What role does Technology and Automation play in Property Management?

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.

The positive effects of embracing technology and automation in property management

Easy integration and improved efficiency

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

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.

Cost savings

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.

Improved security

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.  

Embracing the Millennial and Gen-Z mindset

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.

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Challenges facing commercial landlords and tenants

The previous year was a roller coaster for the commercial property sector, with both landlords and tenants facing unique challenges. It looks like 2023 is also going to be a challenging year for landlords – with the higher increased rates and Section 21 changes, for instance – and for tenants as well, who are finding it to keep up with rental demands owing to the inflation and the current cost-of-living crisis.

Transform how you acquire, manage, operate and experience space with technology

There’s no escaping technology and the impact it has had on our lives, making everything from ordering something online to power up our home appliances from several miles away really easy. Technology has also fundamentally changed how landlords and letting agencies, for example, buy, manage, and operate spaces – making lives easier for tech-savvy homeowners and demanding tenants alike.

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