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The Do’s And Don’ts Of Real Estate Tech

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Dos & Dont of Real Estate Tech

With the rising technology going hand in hand with the real estate data available today, the real estate professional have picked up to leverage the technology in their business. The use of the technology has to be dealt carefully as usage of technology for the sake of using technology is inherently flawed. The usage of technology must be aimed at maximizing efficiency and minimizing wasted time and resources.

A good project management application is a very difficult task to create. It is believed that the deals are complex and need specialized systems to manage each step, but in actual the deals are similar to everyone else experience.

Assessing the past successes, the real estate professionals are realizing that their organisations have slowed down over the time. Ready with the required capital, they consider developing internal systems and proprietary to manage deal flow. But the truth is that it will be difficult to explain the eccentricities of real estate and the user’s company workflows to the hired developer. Those good at their work will truly understand user’s needs, and then developing workflows, interfaces and database systems around them, are not cheap.

Current market has many good project management products like Basecamp or Trello, and they are often free. Although free content is considered not to be that useful but the real estate professionals must be encouraged to looks at these tools with a creative eye. These apps may not have every piece of functionality available in exactly the way it is required, but by keeping an open mind, 95% of the functionality is available within these free apps.

Only a national organization with thousands of analysts continually making calls to collect property data, requires an Internal Property Tracking database for rent surveys. As the appropriate amount of data performing meaningful statistical analysis can never be collected enough for a small team. Moreover a simpler solution would be to create a Google Form to capture the data from every rent survey.

In keeping track of a particular contact or a company, there are plenty of CRM systems available in the market, like PropertyBase or Apto, which also lets the user to store property-related data. The current CRMs are being argued that they fall short when it comes to track the property data.

That being said, many in the industry would argue that current CRMs fall short when it comes to tracking property data. Perhaps in this case, the user are not getting allowed, to catalogue the specific data points or to create the types of queries wanted to be made. Actually this knee-jerk reaction, is probably to create the user’s system to store both property and customer data in the format with which the user is accustomed.

The above are some of the technology-related decision points that should be kept in mind for an efficient use. The lack of knowledge is the simple reason behind the many of the worst real estate tech decisions. In order to avoid these pitfalls, at the beginning of a major real estate tech decision, it is encouraged that anyone facing the problem must reassess the status if there are more participants to this same problem. If the number of the parties exceeds three then, it means that, more likely the problem has already been solved. The user just needs to look around to find the best solution.

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