Business Management

4 Ways New Technology is Changing How Real Estate Investors Communicate

Expertise: Commercial Real Estate, Personal Finance, Real Estate Marketing, Business Management, Landlording & Rental Properties, Real Estate Investing Basics, Personal Development, Real Estate News & Commentary, Mortgages & Creative Financing
230 Articles Written
communication-technology

New technology is providing a whole range of new capabilities and ways to communicate. Getting ahead of this curve can provide huge advantages.

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Not everyone loves the idea of embracing all types of new technology, especially since there is so much of it today. But unless real estate professionals adapt and use the best tools available, they are no longer going to be efficient, competitive, or able to best connect with prospects. What are some of the ways tech is changing the way we can do business and how customers prefer to engage?

4 Ways New Technology is Changing How Real Estate Investors Communicate

Communicating with Buyers and Sellers

Today’s home buyers and sellers have much different preferences for communicating than a few years ago. Instead of phone calls and email, try text and Google Hangouts. If you want to do more business and enable leads to flow smoothly from first contact to closing, use the preferred mediums of your prospects.

mint-software

Related: In the ’80s, the MLS Existed as a Picture Book: How Technology Has Changed Everything

Working with Vendors

Recently, I did an entire walkthrough of a property with my contractor via FaceTime. He happened to be out of town. So, instead of waiting for him to get back, we did it that way, and he sent it out to his crews right away. Without that tool, we could have been behind a couple weeks on the project. We could have lost a deal. Or maybe we would have had to gamble on a new contractor who may not have been as good. This move alone saved thousands of dollars.

Providing Customer Service

Instead of using old school spreadsheets to manage rental units, my partner and I use PropertyWare. It is so much more beneficial. It costs money for this type of software, but it saves you time and allows for you to streamline your business easier. It allows for easily sharing information and updating investors. That also helps us to operate more efficiently and deliver better returns, while enabling investors to check up on their properties and investments whenever it is convenient for them, from wherever they might be.

budgeting-apps

Related: 8 Awesome Tech Tools for Landlording, Lead Management, Productivity & More

Getting Out the Message

Those who want to build a real estate business or help others in their investments need to embrace new technology as well. Text-based messaging is still vital. It’s crucial for SEO to make yourself known via web. If you cannot be found on Google, then that is a big problem. We now have more choices that enable us to connect to everyone in their preferred medium. Podcasts and videos are a great example of this. Use all of these mediums to push your ideas into the marketplace.

How is technology affecting your investing business?

Let me know your experiences with a comment!

Sterling is an multifamily investor specializing in value-add apartments in Indianapolis and other Midwestern markets. With just under a decade of experience in the real estate industry, Sterling w...
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