Chicago, IL, October 07, 2013 --(PR.com
)-- As demand for apartment rentals continues to increase in some parts of the country, rental companies are embracing new technologies to handle the increase in applications and provide a more convenient process for applicants. Pangea Properties
, a private real estate investment trust (REIT), is at the forefront of the growing tech trend, utilizing paperless technology to submit, process and finalize rental applications. CEO Al Goldstein weighs in on the future of technology in the real estate industry.
“Adopting new technology can improve communication, transparency and privacy, but the real estate industry has been slow to implement digital platforms,” says Goldstein. “Technology is crucial to the future of any industry and can lead to more cost effective processes, in addition to being environmentally friendly and reducing a company’s carbon footprint.”
Pangea Properties has developed mobile and online applications that allow customers to apply online for an apartment, reducing the amount of manual work necessary to process an application and ultimately leading to faster approval turnaround time. With the digital application process, the data is sent encrypted directly to the system for processing, ensuring customer privacy and information security. In addition, if a customer is interested in an apartment they are currently viewing, a leasing agent can input their application onsite using the mobile app.
“It makes sense for rental applications to be processed digitally, and it improves the experience for both the applicant and the leasing agent,” continues Goldstein. “We’ve seen our industry lag behind in the tech sector for far too long, and we wanted to do something to change that and help move the application process forward.”
About Pangea Properties:
Pangea Properties is a private real estate investment trust (REIT) targeting the distressed residential multi-family real estate market. Pangea was founded in 2008 with the mission to bring service, value and care to its residents. The unique REIT serves as both the property owner and the building manager, utilizing a call center to support the high bar for service and scalability. Today, Pangea has over $250 million into 8,000+ apartment units throughout Chicago, Indianapolis and Baltimore, with the goal of continuing to expand within current markets as well as into new markets. Pangea has been highlighted by several media outlets including USA Today, WGN TV, Chicago Magazine and the Baltimore Business Journal, among others. In 2013, Pangea debuted at number 42 overall on the annual Inc. 500 list, ranking first overall for the Chicago market and second for the entire real estate industry. Pangea’s founder Al Goldstein has been named one of Crain’s 2013 40 under 40 and is a recipient of the Ernst & Young Midwest Entrepreneur of the Year. For more information, visit Pangea online at www.pangeare.com, www.Facebook.com/PangeaRE, www.linkedin.com/company/pangea-properties or on Twitter @PangeaRE.