Prop Tech In Property Management
Tech Modernisation In Property Management
Like many other industries, Property Management is really beginning to grasp digitalization with both hands with visions of modernisation and efficiency. This drive is improving speed and versatility of working, access to information, connectivity and fundamentally, the tenant & owner experience. But how are property managers using tech trends and updates to get ahead? Let's take a look at some of the trends we have seen, ranging from the every day to the more futuristic!
Property Management Software
Not exactly a new concept, but new and advanced property management software solutions are coming to market all the time. Many platforms now offer both internal and external management, offering features such as rent collection and maintenance requests as well as ways to market to, find and screen tenants. They streamline many aspects of property management, making it easier for property managers to keep track of their properties. We could fill a whole blog post with suggestions for smart and incredibly helpful software, but recommend looking at blogs such as this by TechRadar for some of the best on the market.
Artificial Intelligence and VR/AR
Artificial Intelligence has been a hot topic over the past couple of years, as it enters the mainstream, but it’s not quite so new in property management. As early as 2018, American company VirtualAPT built a robot which takes 3D property videos and in 2019 San Francisco-based property firm Zenplace were using robots to give property tours. Perhaps slightly more believable in the UK would be the use of AI to predict maintenance needs, measure the lifespan of appliances and notify the relevant people when maintenance is required to reduce downtime and increase efficiency. Of course, the handy chatbot is always worth having in the arsenal too, handling common tenant inquiries or requests.
Blockchain is quite well known in the UK property industry, with HMLR’s 2019 “Digital Street” research project successfully demonstrating its potential in speeding up house purchase completion. Closer to home (pun not intended!) however, in the property management industry, we can see blockchain being used to automate processes such as rent collection and payment to property owners. It can also be used to streamline the rental application process, facilitate property records management and reduce the risk of fraud.
With environmental considerations increasingly high on everyone’s agenda, from tenants to investors, there are loads of tech and digital resources which are supporting sustainability in property management. There is software available to help managers with energy efficiency monitoring, optimizing waste management, digitizing management to make everything paperless and integrating with green vendors, allowing the sourcing of environmentally friendly products and services. Physical technologies have also come onto the market which help with energy efficiency, renewable energy and water saving, all of which not only save the planet but the pennies too.
Like something out of James Bond, advanced security systems such as biometric access control and facial recognition can be used to enhance property security. Other contemporary features such as keyless entry, using passcodes or apps to open doors are becoming more commonplace. The wide range of available security technologies out there improve staff, tenant and building safety all around.
These trends are not necessarily out with the general trends being seen across all industries in 2023 but their impact on how property management has changed over the last 20 years has been and will continue to be significant. With tenants' and owners' expectations increasingly moving towards efficiency, value and environmental factors, property management can lean on these technologies to help them deliver and remain competitive.
Jackson Sims Recruitment is a property recruitment company operating in the UK and APAC region. Should you be a candidate or client working in property management we have a multitude of recruitment services that can be tailored to you. Please visit www.JacksonSimsRecruitment.com for more information.
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