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.
The introduction of technologies like blockchain transactions, virtual assistants, self-showings and tours, smart locks, real-time communication, and more, have all reshaped the industry, making property management all the more organised, efficient, and productive.
Perhaps, one of the most significant trends in the property management sector is the use of property management software, including inspection and maintenance software. This has proven not only useful but downright crucial, helping property managers and landlords save time by automating tasks like scheduled maintenance and inspections, requests for repairs and/or maintenance, rent collection and lease renewals, and more.
In addition, these software-based platforms have enabled all parties involved to take advantage of real-time data to make more informed decisions around pricing and especially property marketing.
As the rental market continues to get more competitive, the tenant experience is one of the factors that has stood out in terms of attracting and retaining tenants.
Property managers are now taking specific steps to enhance the tenant experience in any way they can, including the ability to conduct virtual tours and remote viewings, as well as improving communication and responsiveness, both through specialised software and otherwise.
Enhancing communication, in fact, is now one of the key factors which nearly all property managers agree enhances the overall tenant experience. With clearer, more transparent communication regarding lease agreements, for example, and other related policies, property managers and landlords aim to make tenants feel more empowered, informed, and better cared for.
In the next three years and beyond, we also see a lot of data analytics and predictive maintenance being used as powerful tools in property management – now an accepted way of boosting efficiencies and reducing costs.
Through the collection and analysis of specific data, property managers, landlords and letting agencies can identify maintenance needs and conduct timely inspections, thus, reducing downtime dramatically and minimising disruptions as much as possible to tenants.
One of the most talked about benefits of data analytics in the property management sector is being able to identify trends and patterns, and then using them to improve property performance. For example, property managers are using data to identify areas which require more regular inspection and maintenance, as well as track utility usage or a property’s financial performance.
This information ultimately drives better decisions around pricing and marketing as well as maintenance, which means increased profitability and efficiency.
With many other emerging trends, one of the most important ones in property management is the use of a software-based property inspection and management tool. Tim, The Inspection Manager, allows you to do just that, where you can instantly view clear and transparent reports on your assets and maintenance issue resolution.
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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.
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.
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.
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.
For more information
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info@theinspectionmanager.co.uk
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