2020 has been unprecedented on many accounts. The uncertainties have forced businesses to change their outlook and embrace technology to gain advantage in the market and safeguard their businesses. Property management industry too has not been immune to these changes. In the past few months, we have seen property management companies take a deep dive in technology to accelerate digitization in processes, and create resilient businesses.
In the year 2021, real-estate technology will present a unique opportunity for property management companies to offer customized journeys to prospects of residential and commercial properties and automate tasks in operations, management, marketing and finance to ensure faster turnarounds and better return on investment. We predict that the technology trends that will ease and improve customer relationship will stay in focus in the coming year.
Integrating AI, ML for better efficiency, data management and customer delight
Embracing latest technology advancements and integrating them in the property management services will help improve efficiency in internal collaboration, lead management, customer service and more. Artificial intelligence can be utilized for attracting the right prospects with predictive lead scoring, engaging them with intelligent chat bots, and collect and glean data for future predictions. The business can engage residents with NLP (natural language processing) driven portals that can act as multi-lingual self-service portals. This will help businesses work on a global scale and engage audience that are not proficient in English.
Customer delight centered property management software
Property management software will be expected to do more than just data management and facilitating transactions. The Millennials and Gen Z tenants are tech-savvy and expect apartment technology tools to be integrated into their rental experience. Software that focuses on improving customer engagement and offering tools for better customer relationship will be valued in the coming year. Technology-driven open and secure communication channels integrated into the property management software; customized portals for owners, residents and prospects; integration of tools to ease online transactions and leasing will be seen as an added advantage.
Data analytics will drive investment and management decisions
Sift through the tenant and property data to get actionable insights that can drive your future decisions. Property management software with in-built data analytics can help get actionable insights that can be customized in real-time. A unified platform that integrates CRM, sales, operations and customer service data in a single platform can help identify patterns and make connections that were otherwise difficult to spot. Technology driven data analytics will be at the forefront in identifying opportunities, forecasting returns and measuring tenant behaviors. Getting real-time data that can be customized as per your requirement would offer granular view of the operations to spot the issues faster and fix them before it affects the revenue.
Cloud based solutions that promote collaboration
As the tenants grow younger, the property management company will have to embrace technology solutions that are quick to deploy, and scalable. Cloud-based property management software offers scalable solutions that are flexible across devices. Cloud solutions that can easily integrate with multiple business apps can offer you the flexibility to offer customized solutions to your tenants and owners. Such collaboration can also streamline business operations. This will be important in the coming year as businesses can get to market faster with innovative solutions that are driven by changing market conditions.
5G adoption and its growing impact on the property management industry
Digital connectivity is going to be an integral part of our life in the coming years. As we work, collaborate and play virtually, mobile connectivity will gain importance. The launch of 5G brought with it enhanced mobile connectivity and improved digital workflows. Uninterrupted and fast mobile connectivity will drive a new wave of technology innovations focused on improved security, smarter and sustainable maintenance and real-time data insights that support in improving the quality of life.
Smart Homes and Buildings
Technology is making our homes and buildings smarter. The IOT driven innovations are creating intelligent systems for better utilization of building resources and improved surveillance of facilities. The use of sensors in basic home utilities will help in optimum management of facilities and predictive repairs and maintenance. These technologies will be entrenched in the property management services as the industry focuses on sustainable solutions.
While we do not have a crystal ball, our experience at the cross-section of technology and real-estate places us in a better position to estimate the future of technology impact in the property management sector. We believe that these six technology trends will transform the industry in the coming year.
