Cloud computing refers to the category of on-demand services and software delivered over the internet. You can use cloud computing to transfer and store data, for development and testing, and for analytics and disaster recovery (DR) services. Cloud computing infrastructure also utilizes middleware to improve connectivity and data management through hidden layers.
Cloud computing is one of the major game-changers when it comes to real estate. It helps real estate companies serve their customers better. Using cloud-hosted servers, employees can access their data on the go. They can also share the data with other employees and back up their files if required.
As per this report, around 30% of surveyed agents believe that the real estate sector is in dire need of a technical update. With the housing market reaching its highest peak in 15 years, there is an urgent need to improve processes and automate tasks.
How Cloud Computing Helps Real Estate
One of the major advantages of cloud computing in real estate is its assistance in marketing. Real estate companies and agents can reach their target audience online through cloud computing.
Cloud computing software can scrape data through different internet portals and websites, while real estate brokers can use real-time data to check deals and generate leads/referrals through analytics tools.
In addition, cloud computing tools can help you manage social media and create refined advertisements to targeted demographics through Google and Facebook ads. You can also empower your brand by promoting custom services.
Cloud computing facilitates communication between tenants, brokers, and buyers through CRM services. CRM software increases collaboration and also provides your team with advanced analytics. SaaS-based CRM software also allows you to schedule meetings with different entities.
Brokers can also access SaaS-based CRM over the cloud without worrying about installation and maintenance. These CRM tools improve transparency between different teams, customers and are a seamless approach to communication.
Cloud computing can help real estate companies create and install custom tools based on their requirements. These tools can track deals (commercial and residential), store listing data, and keep track of properties that are already sold/leased out.
Individual homeowners in the network can then use these tools to lease and rent their spaces. In addition, buyers can use them to schedule inspection meetings and set up mortgage meetings with banks.
Value Through New-age Technological Breakthroughs
For example, you can create and maintain distributed ledgers through blockchain. Data listed through these ledgers would be transparent and incorruptible. You can also use IoT-based sensors and cameras to monitor your space while you’re away.
Advantages of Using Cloud Computing in the Real Estate
Saves Money (And Time)
Cloud Computing allows real estate agents/dealers/brokers to work remotely. You don’t need specialized software or setup to perform your domain functions. Instead, you can use cloud-based software and apps to track your deals and perform different tasks as per your requirement.
All cloud-based tasks can also be performed quickly and remotely, ensuring speed and agility in operations. You can also use these apps to collect information about assets, investments, leases, and property through apps. This reduces unnecessary paper filing, since you don’t need to send in physical copies.
Cloud computing apps and software improve productivity and are an innovative approach to business operations. You can easily scale your operations by automating tasks. For example, you don’t need to physically contact your clients, since they can check closing updates on the portal themselves. Instead of manually following up with brokers/lawyers, you can set up outbound autoresponder email scripts. Triggers can also be used to remind agents of lease expirations.
Furthermore, you can also automate redundant tasks such as retrieving data, storage, and data seeding. All these actions increase productivity and make things easier for seasoned brokers, who can use the newfound time to focus on business.
Real estate was traditionally an offline business. The inclusion of cloud computing in the real estate business also brings certain cybersecurity risks with it. Fortunately, all these risks can be averted through cloud computing security.
Cloud computing security refers to a set of policies and procedures that ensure security for all operations, data, and IP hosted on the cloud. Cloud security architecture has security controls with traffic deterrents that can stop unauthorized access. They also have preventive controls that help you guard against attacks and eliminate vulnerabilities.
Cloud engineers can use different software/controls to administer traffic on the cloud. For example, firewalls can be used to maintain authorization and prevent data loss. In addition, event management software can be used to log improper use and alert cybersecurity team members about malicious activities.
Cloud systems also have intrusion detection systems and antivirus tools that regularly monitor and log individual usage. In addition, encryption is used to prevent data access. Cloud systems can also create automatic data backups. These can be used in the DR processes.
Future of Cloud Computing in Real Estate
The real estate sector is witnessing many new changes owing to technological advancement. These days, most people check prices and photos online before visiting a property. In 2018, 93% of the users searched the house online before visiting it. The U.S. homeownership rate has also increased, reaching 65.8 percent in 2020.
Cloud computing offers new and hybrid IT solutions to accelerate real estate operations. Data transfer through the cloud is faster, reliable, and secure. Its adaptation is important for real estate companies and brokers as they can easily scale their business across borders and geographic territories. Combining cloud computing and new technologies (blockchain, AI, IoT) can be a great blessing to traditional brick-and-mortar businesses.