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.
Disruptive technologies in facilities management becoming mainstream
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.
If you want to make facilities management easier and boost your business in the process, then try out The Inspection Manager (TIM), which comes with a FREE 30-day trial.
