A look at how the use of latest property management technology trends are helping real estate firms to thrive through the post-pandemic season
With the pandemic refusing to slow down, it is difficult to predict what the future will be like. But as Winston Churchill said, “Never let a good crisis go to waste.” Despite the economic slowdown and an achingly slow market, the pandemic has given us some serious lessons in resilience. The property sector is no different and was quick to alter its ways to match steps with others through digital adoption.
The use of technology in property management have given property managers the much-needed traction to grow their business while improving operational efficiencies and streamlining processes. With these technologies at the helm, property managers must match the latest trends to mitigate risks and create opportunities.
The real estate market globally is predicted to touch $ 4,263.7 billion1 by 2025, while the global property management market size in 2020 was $ 13.88 billion. Technology applications are currently being used for everything from rent collection and maintenance requests to accounting and sales. The tech portfolio is continuously swelling, giving them greater power and impetus to manage their business. While 86% of respondents2 in a survey saw digital & technology innovation as an opportunity, 49% expect to collaborate with an existing or new supplier to enhance their technological innovation capability.
So let’s dive in to know the latest property management tech trends or proptech trends that are currently changing the tide for the property sector.
- Greater convenience with cloud-based technology
Thanks to the cloud, real estate stakeholders can access data on a particular property from wherever they are, thereby saving a significant amount of time and effort. Cloud computing with SaaS (Software-as-a-Service) integrated services that operate on a subscription-based model is emerging as a preferred option. SaaS solutions simplify tedious processes by automating workflows to manage property portfolios efficiently.
What’s more, the SaaS model is also ideal for legacy systems to ensure multi-vendor device compatibility. Property managers often leverage SaaS solutions to integrate advanced payment systems in their property management solutions to simplify and accelerate transactions.
WeWork, a leader in providing shared and private working spaces for tech startups, allows you to specify the desired parameters and locations through their online platform. With niche services, this category is called SpaaS (Space-as-a-Service) that provides tenants everything they need. Companies like Spaceos offer a fine blend of tech and tools through a cloud-based SaaS platform that allows you to manage everything in a hybrid workplace.
- Energy and cost savings with smarter homes
The concept of ‘smart’ homes or smart buildings caught on pretty quickly for the sheer convenience they gave to residents. These homes were made extremely intelligent with home automation to ensure comfort, safety, and efficiency from the very beginning.
Millennials and Gen-Z residents are now used to living in such homes, and anything less will not cut ice. Right from opening and closing of doors to switching on the lights and air conditioning, everything can be managed with a remote control device.
Intelligent thermostats and HVAC help save energy and predict your bills based on usage, while sensors and integrated systems ensure security. And of course, there’s Alexa showing us more intuitive ways to control lights and devices with voice commands.
WeMaintain, for instance, has been using tech to place sensors onto elevators to enhance efficiency, drive cost savings in commercial buildings, and even help owners make greener decisions. Says Benoit Dupont, cofounder of WeMaintain, “If you know when people are moving into the building with the elevator, and at which floor they’re stopping, you can compare that to the heating systems. So if a building turns its heating on at 6 am, but really people only start using it from 9 am, that’s three hours of heat that could be saved.”
- Enhanced security with automated security systems
The growing need for security is driving modern homes to have automated access systems. Access control technologies ensure that you are able to guard a property with just a few clicks. Area surveillance via drones is becoming increasingly common too. In fact, drone technology is being used extensively to record everything around high-rise commercial properties due to its ability to capture extraordinary aerial imagery.
Motorola recently acquired LA-based proptech startup Openpath that specializes in touchless, cloud-based access control and safety automation. Its solutions with remote management capabilities ensure powerful safety for every door. Instead of a key card, the automated security systems rely on smartphones and face recognition to authorize access.
It also helps in contactless visitor management to ensure deliveries are handled securely 24/7. With its two-way video intercom and video conferencing facility that enables visual verification of visitors or deliveries before granting access, the company is playing a huge role in property management. Its advanced capabilities facilitate remote monitoring and management thus preventing theft, tailgating, and unauthorized access.
- A more connected, data-driven world with AR, VR, AI, Machine Learning, and Big Data
Virtual home tours are now extremely popular as social distancing becomes the norm. Even otherwise, virtual viewing of homes closes the gap between owners and tenants as Augmented Reality (AR) and Virtual Reality (VR) facilitate enhanced 3D experiences and a 360-degree view of the property. Viewers can view every nook and corner and get a sense of space through virtual visits.
Virtual tours also come in handy while selling properties since they can be viewed from any part of the world. AI in tandem with machine learning and big data is doing the necessary digital footwork for property managers. These technologies assess property demand and price trends to ensure that buyers and renters get exactly what they are looking for. This in turn allows you to showcase more relevant properties based on what they are looking for.
Big data also gives you a better picture of what’s happening with your property and allows you to have a solid grip on things in general in real-time. Then of course there are AI-powered chatbots that help property managers offer complete support, be it by handling tenant inquiries or by replying to their emails. Chatbots are also being integrated into websites to track leads and garner higher lead-to-lease conversions.
The final verdict
Proptech is just what everyone needs in the real estate business irrespective of the size of their business. It isn’t going anywhere and will in fact continue to offer better functionalities as it evolves. It is the only way to tide over all the hurdles that the ongoing pandemic has brought along. It improves your performance with better reporting, monitoring, and prediction capabilities.
All you need is a perfect technology partner who can help you get started. As Mark Rojas, CEO and Founder of Proper points out, “Property managers don’t often come from an accounting background — usually, they have a real estate license, so that lack of expertise can put them in a position where they can’t scale their portfolio, or if they try to, things break.”
Build your Proptech stack with Trigent
A cloud-based property management platform can do wonders for your real estate business. Though moving manual processes to automated platforms can be a bit overwhelming for the uninitiated. Trigent with its competent team of technology experts can help you build a robust proptech stack aligned with your business goals to help you drive growth and revenue.