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The propertymanagement landscape is evolving rapidly, with rising costs, shifting renter expectations, and increasing competition pushing industry professionals to rethink strategies. Forty-eight percent of propertymanagers are looking for opportunities to reduce cost year-over-year, and 42% want to streamline maintenance operations.
Hiring a propertymanager to handle day-to-day operations may seem like the best way to alleviate the stress. Traditional propertymanagers are expensive, and with high interest rates and expenses, potential profit margins for rental property owners can be slim to none. The challenges mount from the jump.
Propertymanagement company Evernest announced on Wednesday its largest acquisition to date. The company will acquire tech-enabled propertymanagement platform Poplar Homes alongside $15 million in growth-centered funding. The company’s management portfolio will reportedly rise to 230,000 units across 50 markets.
Industries like retail, banking, transportation and food service have undergone massive digital transformation in recent years by leveraging new technologies to enhance consumer experience. As a result, today’s consumers now expect the same seamless digital experiences in all areas of their lives, including rental management.
Growth in the off-campus student housing market creates massive opportunities for propertymanagement companies. Many propertymanagers are looking to enter this market for the first time. Propertymanagers must consider fundamental operational changes and take specific steps before testing this market.
Two complex factors are set to transform the rental market in 2024, creating new challenges and opportunities for propertymanagers. The second is a more competitive rental market, driven by record-high construction of multifamily rental properties. At the same time, the data suggests several benefits for early adopters.
Over the past few years, we’ve seen an increased demand for smart home technology as consumers continue to embrace a digital lifestyle. Now, however, renters actually expect to see this technology in their living spaces.”. Why smart home technology now?
What this means for real estate professionals With rental demand only expected to increase this year and beyond, real estate agents and propertymanager s must adapt quickly to stay competitive. A market under pressure: rising rents nationwide Rental prices across the U.S. have continued to surge.
Zeb Lowe: How do you feel about the manner companies in this industry are approaching technology in today’s market? Our products foster harmony between technology and the human experience. While traditional access technology utilizes a one time code for entry, our new panel can facilitate entry with a video call.
There is so much changing every day in the real estate technology landscape, and whether it’s through our HousingStack or our Real Estate D emo Days , we want to help real estate professionals stay current. On Monday, August 31, HousingWire will welcome three companies to present at our next Real Estate Technology Demo Day.
To celebrate this prestigious recognition, HousingWire reached out to 2023 Finance Leader Kevin Thompson , Head of Finance at PURE PropertyManagement to discuss his approach to navigating challenges in today’s real estate market. Nothing is ever done by feeling or opinion.
We’re excited about how this will enhance property listings across the world, as well as what professionals can bring to the table for potential home buyers.” It starts with a five-minute property scan using a smartphone or smart device photo. Allen said that CubiCasa’s new tool is uniquely positioned to level the playing field.
These partnerships can take various forms including partnerships with mortgage brokers , title companies , propertymanagement firms, insurance providers, contractors, lenders , or technology vendors. Technology and automation Technology is vital for streamlining processes, managing leads, and communicating with clients.
Truework bolstered its mortgage technology platform by creating a new tool, Truework Intelligence, the company announced on Thursday. The platform will give propertymanagers and mortgage lenders access to a comprehensive, end-to-end verification tool. “From the early days, machine learning was a core part of our platform.
After putting in the property address, CubiCasa’s 2D Floor Plans app enables a scan through a phone collecting raw scan imagery. In 24 hours, the floor plan sketching technology provides a high-resolution floor plan file of the house, the company said. “By By offering a free version of our mobile scanning technology in the U.S.,
Both firms guide real estate investors in buying, selling and managing single-family rental (SFR) homes across the country. The unified platform will offer real estate investors robust technology, deep data insights and a propertymanagement system specifically designed for SFRs.
Automation can lead to some serious ROI for propertymanagers and operators, but it’s important to automate the right processes — otherwise, it may feel like you’re throwing money and technology at a problem without solving anything. As proptech evolves, so does the ability to automate processes within the real estate industry.
The propertymanagement industry is not immune to the rapid, widespread advancements of artificial intelligence (AI). Although technology is still evolving, landlords and propertymanagers now have access to many game-changing AI-powered tools that can help streamline operations, improve communication and maximize profitability.
One would be hard-pressed to find many title agencies that aren’t using some level of technology in that regard. Other complex and time-consuming tasks addressed by improved technology include title searches, document preparation, lien releases, and even the closing itself, as RON and digital closings gain adoption rapidly.
One would be hard-pressed to find many title agencies that aren’t using some level of technology in that regard. Other complex and time-consuming tasks addressed by improved technology include title searches, document preparation, lien releases and even the closing itself, as RON and digital closings gain adoption rapidly.
These tours use 360-degree camera technology to give users a first-person view of a home with controls to move between rooms. In March 2024, the two leading real estate platforms joined up to syndicate Zillow’s multifamily listings to Realtor.com, helping renters to find listings and connect with propertymanagers.
The landscape of real estate is undergoing significant transformations in 2024, driven by a confluence of technological advancements, shifting market dynamics and evolving consumer behaviors. Remote work: Technology enablement creates more flexibility and freedom. This trend is likely to intensify this coming year.
