TMCnet Feature
June 16, 2022

Top Tech Solutions for Improving Operations in Property Management

From commercial buildings to industrial courts to residential housing, property management covers a wide range of properties with a similarly diverse array of tenants. Once considered a secondary sector of the real estate market, property management is on its way to becoming a major component of the modern economy. The industry was valued at 17.69 billion in 2021, with growth projected to double by 2029.

The rapid growth of the property management industry can be credited to one thing: technology. By using various state-of-the-art technologies at their disposal, property management companies can expand and acquire at a faster rate while those failing to do so get left behind.

But what are those technologies, and how do they help improve property management operations? The following are six leading examples:

Smart security

Break-ins, thefts, and violence against tenants are all things that threaten the success of a property management company. Investing in state-of-the-art security is essential to keeping tenants and property safe. The list includes high-def cameras, smart locks on doors, keycard access points in hallways, package lockers in mail rooms, and complimentary gated parking. By investing in these security features, property management companies can worry less about the safety and comfort of their tenants.

Virtual reality

Scheduling walkthrough appointments with prospective renters is a critical aspect of property management. But it’s also a time-consuming process, especially when you factor in last-minute cancellations and frequent no-shows. The solution is to provide a virtual walkthrough option available online. While potential tenants will still want to visit the space before agreeing to rent, a digital VR experience will weed out more of the false leads and flaky visitors. It saves time, money, and hassle for all sides.

Augmented reality

Customers crave convenience. With this in mind, property management companies are going one step beyond VR and implementing augmented reality features for potential tenants. These AR systems let users interact with a VR representation of an office space or apartment. They can add things to the walls, arrange furniture, and discover whether or not the space is suitable for their work or living needs. Some AR solutions even let users alter paint colors, flooring options, and lighting.

A.I.-based customer support

Property management services have an obligation to be available 24/7 in case of an emergency. But tenant concerns don’t always constitute an emergency, nor do they all require someone there to solve. This is where A.I. support enters the picture. Tenants can use this service after hours to troubleshoot problems and possibly find a solution. Once it’s determined the problem requires the attention of a real person, the service contacts the property management representative on call. Opting for an artificial intelligence service to handle customer support will no doubt save time and money for property management companies.

Blockchain contracts

Contract-signing, transaction processing, and lease-renewing are delicate yet critical aspects of property management. It can take days or even weeks for all the necessary paperwork to get finalized and approved. While bringing the blockchain into a property management operation might sound crazy to some, doing so streamlines the entire process. It does this by guaranteeing a transparent transaction history without compromising key factors related to privacy and security. The result is a property management operation that is less vulnerable to fraud and more trustworthy in the eyes of potential tenants.

Two-way apps

Tenants and property managers benefit from having easy ways to reach out to one another. The best way property management companies can do this is by having an app tenants can use on their mobile devices. Renters can use such an app to send payments and report problems, while property managers can use it to send reminders and updates. Tenants can also use the app as a mini social network where they can post messages, raise concerns, and share advice. However, such use would require some level of moderating in order to prevent users from publishing private information, spreading hate speech, or causing other problems.

Like most businesses, running a property management company gets easier with the introduction of new technology. These state-of-the-art solutions are designed to streamline operations and simplify the management process, making them essential for the growing number of property management services around the globe.

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