Some people are slower to embrace change than others—And that’s not necessarily a bad thing! In real estate, change tends to come slow. For the most part, the same rules have governed how we’ve done things for decades, with a few adjustments here and there.
But as technology changes, real estate does, too.
Now more than ever, we have data at our fingertips and ways to manage our finances, properties, and day-to-day businesses through technology. It’s not so much about the newest app or the newest model of smartphone, though those do offer brand new resources for real estate investors to increase their efficiency. It’s about how technology creates opportunities to innovate—ways that weren’t there before.
The changing landscape of real estate technology is something investors should think about on a bigger, broader scale: how are new innovations, new startups, and new technologies changing how we do real estate on a grand scale?
Go in with a Plan
If you’re interested in tapping into a new real estate trend, a plan is your best friend. Innovations are exciting because they’re new, but that also means they come with a lot of risk, and a much of it is probably uncalculated and unforeseen.
Innovations are best tested by experienced investors who have the cushion and the means to recover should things go south. You don’t want to sink your finances into a gamble like that—not until this new strategy can prove itself. Don’t play with your real money. At least, not at first.
Set limits for yourself and know what exactly you’re going to do if things don’t pan out the way you’d like. Can you absorb those losses? What are you next steps in face of success?
Evaluate Each Trend
We can agree that things like apps and programs are all harmless to test out and try for your investments, even if they cost you a little bit. But when it comes to your actual investments, not all platforms are created equal.
As investors, we have to use our discernment. How? We turn to the proven strategies of the real estate business and time-tested knowledge. Yes, new things can work. But even new things still need to pull and build on old wisdom.
Do your research. Wait to see is these fledgling ventures can hold their own, or at least if their strategy makes sense in the broader context of what we already know about real estate investing.
Keep an Open Mind
Do a lot of these ideas sound off the wall to you? Plenty of them do! The best way to embrace new trends in real estate technology is simply to accept that these new ideas could work. They might not, but there’s a possibility that they could.
Keep up with these trends. Read up on them, accept the possibilities. It’s about keeping an open mind to what could be while also staying grounded in what we already know works, and what strategies have proven to stand the test of time.