Sarah Wheeler: What differentiates Lofty’s technology? We’re a proptech company, so it’s not only Realtors who are able to use the platform, it’s adjacent businesses like mortgage brokers and propertymanagement companies. I think the most important thing is to really to understand the boundary of the technology.
One key way to future-proof your propertymanagement business is to use the right technology. Tenant and owner portals , automated data entry, electronic cash payment services and cloud technology are all examples of recent time and money saving utilities that could benefit your growing business. .
Fitch gave Rushmore a stable outlook, citing “the company’s strong post-pandemic performance, effective enterprise-wide risk environment and compliance management system, competitive loan servicing performance metrics and strong servicing technology. Terms of the deal were not disclosed. million loans. .”
Thanks to advancements in technology, the propertymanagement industry has undergone a significant transformation. With the growing demand for propertymanagement services, tech has played a vital role in streamlining various processes in the industry. One is the rise of virtual reality and augmented reality.
RentRedi will now offer NAR members a subscription to its propertymanagement platform at a rate of $1 for the first six months. The platform provides tools for both landlords and renters, which the company said is designed to automate and streamline the management process.
A renter in Seattle last week filed an antitrust class action lawsuit against 18 propertymanagement companies, along with propertymanagement company software Yardi Systems Inc., accusing them of violating antitrust laws. Yardi marketed its tools to rental companies as a method to “beat the market” and maximize profits.
Every property is different. Similarly, seemingly every element of a real estate transaction demands numerous siloed service providers working simultaneously with technology and data kept in silos. Ours is a space crying out for more standardization. Every transaction is different. HOA requirements and documentation: a case in point.
She joined Lennar Mortgage in 2002 as branch manager, was promoted to senior vice president managing the eastern region two years later, and became executive vice president in charge of operations and production of the company’s builder division in 2016. How smart home technology can benefit renters and propertymanagers.
Investors benefit from hiring a propertymanager to handle maintenance and daily responsibilities, allowing them to focus on more investments and personal interests. When learning how to hire a propertymanager, its essential to define your needs and budget. What type of communication do you prefer? Direct deposit?
From science and technology experiments to the arts to career conversations with local businesspeople, these programs introduce young people to new possibilities for their future. Additionally, in 2022 we launched CORE Academy, a workforce training program designed to introduce non-traditional candidates to the propertymanagement industry.
Propertymanagers have a lot on their mind, especially when it comes to keeping their tenants safe and secure. Managers of multi-unit properties often find it necessary to implement security measures such as camera monitoring. The results include a better reputation for your property as a safe place to live.
Technology-induced innovation is the ethos of the proptech industry. In the midst of the pandemic, the company tailored its technology toward wellness verifications, temperature screenings and contactless elevator systems. Touchless property navigation. Remote propertymanagement. Anything above $15.5
Onboarding new residents is a pivotal part of propertymanagement, setting the tone for their experience and establishing a foundation for positive long-term relationships. By sending key reminders via text, propertymanagers can ensure critical details don’t get lost in the shuffle. Need a Lease Agreement?
In the past, propertymanagement hasn’t been a particularly tech-savvy industry, but modern technology is helping virtually every sector increase speed and efficiency. Industry-specific tools can help with tasks like screening tenants, collecting rent payments , managing maintenance requests and tracking property expenses.
But technology — particularly leveraging generative AI — can help solve these challenges in new ways. The sprint culminated with a demo day on Thursday where 12 teams presented their solutions to a panel of technology, regulation and housing experts. Those updates have to be baked into the process from the beginning.
Stellar MLS currently offers members a suite of over 24 different products to help agents list properties, manage transactions and connect with customers. To make this goal a reality, Stellar has teamed up with MoxiWorks, who already powers the technology for 800 brokerages and 400,000 agents across the U.S. and Canada.
Propertymanagement currently operates in a very aggressive and constantly changing realm. Trends in residential propertymanagement, specifically condominium management , revolve around advancing technology and improving renters’ experience. The Rise in Tech Adoption During the Pandemic.
It’s one of the propertymanagement industry’s most pressing pain points. . While the average turnover rate across all industries stands at 22% , the propertymanagement industry has a turnover rate of 32.7%. . So what can be leaders and managers do to improve retention? Employee retention. Identify what motivates.
Ziglar will oversee the integration of RentPath’s rental listings onto Redfin’s main site, while working with both propertymanagers and consumers, according to Glenn Kelman, Redfin’s CEO. RentPath , a Redfin company, has appointed former ParkMobile CEO Jon Ziglar as chief executive officer, effective August 16.
As interest rates have remained comparatively high and property prices have soared, the for-sale market has stalled, resulting in many agents now selling only a few properties a year. In the constantly evolving real estate landscape, Multiple Listing Services (MLSs) today face a significant challenge: agent attrition.
All of these markets benefit from an accurate understanding of valuation and property characteristics, but the data sources that power them leave out a crucial component: property condition. HousingWire: Why, in today’s market, is property condition data more important than ever? The waning pandemic in the U.S.
The propertymanagement industry has been rapidly disrupted in 2020 in a way no one could have anticipated. One of the most hands-on aspects of propertymanagement, leasing has been greatly impacted by social distancing requirements in the past year. Virtual Tools Are Needed in the New World of Leasing.
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