Technologies That Are Changing the Real Estate Market in 2021-2022
We live in a period of the global expansion of technologies that are slowly changing our way of life both on the scale of human life and on the scale of world history. Real estate is no exception either. Although it is a rather conservative industry, real estate is also influenced by various technological trends and innovations.
Along with the already well-established fintech solutions, we often hear the “PropTech” term, which is a derivative of two words: property and technologies. The term literally stands for technology in the real estate business. In fact, it is both an industry and a set of innovations designed to change the way we research, rent, buy and use real estate.
These changes are, first of all, associated with the development of technologies and the use of mobile, where the industry focus is finally shifted from the manufacturer to the consumer armed with a gadget. Nowadays, it is a customer that defines the requirements for shopping centers, hotels, restaurants, offices, and even factories.
What’s Happening With Proptech Now?
The classification of PropTech development directions is associated with the lifecycle of a real estate object – from its creation to implementation and management. By setting key end-to-end technologies (big data, AI, distributed ledger systems, virtual and augmented reality) on real estate niches (retail, residential, hotel, office, industrial) and life cycle stages, we get PropTech segments and businesses. With this in mind, the following niches are becoming full of startups:
- Listing and real estate search (Zillow.com, FSBO.com, etc.);
- Rental management software (Buildium, TurboTenant, etc.);
- Marketplaces and classifications;
- Crowdfunding and equity platforms;
- Real estate data, appraisal, and analytics;
- Mortgage platforms (Encompass, Calyx, BytePro, etc.);
- Brokerage/agency services;
- Real estate/construction management;
- Virtual staging solutions (Spotless Agency).
In order to enter this new world of PropTech as efficiently as possible, two basic rules must be observed. The first important thing to do is to understand that using technology to grow your business is a strategic priority. There can be no other development direction. The second recommendation is to correctly build a plan for driving into the new technological structure of your company. Everything must be on time to ensure a quick but comfortable and smooth transition of the company to new technological rails.
How to Grow Your Business in the New Realities?
To scale your business to the max, there are three consecutive steps that need to be performed one after the other:
- Firstly, it is the digitalization of existing business processes, optimization through the use of technologies and software solutions. Everything that can be automated needs to be automated. Make data your key instrument – collect, structure, and save information about your customers, transactions, objects. Increase communications in a single digital environment, where a digital footprint remains from the actions of your employee and customer. The business model does not alter; you simply improve your operational efficiency and lay the foundation for future changes.
- Secondly, it is the creation of additional value for your business as a result of the digitalization of business processes. The gathered data can give you additional income when used and interpreted correctly.
- Thirdly, it is the development of fundamentally new solutions that will transform the business process itself and form a new value for all industry participants.
Grow, Develop, Scale
While market players recognize the importance of technology and PropTech is becoming a key topic of discussion in the industry, changes in the industry are very slow. The vast majority of companies are observers and not pioneers; they are just waiting for others to lead the way.
This passive approach is quite understandable. The tasks associated with the development and use of PropTech are pushed aside by current issues that require an immediate response in a rather difficult economic environment and existing KPIs. After all, the development of technologies and the transition to a new model is a long and risky process that requires experimentation, costs, and investments. As a rule, this process is focused on the future market, and profits need to be brought in now.
Nevertheless, the development process cannot be avoided. And the solutions that we call new technologies today will become an integral part of the standard process tomorrow. Therefore, to succeed in the real estate market, companies should introduce technologies, improve current business models in the real estate segment, and develop new ones, relying on PropTech.
What are the Advantages of HOAs?
Homeowners associations or HOAs are a vital part of property ownership. They provide assistance to property owners and tenants, particularly with respect to maintenance and repair. Without a proper HOA, the quality of living spaces can deteriorate quickly and pose a real threat to the safety, health, and well-being of residents.
HOAs also play an important role in maintaining the aesthetic appeal of communities, including the landscaping and aesthetics of properties. They also set up detailed rules for property improvement, which is a main concern for community development. HOAs regulate the overall appearance of properties as well as common areas like parks, roads, or recreational areas. Most HOAs outsource HOA management services for proper functioning and regulations.
Let us now see the main advantages of HOAs.
- Set and enforce community rules
HOA rules are set and enforced by the community’s elected body. They are set to help the community flourish. Some associations have HOA documents that contain their rules and regulations, which include fines and guidelines. These rules are meant to prevent disputes and problems in the community.
