2021 Technology Trends in Property Management
Thinking about how to ensure a high return on your investment property? Then this article is for you.
By Faraaz Hashmi
As modern technology is rapidly taking over the world, many businesses are struggling to cope up with the changes. From the traditional ways of doing things to a more automated and systematic process. These modern technological advancements have had a wide range of effects on the property management sector, from clients to property management firms.
In this blog, Skybridge Property Group will tackle some technology trends in property management that helped the industry be where it is now. Continue reading!
1. Cloud Computing
Cloud computing refers to the delivery of various services over the internet. Data storage, servers, databases, networking, and software are examples of these resources.
With cloud computing incorporated into property management, a property manager may now access all necessary information over the internet, eliminating the need to invest in the construction and maintenance of a network. You may save money on IT costs with this technology, and you won’t need to worry about security upgrades because you’ll always have access to the most recent version of your applications.
Out on a vacation but needs to check on assets and other documents? Worry not because cloud computing allows you to access your applications from anywhere at any time as long as you have a connection to the internet. You can also establish client portals with internet access to better service your clients.
2. Business Intelligence
To help firms make more data-driven decisions, they use business intelligence (BI) that incorporates business analytics, data mining, data visualization, data tools and infrastructure. Technically, you’re recognized to have a modern business intelligence when you have a holistic perspective of your company’s data and can utilize it to drive change, eliminate inefficiencies and quickly adjust to market or supplier changes.
With the help of business intelligence in property management, you will be able to anticipate market conditions to ensure lower vacancy rates. It can also help to analyze past performances and predict trends across areas, and provide insights into performances of different property portfolios.
Reports wise, you can also generate customized reports on different factors of the business. This way, you and other people working for you will have a better insight of the businesses data, and contribute to a more precise decision.
3. Artificial Intelligence
Multiple tasks and competing priorities are common for property managers to balance. With limited time and resources, it’s critical to uncover cost-cutting and efficiency-improving opportunities across their portfolios.
Now, many businesses have started integrating artificial intelligence into their systems and processes. Artificial intelligence can automate communication between renters, landlords and property managers. It can also be used to answer common questions from renters, automatically send emails to subscribers, process maintenance requests and more.
The wonders of AI aren’t ending there! Artificial Intelligence can also learn in two ways: supervised and self-learning. In some fields such as property management, property managers are encouraged to use supervised learning to ensure stability and a more personalized and precise result. The use of AI in businesses doesn’t suggest that it will take over what the humans are working on, hence help on the operations and save time on tasks.
4. Smartphone Technology
Adopting the smartphone technology has made significant changes through many industries, including property management. There’s just so many ways that these little devices have provided property managers more than what they need. Now, providing mobile payment solutions make it easier for tenants to pay their rent on time, improving cash flow and lowering arrears. Smartphones also enable property managers to improve maintenance processes by allowing tenants to make requests through texts or emails, send leasing applications and process it quickly — which also adds to improving overall customer satisfaction. Money wise, these overall automated innovations help reduce administration costs because workflows are processed automatedly.