Where every industry is affected by ever-changing technological upgrades, the property management industry isn’t far behind.
The property industry itself has evolved over the years. Property managers conduct their business with increased productivity, enhanced building operations, and address customer queries using mobile-friendly, easy-to-understand, and reliable applications.
In the past few decades, the professionals working in property management had a bucket load of responsibilities, from overseeing rent payments, entering data, regulating operating systems, and managing incoming orders, which were time-consuming.
But today, innovations like building-automation systems and software programs have reduced the workload by streamlining various operations.
Technological advancements have made it convenient for landowners to work efficiently without visiting sites or rental buildings. This is the era of electronic paperwork, schedule management, immediate rent payments, and online property listings.
Moreover, with applications and various tech-assisted solutions, property managers or landlords no longer have to dig through a pile of records to find the required information.
The introduction of electronic paperwork has made the job comparatively easy by providing access to the digital version of the documents through property management programs.
Besides that, cloud-based software helps monitor property maintenance, aids tenant screening, safeguards valuable information, and secures online payment. For example, sports facilities also use a sport facility management software to ensure events like volleyball, swimming, and soccer are held without mishaps while ensuring overall satisfaction.
If you’re new to property management, keep an eye on the latest property management tech trends to stay updated and maintain quality work and service.
1. Artificial Intelligence
Word of mouth is an evident tool for every industry and a tried and tested trend that’s still changing how companies and customers see products and services. This is where AI comes in. How? By learning patterns and using Word of Mouth to deliver brand stories and messages subtly to customers.
Artificial intelligence has dominated the property management industry and shaped various aspects, from buying or marketing properties to the delivery of services.
AI is transforming the property management industry in several other aspects. A myriad of tasks awaits property managers every day, from overseeing operations and tenant applications to ensuring high-quality customer service.
It becomes challenging when either takes a backseat. Artificial intelligence automates repetitive tasks and simultaneously responds to customers, ensuring customer satisfaction and seamlessly establishing an organized work environment.
Today, every business owner wants to do less and achieve more, which is possible with AI. The same holds for residents waiting in line for an endless time to pay their rent.
Artificial intelligence makes the process easy by providing ease of payment to tenants through dedicated applications accessible from anywhere in the world and at any time.
2. Immersive Technology
One of the traditional practices today is visiting multiple sites to find the ideal match but limitations like location access and time impede the buyer’s experience.
The solution to overcoming these limitations lies in virtual and augmented reality, technologies that are significantly rising over the past few years. These innovations allow an investor to give prospective clients anywhere in the world a tour of properties which is also time-saving.
For instance, Hyperreality technologies provide an exceptional experience by giving potential buyers a 360-degree virtual reality tour of the property. Virtual reality also offers a peak into unfinished projects, helping firms understand client requirements during the development phase to ensure future success.
Augmented reality apps create visuals projected on the actual space, viewed by buyers later on their phones or tablets. It also allows buyers to make relevant changes to the projects if they desire and visualize the final look.
3. Building Management System
It is becoming common knowledge that you can automate even the simplest tasks, from adjusting lights in homes to managing chores in the office. The process involves using a smart building management system, making people’s lives much easier. The BMS system controls various building elements, from heating to ventilation.
Aside from keeping tabs on home management, the advanced system plays a huge role in managing spaces, mainly commercial buildings.
After assessing the foot traffic in the building, the system identifies the spaces people are working from, indicating whether the room needs to be emptied. With the inclusion of technology, business owners are seeking solutions that allow them to keep an eye on building operations, areas for improvement, and equipment, factors crucial to the occupant’s safety.
Aside from ensuring tenants’ safety, a building management system also provides that the IT data centers are safe from breaches.
4. Property Aggregation Platforms
Technological innovations and the recent global health crisis have shifted buyers to online purchases. As a result, it has also led investors to carry their business online by listing properties on their portfolios for potential buyers’ view.
Besides that, many corporations aggregate property listings from various sources and put them up for viewing on their platform. They deal with different customer demands, from buying to renting properties.
Apart from listing properties, several online platforms like crowdfunding and co-investing allow people to invest money in properties at soaring prices to reap financial benefits.
Start-ups like Equitydoor support the concept of crowdfunding which provides financial assistance to projects under development. These start-ups bridge the gap between such types of projects and investors.
After deciding upon a suitable amount, investors invest in the particular project to complete its development. Other than helping property developers find reasonable funding, these platforms ensure that the real estate investment landscape is accessible.
The co-investing platform is less complicated, where investors team up with the property buyer to collectively share risks and rewards from real estate investment.
5. Data Analytics
Among the growing tech trend in property management is data analytics. Data analytics offers investors many benefits in securing the right property and targeting the audience.
Targeting the audience means devising strategies, which property managers do so by seeking some guidance from data algorithms.
One of the effective ways of optimizing property management services is by understanding the tenants, which, aside from gaining feedback, means analyzing the building amenity usage. It is possible by viewing the statistics at a portfolio or granular level with the help of data analytics.
Various start-ups also efficiently use the data to gather valuable insight regarding a property, like a flood risk analysis, reconstruction value estimation, and property value.
How is it possible? Innovative start-ups gather multiple data from addresses to building characteristics when creating a 3D building model, offering mentioned insights. The valuable information helps firms understand property dynamics for investment purposes and the client’s requirements.
Conclusion
Technological advancements have proven that the traditional practices of conducting business are outdated. If you want to leave a mark in the market and stay ahead of competitors, incorporating innovations is the way to go.
Artificial intelligence, property management software, and property aggregation platforms have changed how property management works today. Aside from ensuring smooth operations, these innovations have also increased productivity and saved precious hours.