The COVID-19 pandemic triggered a wave of technological innovations as individuals, businesses, and governments adapted to the challenges posed by the crisis. Industries saw digital transformation that reshaped how people live, work, and interact. Yet before the technological acceleration caused by the pandemic, the real estate industry operated within a more traditional framework, relying on established practices and manual processes. Investors typically conducted in-person property tours to assess potential investment properties, and real estate transactions involved significant physical document handling. These practices became obsolete when the pandemic and social distancing laws commenced.The real estate industry had no choice but to rebuild and re-establish itself.
The pandemic did not just change the way the real estate industry accommodated online viewings of properties at home but changed the way real estate investors operated. Here are some ways the pandemic influenced technology adoption in the real estate sector:
- Data analytics and market insights: Real estate professionals turned to data analytics and market insights to make informed decisions during uncertain times. Technology-driven platforms that provide data on real-time market trends, property values, rental rates, and demographic information to assess investment opportunities and risks accurately. These platforms leverage data that became indispensable tools for agents, investors, and developers.
- Real estate fintech: Financial technology (fintech) solutions have facilitated seamless and secure digital transactions in real estate. Online mortgage applications, digital loan processing, and crowdfunding platforms for real estate investment gained popularity during the pandemic. These technologies help reduce the reliance on traditional intermediaries and enhance the speed and security of real estate deals.
- Real estate financial management: Fintech solutions have streamlined financial management for real estate investors and property managers. Online platforms offer budgeting, accounting, rent collection, and expense tracking tools, simplifying financial tasks and improving transparency.
Launched in 2020, REstack wasn't deterred by the pandemic but saw it as an opportunity to accelerate the digitization of the traditional real estate investment organization. Restack is a tech-enabled real estate investment platform that combines technology with fund administration, providing more efficient, accessible, and secure administration and accounting services for real estate investors. While the real estate industry continues to evolve with technological innovations that the pandemic accelerated, Restack is already one step ahead, providing cloud-based solutions and advanced digital platforms that have replaced traditional manual processes.
