Implementing modern technology is essential to ensuring Arizona real estate investors continue to grow their firms. As real estate portfolios grow, investors need to manage more properties and be more efficient about finding new ones. Modern tech is essential because it gives real estate investors, agents, and their teams tools to streamline, organize, and improve every process from research to acquisition to property management. As a Phoenix Salesforce Consultant, I have worked with many real estate firms that sank or swam based on their embrace of modern technology. Firms that grow typically innovate and integrate new technology into their growth plan. Here are a few pieces of tech helping Arizona real estate investors thrive.
DEEPER DIVE: Read all the Ranking Arizona Top 10 lists here
INDUSTRY INSIGHTS: Want more news like this? Get our free newsletter here
Integrated CRMs
Efficiency, good data collection, and strong client relationships are three essential qualities of any successful real estate firm, so any tech that improves those qualities is a must-have. CRMs such as Salesforce are a real estate firm’s ultimate efficiency drivers and data collectors. You enter data once into your CRM, and it goes across to all the departments that need access to that data. For real estate investors, this means your investment team can get essential information, such as capital commitment or capital calls. For example, if you have an investor who wants to invest $500k into a fund, that capital commitment can be logged in your CRM and automatically sent to the deal team. Hence, they know how much money can go towards new acquisitions. Once a property is acquired, the management team can use the firm’s CRM data to set proper rent rates.
Rebecca Hidalgo, CEO/Designated Broker of Integrity All Stars Realty, said she would find it difficult for any real estate company to compete in today’s market without a CRM.
“I have been in this business for over 30 years, and a big secret to my success is my CRM,” Hidalgo said. “Your real estate business is nearly worthless if you don’t have a robust CRM. I don’t know how you compete without one.”
According to Hidalgo, CRMs are essential because they promote database hygiene, meaning your firm collects and organizes the correct data to help it grow. For example, a real estate agent would find a lot of value in knowing the interest rates of a client’s current mortgage or the names of family members.
“Real estate is a personal business, so being able to log simple data such as birthdays or family names instantly goes a long way in helping agents connect with clients while also tracking hard number data such as their current mortgage rate,” Hidalgo said.
CRMs help real estate firms instantly create a database and share it with every person in the firm who needs the data. A good database means you are more likely to follow up on potential deals and have the accurate data to help you close those deals.
“Bluntly speaking, your real estate firm is losing significant value if you don’t have a CRM tracking useful data.”
AI innovations
AI is at the forefront of innovation in every other sector, so real estate is no different. Integrating AI into key sectors of your firm is essential for any successful real estate company today. AI has proven to be a big time and money saver as a tool during the due diligence process. Real estate is a document-heavy industry, and every person involved in a deal must read and sign many legal documents. AI has proven to be especially adept at reading and summarizing these documents accurately. It is also adept at helping write and revise these documents. This saves time and money because firms no longer need to devote many employees to reviewing and writing these documents. They can be deployed more efficiently to other jobs.
Hidalgo said she thinks AI tools are a great way to improve efficiency by removing some of the monotony of day-to-day tasks.
“I think they are a great tool to help your employees organize and take away some of the boring daily tasks that suck more time out of their day then you would like,” Hidalgo said. “You want your team focused on work with the most ROI and not spending hours trying to log phone numbers into a database. AI is not a replacement for employees, but a tool to make your best people more efficient. It is an assistant for your assistants.”
3D modeling: expanding your client base
A big part of purchasing real estate or convincing someone to buy a property is allowing them to visualize themselves in that space. A home buyer wants to know what living and working in that space would be like. Many prospective buyers will go and visit that property in person, but some may be out of state or need more to commit to an in-person visit. 3D modeling technology and online tours have proven to be an exceptional tool in helping those prospective buyers commit. 3D modeling allows buyers to get a first-person visual perspective on a property from anywhere in the world. These tours are often a necessary first step to getting in-person tours because the tech allows them to place 3D images of furniture and accessories to map out how they would ideally like the space. Buyers are often visual learners, so having these tools helps them perfectly visualize themselves in a piece of real estate. If a buyer falls in love with a property online, they are likelier to commit to it when they see it in person. This same concept applies to property management firms renting commercial or residential space. Real estate firms should invest in 3D modeling tech.
Finding success in real estate today means embracing innovation and integrating the right technology into your firm. A robust CRM, well-thought-out AI integration, and continued use of 3D modeling are examples of technology that will help your Arizona real estate firm thrive.
Author: Brittany Hart is the Founder of Platinum Cubed, a Salesforce implementation consulting firm with locations in Chicago, Irvine, New York, Phoenix, and San Diego. The firm specializes in helping real estate firms optimize their Salesforce presence to improve onboarding, analysis, and retention of key investment acquisitions and asset opportunities.
