Welp MagazineThere is no denying that the real estate sector has been quite slow to embrace technology. However, this is quickly changing, fueled by innovative advancements in PropTech and online booking solutions, coupled with the disruptions brought by the pandemic.
Smart tech tools have democratized the short-term rental industry in many ways. From automated check-ins and streamlined host-guest communications to marketing and guest experience, smart technology is shaping the future of real estate, and enabling us to cope with new realities.
In this article, we take a look at 5 ways in which technology has improved short-term housing:
Increased Data Availability
Technology has radically changed the way people search for rental properties in recent years. In fact, about 90% of millennial renters search for their next rental apartment online, with over 60% of them using their mobile devices.
Mobile applications and online listing sites are quickly emerging to address this tech savvy renter. Companies such as Blueground, one of the providers of furnished apartments in LA enable renters to browse and filter listings, while online listing sites like Craigslist and apartments.com syndicate listings over a network of several additional websites, offering the landlord leveraged exposure.
Even better, landlords can make real-time updates to their listing at any time. This includes adding property descriptions, images, information about the amenities, new monthly rent prices, etc., so renters have all the information at their fingertips.
Virtual Reality Tours
Virtual Reality (VR) is the buzzword in today’s real estate scene. Unlike photos and videos that don’t give the impression of a genuine property tour, VR is extremely detailed, immersive and lifelike.
This technology allows potential tenants to examine a house unit at any time and from anywhere in the world.
Realtors are now using VR to give their prospective customers a walkthrough and experience of the space virtually. Through the power of VR tools, like the Samsung Gear VR headset, potential renters can determine if a listing meets their needs without ever leaving their home.
Virtual tours in real estate offer plenty of advantages for both the landlords and prospective renters, including:
- Advanced remote property viewing
- Effective property marketing
- Accessibility via mobile and online apps
- Touring a property virtually saves time
Price Refinement
Making price estimates for rental properties based on a few neighborhood-level factors and house features can result in errors. But with big data analysis and artificial intelligence (AI), it’s possible to make more accurate price estimates for short-term rental apartments.
These new mathematical models account for everything from historical statistics to present-day data to provide useful insights into price trends, patterns, demographics, and feasible real-time property value in specific locations.
Because price swings happen all the time in the real estate sector, the risk is quite significant. Technological advancements in big data and AI minimize this risk by forecasting future price changes and recommending profitable initiatives to improve efficiency of the short-term rental industry’s operations.
Personalized, Targeted Guest Experiences
No short-term housing can run without guests, and for that reason, real estate players are investing in smart technology to better accommodate guest needs.
Today’s property management software can track information regarding guests’ experiences before, during and after the stay in order to provide a more personalized experience in their next visit.
There are all sorts of brilliant innovations that can be implemented to really wow guests when they walk in. Some of these innovations include:
- Remote check-in/check-out
- Digital maintenance requests
- Better Wi-Fi connectivity
- Mobile room keys
- Smart TV and sound systems
- Smart entry locks
- Thermostats and HVAC systems
83% of millennials interviewed by American Express recently said they are more likely to choose short-term rentals that track their preferences and create a personalized, targeted experience.
Management of Repetitive Tasks
Realtors and property managers are frequently bogged down by daily repetitive tasks. Often, they have to market properties to find new tenants, manage tenant requests and appointments, maintain important business documents, and more. These tasks can get overwhelming if the right rental technology is not in place.
Fortunately, there are plenty of technological systems that can be used to automate and streamline these operations and save time.
Software systems like Realpage, Entrants and Yardi can assist in online payments, accounting, revenue management, reporting, accounting and more. These technology solutions streamline operations, reduce operational costs and make rental property business more profitable.
How Can You Improve Your Short-Term Rental Business?
PropTech has significantly disrupted the traditionally used methods and created a new ecosystem centered on improved property management and profitability. By implementing property management software solutions, you can only begin to see the world of possibilities.
Hopefully, you will be quick enough to adapt to the dynamic world of PropTech. Good luck!
