Cloud Tech Affecting the Property MarketJuly 26, 2018
Article Written by Sally Perkins
Following a sustained decrease in home ownership, the market is looking up, with property ownership up 1.3% since June 2016, now standing at 64.2%. The rise is small, but not insignificant. With the economy performing well, millennials who were heavily affected by the 2008 global recession are now starting to believe that they can be homeowners again. Part of this could be down to the way technology is affecting the house buying process. Cloud technology is playing its part in improving the efficiency of property management, while creating a secure and convenient service to house hunters.
Efficient Property Management
Property management is no easy feat, with 2600 new renters entering the market everyday. Property owners must therefore effectively manage their estates in coordination with real estate agents and any third party such as lawyers and inspectors. With so many people involved, deals can fall through due to nothing more than an organization failure.
By embracing cloud technology, these separate corporate entities are able to share information on one server, making updates in real time. Even though 81% of businesses use a multi-cloud strategy, this still helps to compile data and information together so that it can then be easily shared. The need for email is reduced, meaning less chance of a communication failure. By improving the efficiency with which properties are managed, the cloud can help to limit mistakes, speed up the buying process and lower costs.
Securing Customer Details
Technology and purchasing property have one thing in common: they both require high levels of security. The data contained in your laptop and smartphone holds sensitive information that makes it a prime target for hackers looking to make a quick buck. Similarly, house buying involves the handing over of huge sums of money, so real estate scams aren’t uncommon. Fortunately, cloud technology is incredibly safe, which is essential when over 18% of data stored is considered sensitive.
The cloud stores your data in at least three different places, so it is almost impossible to lose. It is password protected, keeping the data safe from anyone who shouldn’t have access to it. When you do want to share information, you don’t need to email a copy or hand over a USB drive, so there’s no way a third party can intercept the data. This all makes it the perfect means to transfer the private bank details required for buying a house.
Analyzing and Sorting the Market
Cloud technology is not just a safe option for consumers, but could also help to simplify the traditionally complicated process of finding and purchasing a property. By grouping all the properties in one location, it is easier for them to be sorted and ranked according to a customer’s needs. Rather than thumbing through real estate magazines like you did in the old days, all the information you need is right there in one virtual world. It can then easily be sorted using the latest keyword applications, helping to pair a customer with their perfect property in no time.
About the Author
Sally Perkins is a professional freelance writer with many years experience across many different areas. She made the move to freelancing from a stressful corporate job and loves the work-life balance it offers her. When not at work, Sally enjoys reading, hiking, spending time with her family and travelling as much as possible.