The trend of digital innovation and technological development have been shaping the future of the business world, and the property management sector is, undoubtedly, no exception. As today’s business world runs on technology, many property management companies keep a laser focus on emerging technologies, looking for effective ways such as automation and digitization to future-proof their business and accelerate their business growth. Furthermore, sustainability has become a mainstream issue across industries, and data is of fundamental importance to tracking and improving sustainable performance, embracing technology is imperative for property management companies – both commercial and residential – to thrive.
It is an undeniable fact that PropTech is the future of property management, and even real estate. There are numerous ways of PropTech transforming and benefiting the property management sector such as automation of administrative tasks, compliance and operational risk monitoring, real-time data collection, analytics and security, energy efficiency, and etc, leading to greater efficiency, lower operational costs and better tenant satisfaction.
In this article, we will spell out five key trends emerging in PropTech and how properties can be managed with remarkable efficiency through these cutting-edge technologies.
Artificial Intelligence (AI)
With artificial intelligence chatbots taking the world by storm in 2023, the value of artificial intelligence (AI) is becoming more tangible than ever in the business world – and the real estate management industry. Much evidence shows that enterprises that have successfully integrated AI into their operations and decision-making processes are achieving real benefits, leading to a snowball effect of adopting AI. But do you know how property managers can take advantage of AI’s full potential?
Here’s the answer. AI can perform and complete property management/ lease management tasks that previously required manual effort; it can also automate communications between property management companies, landlords and tenants, tasks like billing/ statements, maintenance scheduling, lease contract renewal and alerts, compliance and risk management, and even matching of tenants and properties. Moreover, with AI’s ability to swiftly process large amounts of data with accuracy, property managers can gain insights into their portfolio with ease, helping them make faster and informed decisions.
The Internet of Things (IoT) and Smart Office Technology
The Internet of Things (IoT) connectivity and automation. Property managers can gain unprecedented levels of visibility and control over the physical objects and machines inside their properties through the IoT ecosystem – a series of internet-connected devices and sensors. The next step in the IoT process is data processing. Using IoT-enabled building management systems (BMS) can turn any object into a source of information. Put simply, it can capture the series and sequence of any physical object’s activities inside a building, then unify and process the data at the enterprise level.
The seamless connectivity of the IoT ecosystem, combined with the data gathered from those devices and sensors, can help streamline operations and improve energy efficiency. It can also provide new opportunities to create new value for the companies to innovate products and services.
Cloud Storage of Data
Regardless of the size of a property portfolio, data is cast as a critical asset to a real estate company. From monitoring physical objects and machines to managing properties, portfolios and leases, all actions and decisions rely on data. Traditional on-premise storage methods such as hard drives require large storage capacity; these kinds of documents are held onsite which can lead to lack of data accessibility. To stay competitive in an ever-evolving world, property managers can move storage workloads from on premises to the cloud as cloud storage delivers scalability and durability.
With cloud storage creating centralized and secure data lakes, not only can property managers scale cloud storage up and down as required and make data accessible to all who need it, but they also can reduce the total cost of ownership of their company.
Virtual Reality (VR) and 3D Tours
Remote apartment and office tours have become increasingly popular in the Real Estate Industry. Some real estate companies today provide virtual tours of properties to potential tenants and buyers, allowing them to review the property’s state to assess the price and the cost of repair and maintenance without their visit. Providing immersive virtual tours can draw potential renters and buyers closer to signing a lease, and improve their overall satisfaction.
Property and Lease Management Software
Business Intelligence (BI) is the process of enterprises using strategies and technologies such as property management software to collect, store, and analyze the business data and transform it into insights for better and informed decision-making.
From storing data, monitoring occupancy rates, collecting rent payments to staying compliant with the latest lease accounting standards such as IFSR16, GaiaPM’s Property Management Software and Lease Management Software can help property professionals manage their real estate portfolios efficiently by automating property management processes and providing instant insights with interactive analytic tools.
Redefining Property Management and Real Estate
In a nutshell, not only smart digital technologies revolutionize property management, but also reshape the future of the Real Estate sector. PropTech helps make impressive strides in improving operational and energy efficiency, leading to. With tons of successful examples showing the tangible benefits of adopting and leveraging PropTech, it is time for property managers to take advantage of these technologies, in bid to build competitive advantage in this rapidly evolving industry and future-proof your real estate business.
GaiaPM, a member of the FlexSystem Group, provides international lease and property management software designed to help you drive performance up and costs down. As a global solutions provider in over 38 countries GaiaPM, together with its proven solutions for multi-currency financials, human resources, and operations, is a business software vendor to 1 in 10 Forbes Global 2000 (May 2020), and 1 in 5 Global Fortune 500 (August 2020), operating at the intersection of new digital process and payment technologies, whether on-premise, hybrid or cloud, to provide you with iterative opportunities for value creation.