private and corporate facility owners 

Managing property is not an easy task both in the private and corporate sectors. Especially owning multiple homes or offices, apartment buildings, warehouse spaces, etc – things get pretty messy without effective management. 

For businesses with many locations (like food chains, hotels & resorts, fitness clubs, multi-office companies) – having the following may be a lifesaver: 

  • Utility billing and energy management tools
  • Accounting and financial integration 
  • Document turnover software 
  • Customized reporting and data analytics
  • Maintenance work oversight

3. Landlords and tenants

Selling and buying property is just the tip of the Real Estate iceberg.

Another big chunk of the industry is renting & lease, which is even more intense and than trade. 

Landlords and tenants know it’s not easy to find a good place to stay at – on one side, and a reliable person or business to trust your property to – on the other.

Here’s how landlords and tenants can benefit from custom real estate software development: 

  • Applicants screening tools and lease management
  • Customized reporting
  • Accounting and document management 
  • Online payment functionalities
  • Reliable communication channels
  • Maintenance work oversight

4. Real estate startups

Given the state of the real estate industry, it does not take a college degree to see that it’s high time to occupy a niche in the industry. RE aggregators are gaining momentum but are usually limited to a particular city or area. Therefore, there’s plenty of opportunities to leverage the current market rise and find your spot under the sun while helping others find theirs. 

So, startups and individual entrepreneurs are another large group of clients looking for digital products in the real estate industry. Here are some of the popular options: 

  • Custom web and mobile apps 
  • Facility aggregators 
  • Property management software
  • Accounting and financial integration
  • CRM solutions
  • Real estate data analytics 

Disruptive innovation in real estate

Apart from everything mentioned above, it is possible to develop or integrate an AI-powered solution predicting property price fluctuations and investment potential (similar to one of our fintech projects – OxfordRisk).

The algorithm works based on evaluating key facility metrics like location and area, property type, and previously recorded trade prices. It then compares it against the market’s big data, estimating the property’s value over time.

Not only does it help to understand a property’s actual price and investment potential, but also to predict the best deal moment.

Final word

Real estate is booming worldwide.

Whether you own property, manage facilities, invest in real estate, or help others do the above-mentioned – there are great challenges and opportunities on the way.

Successfully meeting the first and seizing the second requires proactive action and leveraging the power of technology. 

Want to learn more about digital opportunities in real estate right now? Contact us to ask any questions!