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.
Fortunately, as of late, property managers and facility owners are realising that technological advancements and automation can help them greatly streamline day-to-day operations, and improve overall business efficiency.
The once intimating tech tools are now being accepted as workplace companions, rather than the digital bogeyman coming to steal everyone’s jobs.
Bolstered by the easy integration of AI (artificial intelligence), automation has been the most critical change that has come along with technology adoption within facilities management.
Cloud-based software to help with day-to-day maintenance, for instance, or online portals that make rental payments a lot easier and more convenient, are all a giant step forward.
‘Self-service leasing’ and the move to automation for maintenance and accounting, does not mean that property management or leasing staff has to be laid off. Instead, it minimises the time and resources required for manual tasks, thus, increasing the working capacity of staff, while also improving the wellbeing of tenants, for instance.
Data analytics is no longer something that’s limited to serious-looking individuals wearing lab coats – property managers are leveraging data analytics and data analysis to gain insights into everything from tenant behaviour and preferences to industry trends, maintenance schedules, marketing strategies, pricing, and more.
In fact, the process has also helped identify trends and patterns which aids facilities managers in reducing costs and improving their marketing strategies.
One major advantage of integrating technology and automation into property management is cost-savings. Various expenses are involved in day-to-day property marketing and management, such as marketing, repairs, maintenance, rent-collection, etc.
The right technological tools, such as property management apps and software, can automate tasks like rent collection and travelling – reducing the need to hire additional staff and reduce travel expenses.
Security is always a pressing concern in property management. However, technology has enhanced security (and peace of mind) for both property owners and tenants.
One common example of this are smart locks and security cameras, which can be operated and monitored remotely to check for unauthorised activity, keeping tenants safe and property managers aware of what’s going on in or around their facility, no matter where they may be.
Today, Millennials and Gen-Z represent the largest group of individuals in the workforce, and are also quickly becoming the largest group of tenants across the world. They expect seamless digital integration into their lives, and to meet their standards, property managers are leveraging property management software with automation and AI at the core to offer easier, more streamlined services.
The Inspection Manager is one such technology, allowing property and facility managers to perform site visits remotely, conduct firm alarm checks and risk assessments, see maintenance reports on the fly, and more. Try it out absolutely FREE for 30 days.
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.
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.
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
0844 725 2000
info@theinspectionmanager.co.uk
© The Inspection Manager 2024.
The Inspection Manager is a product developed by the Inventory Manager Ltd Company No: 06381122.
Registered address 651 A Mauldeth Road West, Chorlton, Manchester, M21 7SA
Terms and Conditions | Privacy Policy.
