5 Property Management Technology Trends: 2020 Edition

Imagine showing the property to your potential tenant through interactive 3D models or Augmented reality models (AR) at a cafe meeting. Wouldn’t it appeal to and save time to your tenant? Imagine your property security personnel patrolling around the property through drones and keeping your property safe from theft or any suspicious activity. Wouldn’t it attract your potential tenant while you are describing it as one of the amenities your industrial building provides? Well, it's time you stop imagining and find a way to implement these technologies in your daily work of property management.

In this article, we have described cutting edge technology trends that will change the way you manage your properties and deal with your tenant.

Let’s dive deeper into that.

BIG Data

Today, across the world, an immense amount of data is being created. TechGients like Instagram, Airbnb, Facebook, Google, and more are collecting imperative information for each user. And from that data, they understand their users’ behavior, their activities, demographics, gender, hobbies, and whatnot. This big data allows them to roll out new features or create services tailored to their customers’ preferences.  And this is how these companies generate mammoth annual revenue figures. 

Big data in property management could facilitate property managers to understand their clients in a more effective way. By knowing their tenant’s past activities and inclinations, managers can focus on the things that matter the most and fine-tune the efforts to their tenant’s mentality. 

The real estate industry can leverage these benefits by infusing CRM tools that allow them to collect the data of their website visitors. Through CRM real estate property managers will have enough data to look upon and take the next step accordingly for better property management. Additionally, it will give property managers better market the vacant properties. 

Cloud Computing

Ever since the cloud technology has come to inception, the way the business operations happen has been changed drastically. People depend on mobile nowadays and they prefer to use most of the things on their fingertips. Whether it is ordering their food, booking a Taxi, or collaborating with their company-related work, everything has shifted to the cloud;  they can access every information in real-time by logging into the software irrespective of where they are.  Even further; it has reduced the operational and IT cost to a great extent. 

For the real estate industry, cloud-based software will allow tenants and property managers to sign in to their financial and property information all the time. Through this cloud-based software, property managers can know precisely about every information on the tenant. They can also know and access all the vital information of tenants such as unpaid rents of tenant, moving date, contract completion date and other things that are directly related to property management. 

Augmented Reality & Virtual Reality

Augmented reality and virtual reality are the technologies of the future. And they have the capability to reshape the real estate industry to a great extent. 

As stated in the introduction, it would really impress your tenant if you will be able to show the property through a virtual tour. Not only will your tenant have a positive and immersive experience through it but s/he will also be able to see the whole house through mobile or tablet apps. By creating 3D and AR models of your property plan, you will be able to show your tenant the property in the best possible way. 

Many real estate builders have started to make their property brochure in this way. They can be instantly turned into a 3D by looking through the customized AR mobile App. It will save a lot of real estate managers and builders. Most importantly, you will be able to explain and show the property model to the customers in a precise manner. 

According to Statista; the AR and VR market is about to touch 18.8 billion U.S dollars in 2020. It clearly indicates the trend of AR/VR technology. 

Check out this amazing video how property builder has applied AR.

Enhanced Mobility

People nowadays prefer mobility over anything else. They want everything on their fingertip; they love the convenience provided by the mobile phone. If you will carefully look, you will find the majority of the industries are being revolutionized by mobile apps. For buying and selling their property, people are relying on apps like Zillow and Trulia. They prefer to book their traveling accommodation through vacation rental apps like Airbnb. 

In fact, many property managers are using property management apps for better convenience. These apps give them access to all the management related operations: there is no need for a PC or laptop. They can manage property portfolio accounting, operation, and leasing. Buildium is the perfect app for property managers to do their day to day work effectively.

Property Management Robots

Robots have become a prevalent technology in recent times. Especially chatbots. The insurgence of AI (Artificial Intelligence) has opened up a lot of opportunities in every domain be it eCommerce or real estate. AI-powered Chatbots, Voice bots, and Virtual assistants are being implemented on websites and apps more than ever.

For servicing customers effectively in real estate property management, real estate property listing websites provide chatbots so that they can chat with their customers on the go and solve their queries immediately. These chatbots are designed in such a way that they automatically answer the relevant answers to customers’ queries. Not only chatbots are disrupting the property management technologies but technology like Alexa and google home is also finding its place in the real estate domain. 

When you think of connected digital solutions in the market today, digital assistants like Alexa and Google home act as the hub of gathering data and changes the way we accomplish our daily tasks. Today around 20 % of the search is done through the voice and in the near future, we are going to see the hike in this number for sure. By using this to their benefit, Property managers can make changes in the website accordingly and make sure that any voice search query is generated brings the clients to their website. This way they will be able to garner more clients. 

Conclusion

Although buying, selling, or renting real estate will forever be a physical transaction, the industry trends have shown that the future of Property Management transactions is digital. 

Those who will adopt these latest property management industry trends quickly will have a clear-cut competitive advantage over their competition that will only compound over time. It’s time you consider it more seriously for better management and business.