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Technology and trends used in Property Management

After an uncertain year, technology and trends are changing faster then what we expected.

Uncertainty is clearly the biggest concern for a lot of industries, but the right tools can help us to overcome difficult times.

The pandemic really highlighted how events (pandemic, election, technology) can change the course of business and investment.  Investors and landlords were hit hard, and the recovery and return to high vacancy might take some time still.

As other industries have done it, Real Estate and Property Management have turned utilizing technology, such as virtual showings, zero contact transactions and digital marketing.

New cloud services, Internet-connected devices, and automated services have arrived and property managers and tenants really like them. In fact, the work from home trend will continue throughout 2021, and beyond.

 

Big Data

From data collected, we understand users’ behavior, their activities, demographics, gender, hobbies, and whatnot. This big data allows us to roll out new features or create services tailored to customers’ preferences without affecting customer service.

By knowing tenant’s past activities and inclinations, managers can focus on the things that matter the most and fine-tune the efforts to their tenant’s mentality.

The real estate industry can leverage these benefits by infusing CRM tools that allow them to collect the data of their website visitors.

 

 

Cloud is heavenly secure

The best property management software solutions are making it easy to grow, automate payments and transactions, streamline leasing, optimize the operating budget, and improve services and rapport with tenants.

Cloud-based property management software has become the foundation of modern property management businesses.

Business people discovered that hackers had a better chance of getting private data on weakly protected company hard drives than trying to penetrate a sophisticated, encrypted, hardware-level security fortress.

Myths were dispelled. And that is just one of the reasons businesses are clamoring onto the cloud now.

New Generation

Millennial are becoming more of the tenant market and what they want often requires high tech solutions. Without the technology, they consider a landlord backward or irrelevant. They look for apps that can make easier everyday transactions. Landlords as well, choose property management companies based on tech expertise.

Easy online rental payment, webchat, data security and updates are a key part of property management company’s value proposition. 

I want your voice

If you think of connected digital solutions today, digital assistants like Alexa and Google home act as the hub of gathering data and changes the way we accomplish our daily tasks. Today, around 20 % of the search is done through the voice and soon, we are going to see the hike in this number for sure. By using this to their benefit, Property managers can make changes on the website accordingly and make sure that any voice search query is generated brings the clients to their website.

Software Technology

New software technology is offering improvements in simple accounting, time management, tenant screening, virtual leasing, online payment, property maintenance and repair services, and property management analytics.

People nowadays prefer mobility over anything else. They want everything on their fingertip; they love the convenience provided by the mobile phone.

 

Augmented reality

Imagine showing the property to your potential tenant through interactive 3D models or Augmented reality models (AR) at a cafe meeting. Wouldn’t it appeal to and save time to your tenant? The gap between virtual and physical reality is closing increasingly.

According to PWC, the bridge between

the virtual and the real world is seen as a forward-looking concept that offers great potential for an improved user experience, and they quote:

“Three-quarters of participants in our 2018 Real Estate Benchmarking Study expect that asset and tenant relationship management and client relationship management will change dramatically as a result of integrating this technology.”

 

It is time you stop imagining and find a way to implement these technologies in your daily work of property management!!!

 

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