Technology is rapidly expanding into all spheres of life, and this is especially true of industries.
In the property management sector, for instance, one is surrounded by disruptive technology which is improving ‘quality of life’ for not only property and facility managers but also tenants.
While real estate and property industries have traditionally been resistant to adopting the latest technologies, there is now a drastic change in the way facility managers are overseeing their properties. Real estate has been among one of the last few industries to adopt digitalisation but in doing so, has also compensated for lagging behind by adopting emerging and disruptive technology trends.
Let’s explore this in a bit more detail.
You’ve likely come across the term ‘PropTech’ or property technology, a term which is now being thrown back and forth more often among both property portfolio owners and managers as well as tenants.
Throughout a property’s lifecycle, various disruptive technologies are now being used to enhance the owner-tenant experience, allowing both to make better informed decisions.
Technologies like, for example, AI (artificial intelligence), VR (virtual reality), AR (augmented reality), IoT (internet of things), and property management apps as well as software, have been the most notable and disruptive trends this generation.
Grand View Research Inc. conducted a study where it was reported that the global property sector will generate up to $4,263.7 billion by the year 2025 – disruptive technologies like the above will play key role in helping the sector reach such staggering revenues.
With the above in mind, let’s shed a bit more light on what proptech is and how it can revolutionise the owner-tenant experience:
PropTech is similar to how FinTech is used in the financial sector, so the same lines of digital innovation are employed to accomplish specific goals in terms of property management.
The main goal behind disruptive technologies or, proptech, is to make all processes around property management easier for everybody involved – from owning, leasing and renting property, to buying selling, and managing multiple properties.
For instance, visualise a tenant in one of the buildings you manage who has access to a specialised app. This app allows him/her to securely enter their apartment or property, provides them with a mobile or digital key card, the ability to order food, arrange for housekeeping, maintenance and service, make visitor registrations at the front desk, and a lot more.
Now, imagine an app that facility managers can access on their smartphones, one which allows them to improve all jobs related to property or real estate management, including repair, maintenance, and inspection tasks, or even renewing tenant contracts. So, managing rent and ownership, performing predictive maintenance, hosting visits by prospective tenants, or scheduling technician/repairman visits – can all be done from the palm of their hand.
The adoption of such applications and software has increased significantly in the last few years, with the trend showing no signs of slowing down.
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Today’s facility managers find themselves in the midst of many challenges, including regulatory and compliance hurdles, resource scarcity, and burnout. Resource constraints, for example, which affect time management, materials delivery, and budget planning, pose major obstacles, all the while demanding highly prudent allocation without operational efficiency taking a hit.
The property and real estate sector has traditionally been associated with stacks of paperwork, manual documentation, and physical blueprints. However, all that is changing quickly as the idea of paperless building operations is steadily gaining momentum.
If we go back a few years, the property management sector was a bit slow to adopt new changes, especially those revolving around technology and automation. But in the present day, it has taken a dramatic step forward.
In a 2021 survey where 2,000 UK adults were surveyed who had rented a home over the last 5 years – 66% of them had experienced some kind of disrepair issue, while 26% of Housing Association Properties tenants were not happy with the quality of repair and maintenance during their stay.
Everyone wants nothing more than to have secure, safe, and decent housing. Unfortunately, the housing supply in the UK has been unable to keep up with the surge in demand over the last couple of years. This has made accessing housing of any kind rather difficult for individuals and families alike, especially those from low-income households.
Tenant experience is an important metric to understand when it comes to property and facilities management – it describes how your tenants interact with the properties they live in. The quality of these interactions along with the amenities you offer can have a major impact on your ROI.
If you recall the government’s 2019 election manifestos, all the main parties committed to boost housing supply in England. The Conservative manifesto, in fact, pledged that the number of homes being built will continue to increase, targeting at least 300,000 affordable homes by the middle of 2020.
The property management industry has been traditionally shy and somewhat hesitant to embrace new technological trends. The word “automation” would make everyone from real estate agents to property managers cringe with disapproval – as if impending doom and job insecurity was right around the corner.
Data standardisation refers to using consistent methods for collecting data, although this is a very basic and somewhat generic description of what it truly is. If we delve in deeper, data standardisation is the process used for transforming data to fit a constrained and predefined set of values – ultimately, relying on uniformity to improve efficiencies.
Data standardisation refers to using consistent methods for collecting data, although this is a very basic and somewhat generic description of what it truly is. If we delve in deeper, data standardisation is the process used for transforming data to fit a constrained and predefined set of values – ultimately, relying on uniformity to improve efficiencies.
