Property markets have always played an influential role in the global economy. As the global economy grows, the demand for residential, commercial and industrial property also surges. More investors inject money into new projects to spur the economy’s growth. At the heart of the real estate market is property management.
Property managers play a critical role in the oversight of real estate property. They’re an often overlooked element in the property market despite this critical role they play. If you’re adding property into your portfolio, consider how and who will manage your investment. Technology is now influential in property management and it’s important for the investor and property managers to stay up-to-date with tech trends in property management.
Read on and discover why technology is the future of property management.
Drone Technology
The mention of drones brings to mind military applications. However, drone technology is now readily available on the mass market. Real estate has emerged as a trendsetter in using drones. In property management, you’ll now find state-of-the-art drone aviation technology used to showcase listings.
Property managers use these tools for mapping estates to ensure the facilities are up-to-code. Drones allow a closer look at a property from the air and it’s easier to identify some problems which one misses from the ground.
If you’re in real estate, you appreciate the need for high-quality photos whether you’re marketing a project or carrying out maintenance. Drones can deliver high-resolution images which give you a real-time insight into your property. You get a full view of the property in real-time, which allows you to start maintenance work.
Artificial Intelligence in Property Management
Artificial intelligence (AI) might have looked like a futuristic concept a few years back, but today, its application continues to grow. In real estate, forward-thinking startups have embraced AI property management tools to boost their operations. AI helps with automation of operations to improve efficiency and productivity.
With AI, you can automate workflows and get a better way to handle day-to-day tasks. This technology can also improve decision making in the fast-paced real estate market. Other applications include an analysis of marketing strategies, and improving your customer service with chatbots. You can also use AI for marketing and lead generation, screening and for predictive maintenance, which reduces the property maintenance cost.
There are multiple repetitive tasks you have to do every day, but the right AI tools can do these for you. From replying to emails, and engaging with tenants and potential clients online, there’s so much potential in these AI tools.
Property Management Software
A property manager has multiple responsibilities to carry out at the same time. It’s one of the toughest jobs in the real estate industry. You need to track the tenants, the property and also update the property owners. Luckily, you can now leverage dedicated property management software (PMS) to make your work easier.
This technology helps streamline all your tasks on one platform. Whether you have a single property or several under your watch, this software can revolutionize your operations. The best software comes with comprehensive capabilities including property accounting, property maintenance, and inspection, communication, reporting, and helping with organizational changes. Some features of property management software include:
- Maintenance management and tracking
- Online payment processing
- Tenant applications and screenings
- Contact Management
- Property advertising and marketing
- Centralized, efficient document platform
- Commercial lease management
- Financial Management
- Property management automation
With this software, you save time and money in your work, improve landlord-tenant relations, improve communication, flexibility in your operations, notifications and alerts, and critical insight on your properties in real-time. This is one of the biggest trends in real estate and will continue to impact the industry for a long time.
Cloud Computing
With so much information generated in property management, there’s a need to streamline handling and storage. You have multiple technology tools generating and analyzing data. Cloud computing is now revolutionizing the administration of property management companies. It’s easier to access information about different properties even remotely. If you have a large team in your property management company, you can now run operations more efficiently.
Many real estate offices are now moving online, which allows easier access to files. This makes your team more productive and responsive. If there’s a tenant case that requires immediate resolution, it’s possible to deal with it as long as you have access to the internet. You can share critical files with inspectors, the government and stakeholders.
Cloud computing offers a more efficient and secure way of running office systems. With scalable operations, you can now find the perfect package to suit. You can now move all your operations online from marketing, renting, to maintenance tasks. Cloud computing allows such seamless operations.
Big Data
Big data has to be one of the biggest trends across industries. Over the last two decades, the proliferation of digital tools has seen an increase in the amount of data available. In real estate, most companies are now online.
These generate a lot of data which they can use for better decision making. With data-driven decisions, it’s easier to achieve your objectives in property management. You deliver better results for your clients, which bolsters your reputation in the industry.
Big data is more than the volumes of data in your possession. It only applies if you analyze and leverage this data to promote growth. Some of the biggest real estate companies, such as Zillow and Trulia, have disrupted the industry by leveraging big data. These platforms help users easily find the right property by using data insight.
In property management, you have a lot of data about your tenants, building systems, and other aspects of your business. You can build a competitive edge by utilizing such data to improve your services or adopt new technologies. For instance, you can embrace more effective predictive maintenance by collecting historical data from previous repairs and maintenance incidences.
Technology now influences every industry. While real estate has always lagged behind in embracing new technology, there’s a big opportunity for property managers who think outside the box. With these innovative ideas, you can build stronger relations with your clients, boost your credibility, and deliver excellent results for investors.
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