Mike Gaudreau

3 Essential Tech Tools That Property Development Businesses Must Invest In

property management, Property management technology, property management tools

Keeping on top of a large property development portfolio and managing developments is a lot of work. Property development companies must find ways to overcome these logistical challenges if they are to be successful. Like many industries, the real estate development sector is heavily reliant on technology to help them do that. Unfortunately, a lot of businesses underestimate the importance of tech and they don’t invest heavily enough in tools that can improve their company. These are some of the most important tech tools that property management and development companies should be using right now. 

1. Lease a Property Development and Management Software 

If your business owns and leases out a large number of commercial buildings, it’s vital that you manage leases properly. Keeping on top of all of that paperwork and ensuring that leases are renewed and updated as necessary can be difficult, but you make life so much easier for yourself if you invest in lease management software. Applications like Quarem CRE software can help you track all of your leases and integrate them with the rest of your tech tools. By improving your lease management systems, you can save a lot of time and money for your property development company. 

2. 3D Virtual Tours

The way that people view properties is changing, especially in the current climate when physical viewings are restricted. Giving potential buyers and tenants more flexibility about how and when they view properties makes it much easier to let properties, and it also makes things more efficient for your business.

3D virtual tours are one of the best tech tools you have at your disposal right now because they allow people to take a tour of your property without the need for an agent to show them around. Although you will still need to conduct viewings before closing the deal, a 3D virtual tour is far more effective than simple photos when trying to attract tenants in the first place. You can even implement virtual reality technologies to create an experience that is almost exactly the same as an in-person viewing. 

3. Blockchain Technology

Most people are familiar with blockchain technology in relation to cryptocurrency and that is still one of its main applications. However, blockchain technology can be used for so much more, and it’s becoming increasingly important in the real estate industry. Blockchain tech can be used to encrypt transactions and ensure that contracts cannot be altered during the process. Transactions carried out using blockchain technology are also much faster and safer than a traditional bank transfer. It also allows property development companies to buy and sell fractional shares in a property without any security concerns. As blockchain becomes a more important part of the economy as a whole, its relevance in the real estate industry will only continue to grow. 

Managing a handful of properties without these tech tools is relatively straightforward. But as property development companies grow and start dealing with more properties and bigger projects, it is absolutely essential that they make investments in technology. These applications will all help to save time and money while also reducing the chances of administrative errors.  

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[avatar user=”mike” size=”thumbnail” align=”” link=”file”]Mike Gaudreau is the owner of The Wealthy Boomers, a site devoted to helping seniors make money online. Mike resides in Montreal Canada.[/avatar]

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