Technology has entered every aspect of the global industry, including real estate and property management. Automating the daily activities and tasks of landlords and property managers has been viewed as one of the most significant trends in modern property management.
The benefits of integrating technology are huge, from streamlining operations to improving overall efficiency. The tools show they can be trusted, and experts can rely on them to ensure success in the management of the businesses. Technological advancements have offered an improved, friendly workplace and environment that helps property managers fulfill their tasks more efficiently.
Let's look at how technology is changing the world of modern property management.
Mind-blowing property management industry trends and facts
Property management is one of the fastest-growing industries in the US, with an annual growth rate of 2.5% for the past five years. In 2021, it generated a revenue of $88 billion from more than 280.000 property management companies nationwide.
The number one property management industry trend is the rise of property technology or PropTech, and it can help with the biggest real estate challenges like:
building management
data management security and privacy
customer experience
planning permission process
marketing and insights
performance measurement and tracking
list management and compliance
transactions
lease renewals
Benefits of using property technology
Increased efficiency
The integration of AI automation became the most significant change that technology has introduced within property management. With cloud-based software, virtual tours, and online portals for communication and rent payments, property managers' jobs have been facilitated, and interactions between renters have taken a giant step forward.
AI has also helped facilitate complex accounting tasks and minimized the time and resources needed for manual tasks. As a result, there was no need to increase staff capacity; instead, the focus was on improving the well-being of residents.
Real-time communication
Property management software has done wonders for tenant communication. It revolutionized this crucial part of property management, and as a result, clear communication became faster and more accessible to everyone involved.
With online portals and mobile applications, tenants, staff, and property owners can effectively communicate transparently, and the best part is that they can do it in real-time through messaging and community notifications. In the meantime, documents, maintenance requests, and feedback are safeguarded in one location.
Data Analytics
Another great benefit of incorporating technology in property management is leveraging data analytics to gain valuable insights into tenant behavior and preferences. Moreover, industry trends, pricing, and marketing strategies can also be analyzed faster, which will help identify patterns and formulate a wholesome approach to improving services and maximizing market potential. The best part is that operational costs will be reduced.
Types of property technology tools and practices
Artificial intelligence
AI power tools and AI power chatbots have opened up many avenues for the property management industry, and are helping property management companies gain a competitive edge. By using an AI power chatbot, the team's operational efficiency is increased by 75%. Property managers can implement these chatbots on their websites to improve the website experience for incoming renter leads, thus achieving higher lead-to-lease conversions.
Virtual tours
The $19 billion VR and AR market in the US encourages property managers to improve their communication with people and their ability to show properties. Research has shown that 41% of millennials prefer 3D tours of properties for a high-quality immersive experience.
Cloud computing
This is another crucial development in property management technology trends because it has made property managers' lives easier by increasing mobility. Using it, they can streamline work activities and keep all stakeholders updated. With this type of software, property managers can only collect information physically. At the same time, the owner and the tenants can log in with their credentials and access financial and property information on the go.
Smart homes
GenZ tenants can only be attracted and retained if the homes are upgraded to smart homes. Even though smart homes have higher rent prices, they reduce maintenance costs and are more environmentally friendly. For example, AI thermostats, HVAC, or security tools help save energy and predict utility bills based on usage. That is why they are preferred by the younger generations of renters.
Conclusion
It is no wonder that the relationship between property managers and owners has improved with property technology because these modern property technology services are making everyone's life easier. However, at Pioneer Enterprises, we understand how property managers must be ready to adapt to the latest property management industry trends to keep up with constantly changing consumer demands.
The future is bright only for companies embracing advanced property management technologies, which will give them the competitive edge needed to stay successful in the industry. As Baltimore property managers we're lucky to be part of the few companies that are integrating PropTech the right way.
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