Technology is taking the real estate world by storm, and revolutionizing the way things are done. There are many tech trends vying for a spot at the top, and it can be difficult to sort out what technology real estate professionals should really be watching for. One thing many people agree about is that “big data” is going to be a major player this year. But what is big data, and how can property managers utilize it to boost business? Well, one great way to play into the big data rush is to use property management software and apps. These tools go hand in hand with big data, and can help you take your business to the top.
What is Big Data?
Big data simply means massive amounts of information that can be stored and accessed quickly to come up with specific data. In the case of real estate, big data can give almost immediate access to important figures in the industry, like housing trends, marketing information, rental rates, and much, much more. The possibilities are virtually unlimited. Big data allows businesses to collect data instantly, and save it all in one large database where it can all be accessed when needed. The more numbers you have available to you, the more accurate your statistics will be, and the better you can use this information to make important marketing, purchasing, or sales decisions. An article on inman.com predicts that big data will be the number one tech trend of 2014. The effective use of big data relies heavily on collaboration, which is where property management software comes into play.
Property Management Apps Assist Big Data
In order to be effective, big data requires the collection of information from as many areas as possible simultaneously. Property management software such as home inspection apps are a great medium for compiling information from several sources at once quickly and efficiently. You can use these apps to perform inspections on your properties, which helps you collect data concerning common repairs on the properties you own, how much money you spend on property maintenance, how many properties at a time are inhabited, and many other factors of your company operations. You can add information about tenant profiles, budgets, rent rates, and so many other useful things, and it all gets stored in one place, which you can then pull information from as needed. If you have a large company, this can be quite a bit of information, which takes up a lot of storage space, and used to be too much to sift through effectively. Big data is breakthrough in technology that allows this massive amount of information to be useful. These two technologies, property management software and big data, go hand in hand, and will be great additions to the modern property inspectors necessary tools.
Great Possibilities for 2014
These technologies, working together, will take the real estate business to soaring new heights. Statistics will be much more accurate, information will be much more accessible, and property owners and managers who use these advantages will be on top of the competition who don’t embrace this new technology quickly.