In what ways has technology innovated real estate? (If at all)
Hilliard, OH · Member since 2015 · 54 posts · 18 votes
Firstly, from a direct mail or lead management system perspective, I don't really associate that as real estate focused tech. Yes, it does behoove you to utilize this, but it isn't inherently designed specifically for real estate.
Are there any websites out there that allow those looking for financing, to list deals they wish to pursue online to look for financial support? (I'm aware there may be SEC regulations in regards to this, just wondering if someone has done it)
Or is there a marketplace where buyers can go online for a strictly wholesaler marketplace of deals? (niche marketplace, not general MLS)
Do the above exist? What other solutions exist in this industry that you have found particularly useful or innovative?
IMHO, technology has dramatically changed the real estate space in the last 10 years.
Documents can be signed and tracked online. Internet resources like BiggerPockets, Zillow, etc make it much easier to access useful information that can guide and inform your real estate decision making. SAAS providers make it possible to keep tabs on your finances, customers, and more from anywhere, freeing real estate investors from geographical constraints.
And I would be remiss not to mention real estate crowdfunding since the industry would be essentially nonexistent without the tech tools available today. Technology plays a huge role in the industry and allows for a lot more automation of processes that would not have been possible 10 years ago. Rather than deals being negotiated at the club house, real estate finance is opening up allowing individuals to perform due diligence and invest in projects right from their living room couch.
Hey @Riley Gilson, have you check out marketplace on BP?
I think BP offers a lot of things you have listed.
Personally for me as a buyer, I don't think I could make so many offers now compared to pre-internet. I can sign offer letters digitally, take a quick glance at the neighborhood with google map, check out the satellite pictures, check out some data on zillow,trulia etc. , get a rough ARV, do a quick title search etc.
For me as a landlord, I can google my prospective tenants , check court records quickly, double check their application information etc.
I say technology has given the smaller investors like myself a lot of tools.
Hey @Riley Gilson, have you check out marketplace on BP?
I think BP offers a lot of things you have listed.
Personally for me as a buyer, I don't think I could make so many offers now compared to pre-internet. I can sign offer letters digitally, take a quick glance at the neighborhood with google map, check out the satellite pictures, check out some data on zillow,trulia etc. , get a rough ARV, do a quick title search etc.
For me as a landlord, I can google my prospective tenants , check court records quickly, double check their application information etc.
I say technology has given the smaller investors like myself a lot of tools.
I agree with Chris. Technology has made life easier for real estate investors.
In addition to what he said:
1. Raising money is a lot easier now. You can raise money through crowdfunding platforms like RealtyShares and even raise your downpayment through Peer to Peer lending sites like Lendingclub and Prosper
2. Getting information about a prospective deal is much easier. You can research ARV through Zillow, Redfin and Trulia. You can research crime stats, school ratings, etc through NeighborhoodScout and research market rents through Rentometer
and
3. With Biggerpockets, you can get resources like deal calculators to help you analyze deals quickly, you can even get contracts, etc. See BP Fileplace. I've contributed the Cashflow Analyzer spreadsheet which I've seen used by several investors.
Tech has definitely influenced real estate more in the last few years, especially has the startup community has returned from the 90s tech bubble crash.
Because the term real-estate is overtly focused on primary residence sales, there still is a great deal left to do on the commercial and investor side of the table.
Technology markets tend to reflect the age of their consumers. For instance, games are always up on the latest technology, because they tend to target very young customers. Healthcare is the opposite. It is mired in decades-old practice and that reflects the largely elderly community it serves as its largest customer base.
Real estate investors are somewhere in between. They're not (usually) young folks in their 20s, and the larger scale investors tend to be older. This means there are still many untapped areas for technology growth.
I certainly have my own ideas of the most backward practices in the industry, but I would be interested in hearing what others find to be the least automated and most ridiculous for that fact.
IMHO, technology has dramatically changed the real estate space in the last 10 years.
Documents can be signed and tracked online. Internet resources like BiggerPockets, Zillow, etc make it much easier to access useful information that can guide and inform your real estate decision making. SAAS providers make it possible to keep tabs on your finances, customers, and more from anywhere, freeing real estate investors from geographical constraints.
And I would be remiss not to mention real estate crowdfunding since the industry would be essentially nonexistent without the tech tools available today. Technology plays a huge role in the industry and allows for a lot more automation of processes that would not have been possible 10 years ago. Rather than deals being negotiated at the club house, real estate finance is opening up allowing individuals to perform due diligence and invest in projects right from their living room couch.