There is no surprise in the fact that technology across all realms is constantly evolving. Even if we were to consider the past five years, it is quite evident that technology has helped revolutionize the real estate industry for landlords and tenants alike.
Nowadays, we have GPS and other tracking capabilities, RFID technologies, mobile workforce solutions, cloud technology, and so much more. In the next five years, tech space advancements are bound to be astonishing.
The Next ‘Big Thing’ in the Tech Industry
The Internet of Things (IoT) concept is simply based around the fact that everything needs to be connected via the Internet. Let’s take ‘Nest’ for instance. This thermostat is enabled by the Internet. Even though it may seem like overkill, it actually helps you save money and have more efficiency in your power usage.
Let’s give you another sneak peek into how IoT is changing the world around us. Currently, this technology is giving real-time access to owners with lights, refrigerators, vehicles, and water facilities among various other things. You can also read up on how car insurance agencies are using the technology to offer insurance based on ‘usage’ and even based on how quickly you slow down, speed up, or swerve your vehicle.
In terms of the rental industry, IoT will rapidly progress efficiency by connecting various equipment and integrating with RFID. Currently, you will find RFID chips being placed over items which include linens and special readers that are waved over stacks. RFID chips will then communicate how many of each item is being placed in each batch.
If any of these chips are going to be connected through the internet, then you will only need to press a button on your computer to be able to tell how many of your real estate properties have vacant units and since when.
About GPS Integration
GPS integration has also managed to take innovative steps to really affect the rental industry. As of right now, this integration has managed to permit remote diagnosis, send error messages, and also allows all of this information to be sent directly to your phone. For the renters’ industry, this technology is going to allow landlords to protect themselves from renters’ negligence. Think of it. You could receive real-time updates if any of your tenants have had an accident outside your property. If your tenants’ vehicles were integrated with this technology, then you may as well have enough proof to take legal action.
Very Exciting Capabilities
It’s safe to say that the Internet of Things has very exciting capabilities for the world at large and, more specifically, the rental industry. If you are anything like us, you’re going to be using these technological advances to grow your rental business. Of course, this will also mean that you will always be on the edge of your seat for all the cutting-edge technologies released in the near future.
Mistakes and failures are opportunities for us to learn something new.
If you’re looking forward to trying out any of these tips in your rental property you can always delegate these tasks to your property manager or hire the right professionals for the task at hand. The only thing you will be responsible for is to offer your potential tenants more affordability, more personalization, and authenticity as opposed to worrying about your safety.
If you haven’t hired a property manager already, click here to learn more about our services and how an experienced property manager can share some of your burdens.