- Protect property values
HOAs are responsible for protecting the value of properties in the community. They determine what can be built on properties and how it should be built. The conditions for land use are set by the association’s governing body.
- Provide services, amenities, and facilities
The responsibilities of HOAs include the provision of services and amenities to the property owners. These include recreational, health, and community services, such as a swimming pool, gym, playgrounds, and sports facilities. They also have security systems, in case of break-ins.
- Offer self-governance
HOA boards and committees are responsible for carrying out and collecting fees from property owners. They may also offer other programs and services, depending on the HOA group. In addition, they also ensure that an HOA has a good cash flow. This is done by setting up a budget, which revolves around the collection of HOA fees and fines.
- Improve property value
HOAs help improve the property value of a neighborhood. This is because they take care of all maintenance matters related to a property’s exterior appearance. For example, they help maintain the landscaping and appearance of homes at least once or twice per year. It also helps with keeping common spaces clean and maintained in a pristine condition throughout the year.
Home Buying Process From Start To Finish
Buying a home for the first time can be an exciting and overwhelming experience. There are many factors to consider, from finding the right home to securing financing and navigating the legal process. In this blog post, we’ll explore some tips and advice for first-time homebuyers to help make the process smoother and more successful.
Determine your budget
Before you start looking at homes, it’s important to determine how much you can afford to spend. This will depend on a number of factors, including your income, expenses, and credit score. You may want to consider getting pre-approved for a mortgage to help you determine your budget and show sellers that you’re serious about buying a home.
Define your needs and wants
Once you know your budget, it’s time to start looking at homes. But before you start visiting properties, it’s important to define your needs and wants. What are your must-haves in a home, and what are your nice-to-haves? Do you need a certain number of bedrooms or bathrooms, or a certain size yard? Make a list and prioritize your needs and wants to help guide your home search.
Work with a real estate agent
A good real estate agent can be a valuable resource for first-time homebuyers. They can help you find properties that meet your needs and budget, negotiate the sale price, and guide you through the legal process. Make sure to choose an agent who has experience working with first-time homebuyers and who you feel comfortable working with.
Be prepared to compromise
It’s unlikely that you’ll find a home that meets all of your needs and wants within your budget. You may need to compromise on certain features, such as location or size, in order to find a home that fits your budget. Keep an open mind and be willing to adjust your expectations to find a home that you love.
Get a home inspection
Once you’ve found a home that you’re interested in, it’s important to get a home inspection. A home inspection can uncover any potential issues with the property, such as structural problems or water damage. This can help you make an informed decision about whether to move forward with the purchase or negotiate repairs with the seller.
Understand the legal process
Buying a home involves a lot of legal paperwork and processes. It’s important to understand these processes and work with a lawyer or real estate agent who can guide you through them. You’ll need to sign a purchase agreement, obtain a mortgage, and pay for closing costs, among other things. Make sure to read and understand all legal documents before signing them.
Factor in additional costs
In addition to the purchase price of the home, there are many additional costs associated with buying a home. These may include closing costs, property taxes, homeowners insurance, and maintenance and repair costs. Make sure to factor in these costs when determining your budget and make sure that you can afford them.
Don’t rush the process
Buying a home is a big decision, and it’s important to take your time and not rush the process. Don’t feel pressured to make an offer on a home that you’re not completely comfortable with, and don’t let your emotions cloud your judgment. Take the time to carefully consider each property and make an informed decision.
Plan for the future
Finally, when buying a home for the first time, it’s important to plan for the future. Are you planning on starting a family or changing jobs in the near future? Will you need a larger home or a different location in a few years? Make sure to consider these factors when choosing a home and make sure that it will meet your needs for the foreseeable future.
Buying a home for the first time can be a daunting process, but with the right preparation and guidance, it can also be a rewarding one. By determining your budget, defining your needs and wants, working with a real estate agent, and understanding the legal process, you can make the process smoother and more successful. Remember to take your time, factor in additional costs, and plan for the future to make sure that you find a home that you love and can afford for years to come.
