Jason Falcon is the owner of LEAP DFW, a full-service property management company in Dallas-Fort Worth.
LEAP manages over 70 million dollars in real estate, and their transparent process helps clients boost their revenue, lower operating expenses, and ensure high-quality tenants. You can follow LEAP’s property management blog here.
Technological innovation has opened up a number of opportunities in many industries, and real estate investing is no exception. Many investors are taking advantage of new technologies to work more efficiently and effectively, regardless of location. Below are just three ways that technology is radically changing the world of real estate investing:
1. Removing Geographic Barriers
Though real estate investing may have once been a local business, that’s no longer the case. Technology has removed the geographic barriers that once existed by making global communication and transactions more convenient. That means international investors now have the opportunity to invest in U.S. properties without major obstacles.
Investors can access data and get to know real estate markets across the United States without living in or near the location they are investing in. They can find and purchase properties virtually, as well as build and communicate with a local team to manage the sale of those properties, regardless of their location.
2. Opening Up Communication
By eliminating geographic barriers, technological innovation has made it easy to communicate with nearly anyone at any time. Mobile technology and the emergence of online communities like social media platforms and forums have helped real estate investors to communicate more efficiently with team members and prospective buyers/sellers.
Investors now have several communication channels at their disposal. They are no longer tied to their office, which means they no longer have to miss out on opportunities when they are out exploring potential investment opportunities or showing properties. With tools like Google Voice, they can even set up phone numbers with local area codes that will be redirected to their main line.
3. Making It Easier to Find and Market Properties
Finally, it has become easier for investors to find potential properties and market their investment properties to prospective buyers. Not only can they use databases and sites like Craigslist to find new properties, they can also connect with locals that may be able to assist with finding great investment properties.
Video and imaging technology assists investors in both viewing potential properties and marketing their own properties. Prospective buyers can now tour properties remotely, without making an appointment, through video tours or live streaming. Those virtual tours allow potential buyers to conveniently view the layout and condition of the property, as well as the surrounding neighborhood. Email, social media, mobile apps, and search engines are also excellent tools for investors to connect with potential buyers and advertise their properties.
Technology is changing the way investors find, purchase, and market properties. This creates exciting opportunities for out-of-state and international investors who want to invest in U.S. properties. As technological innovations continue to impact investing, it will be exciting to see what happens next.