Investing in real estate is more than just finding some tenants and giving them the keys. Now, more than ever, investors need to pay close attention to technological advancements and continuously collect new data in order to be relevant in the industry.
When we began creating maintenance software for property owners and property managers, we found a gap in the market that professionals in the industry needed a better solution to streamline their maintenance processes to improve their work efficiencies and spend more time on growing businesses.
Today, all real estate agencies are using property management software along with other innovative tools and apps. Being current with technological advancements can help property investors maximise their profits and refine their business strategies.
Let's take a look at the past. Landlords did all the work before a boom in the real estate industry and managing properties became a business worth over $70 billion. This growth lead to many changes and around 7 million people started investing in Australian real estate.
Initially, the real estate tech industry was focused on creating heavy software, tools, and solutions for property management enterprises. Today, specialists are developing less expensive solutions in the shape of cloud-based apps, which is fast becoming the preferred solution for landlords and property managers alike.
54% of Australian real estate investors portfolios are comprised of 2-4 properties. As a result, there are many tools now available for the DIY property owner who invests in real estate and manages his own portfolio.In the last ten years, real estate investors have welcomed the next frontier of technology, to improve efficiency and time management.
There has been an increase in property owners with two or more rental properties using technology solutions to manage property essentials such as maintenance and accounting functions.
Rafael Niesten says "Working with new cloud-based software applications has made managing a business a less expensive endeavour, and extremely convenient for first-time landlords with limited budget or cash flow.
Landlords and property managers are happy to use any tools that can help them with their repetitive tasks. Not having to repeat tasks is something every property manager values, especially when you don’t have a lot of time on your hands".
Real estate software allows users to build knowledge bases and store historial data about properties and the people who rent them. "When we started breaking down the tasks that are involved in the property management process, we realised tasks are cyclical, they need to be automated".
It's proven that real estate software improves team efficiency and is perfect for real estate investors who manage their own portfolios. Direct message communications between landlords, property manager and tenants, allows for full transparency and flow of information.
Are you a property investor interested in finding new ways to simplify the process of managing maintenance and repairs at properties? Join Bricks + Agent and get started for free!