Can you imagine if your property security term patrolled the area with drones to look for suspicious activity? Potential tenants would be pleased to see that security level provided with advanced technology.
You can stop using your imagination because you can find ways to implement technology in your property management that will make your job easier. And, it has the added benefit of attracting better tenants.
Let’s take a closer look at some property management technology trends changing the real estate landscape.
Business operations have changed drastically since cloud technology took off. Whether it’s ordering dinner, booking an Uber, or collaborating on a work project, people want information at their fingertips. That’s why everything has switched to the cloud.
People can access vital tools and information in real-time by logging in from almost anywhere. The trend to the cloud has cut IT and operational costs tremendously.
In real estate, cloud-based tools allow property managers and tenants to log onto vital financial and property information at any time. As a property manager, you’ll know everything you need to know about every tenant. You also can check on unpaid rents, when they’re moving out, date of contract completion, and more.
And you can do all that from the beach if you like. Thank the cloud for that!
Massive amounts of data are being created at this moment. Tech behemoths such as Google, Facebook, and Instagram gather information about every user. They understand how users behave, what they do, gender, hobbies, demographics, and more from that information.
All this data lets them roll out features and create innovative services custom-made for users’ preferences. This is how these corporations make so much money every year.
Using big data in property management can help managers understand tenants more effectively. If you know your tenant’s earlier activities and trends, you can focus on the most critical matters and alter your efforts to each tenant’s mentality.
The real estate industry can use these benefits by integrating client resource management tools to collect data from their website visitors. CRM allows property managers to glean enough data to take better next steps in their work.
Augmented and Virtual Reality
Augmented and virtual reality are technologies of 10 or 20 years from now. And they could reshape the real estate field.
Imagine if you could show an apartment building and unit with a virtual reality tour. The potential tenant would have an immersive experience, and she’d see the entire facility with a mobile or tablet device. With 3D and AR views of the property, you could showcase it to its best effect.
Some real estate builders have started to create property brochures in such ways. They can be transformed into 3D by using an AR mobile app. This is a fantastic way to enhance prospects’ sales and marketing experience.
Statistica reports that the AR and VR markets will reach almost $20 billion this year. AR and VR technology is coming!
People want mobile today more than anything else. They want all information at their fingertips and love the convenience of having everything they need in a mobile phone. You’ll see the mobile app is transforming most industries if you look around.
People use Trulia, Zillow, and Redfin to buy and sell properties. They like to book travel on vacation apps such as Airbnb.
Property managers also are using property management applications to streamline their work. The apps provide them with easy access to any management-related task. Everything in operations can be managed on a smartphone, including leasing, accounting, tenant services, and more.
Buying, selling, and renting property always will require physical actions. But managers who adopt the above tech trends in their work will have a serious competitive advantage that will only grow in the years ahead.