9 Advantages of Hiring Property a Management Company in Oakland California (2023)
Oakland, California, is widely recognized by residents and tourists for its diverse set of attractions. Numerous factors contribute to the city’s appeal, including its advantageous location, abundant employment opportunities, agreeable climate, reasonable lodging prices, and potential for profitable rental investments. Compared to other California cities, Oakland provides a high level of convenience, which is why it has become a preferred destination for individuals of various ages and lifestyles.
If you plan to relocate or invest in Oakland, you may have some initial hurdles, as navigating a new location can be difficult. However, once you overcome these hurdles, your hard work can be extremely rewarding, allowing you to reap the benefits of your efforts. You can seek assistance from a property management company to simplify the complexities. They can help you with your relocation or get you acquainted with the new area so that you can become familiar with the different neighborhoods. By utilizing their services, you can enjoy numerous benefits that will make your stay in Oakland much more satisfying than you initially expected. Still unsure of how this is possible? Here are some benefits of hiring a property management company in Oakland that you should be aware of.
Did You Know?
There are around 37,600 property managers all over California.
9 Advantages of Hiring a Property Management Company in Oakland
- Save Time for Property Search
The task of searching for a new home can be daunting, particularly when you’re exploring options in an unfamiliar city. However, companies dealing with property management in Oakland California have extensive knowledge about various property types, associated expenses, local amenities, and more. Engaging their services can provide crucial information to help you identify the most suitable home and save valuable time in your search.
- Reduce Expenses for Repair and Maintenance
Once you find the home you’re looking for, you may have to spend on finding services that will help you with repairs, landscaping, and other relevant changes. This can prove expensive as you may not be aware of suitable places to approach for these requirements. Hiring a property management company will help you save on these expenses. They usually know the best service people who can assist you with repair and maintenance and give you high-quality results without overspending.
Did You Know?
About 80% of property managers help with maintenance and repairs.
- Generate Additional Income With Ease
If you plan to rent out a portion of your property to generate extra income or as an investment opportunity, property management companies can assist you with advertising the vacancy, vetting potential tenants, drafting lease agreements, and managing rent collection. Enlisting the services of a property management firm can help you optimize your rental income without incurring additional costs or worrying about the details of the rental process and tenant management.
Did You Know?
At least 70% of property managers help with inspections, leases, and advertising for the property.
- Resolve Legal Disputes With Confidence
There may be times when an unprecedented legal issue presents itself due to a faulty tenant or property concern you didn’t know about. Irrespective of the reason, it can be challenging to deal with such disputes without legal guidance. Companies handling homeowners property management services are equipped with the knowledge, skills, and legal team that caters to different property legal issues. Hiring them can help property owners combat these problems conveniently by taking the appropriate steps to resolve each grievance.
- Get Assistance With Accounting
As a property owner, you must cover various expenses to maintain your home, address tenant needs, and more. Property management firms can assist you in monitoring your expenses relative to your income and identifying cost-effective strategies for managing your property, which can help you mitigate the financial burden associated with property ownership.
- Assistance With Rental Pricing
Due to constant market changes and price fluctuations, it can be challenging to adequately determine the monthly rent you want to charge a tenant. Property management companies can assist you with pricing and help you come to a reasonable amount that will allow you to earn sufficiently while attracting tenants consistently.
- Assistance With Real Estate Investment
If you’re looking to invest in a property that you don’t want to use as a place of personal stay, property management companies can help you find the best ones that will allow you to invest efficiently. They can assist you with market guidance and price fluctuations and facilitate investments that will help you gain long-term returns for a stable passive income source.
- Timely Digital Assistance
When moving into a new property, you may encounter issues that require prompt attention. Property management companies can address your concerns promptly through digital channels to help you resolve minor problems. They’ll communicate with you to understand the issues and provide on-site assistance as soon as they clearly understand your needs.
- Improve Landlord-Tenant Relationships
Investing in a rental property is critical to maintaining healthy relationships with tenants for its success and high returns. Property management companies help facilitate a smooth flow of communication, set reasonable rental terms, and manage the grievances of both parties to create a friendly atmosphere between you and the tenant.
Property management companies offer streamlined services to property owners and real estate investors, simplifying the intricacies of property management. In Oakland, these service providers undertake various activities such as relocation assistance, rent collection, maintenance, legal compliance, and more. For individuals relocating to the city or seeking to invest in local property, engaging the services of a property management firm can significantly streamline various processes and deliver optimal outcomes for all involved parties.
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