It’s a large and yet slowly moving asset class – commercial real estate that is. Property management is a traditionally conservative segment within the real estate industry, yet nonetheless a critical part in the ownership and investment of a portfolio. While automation and innovation are quickly becoming common and expected in other segments of the real estate industry, the ability of technology to bring speed and efficiency to the property management segment has been challenged. That is changing. Moving forward, management teams who embrace software technology to optimize the process, create streamlined workflows, and boost overall team productivity, will create a real competitive advantage, and also reduce wasted costs and effort.
Proptech makes everyday jobs easier, less costly, and faster – and improves tenant satisfaction!
“Proptech” is short for property management technology. The role of technology as a daily tool is increasing, as the sector is maturing.
Here are the 5 current trends in functionality that owners, landlords, and management teams should consider. The implication is that property teams should budget for technology implementation investment today, for 2019.
1. Geo-location of assets and repairs on-site.
Use technology to pinpoint asset location both inside and outside buildings, and communicate location to remote vendors or team members. In a large building or corporate campus setting with thousands of points, this becomes even more important, and reduces costly errors and wasted on-site trips.
2. Tenant portal for optimizing the tenant experience and satisfaction.
Tenant satisfaction is as important as ever. Speed and execution of issues and urgent requests can differentiate property management teams. Technology empowers tenants to become the eyes of the building when management is elsewhere, and allow tenants to see real-time updates on repairs.
3.Real-time tracking execution of work and service requests through team portals.
Driving execution at the field level no longer implies building visits to view project or repair status. Simply use technology to view your properties, from your desk. Dedicated vendors easily show their work through updates captured by their mobile devices. Team members also communicate project status to their owners or managers quickly, and easily.
4. Data storage via The Cloud – capture, store, and plan by capturing all asset data in one single location.
Gone are the spreadsheets and hundreds of photos and documents that are stored in multiple places, in static environments. Keep all portfolio information in one source down to the smallest detail. Everyone can access portfolio information at one single source, and then export information easily if needed.
5. Customized Reporting Tools – at your fingertips.
Create standardized reports for internal team purposes, or for more customized requests. Technology allows teams to create and quickly access all their relevant information collected from their assessment and bidding work. Then print. Then move on the next project.
Property Management companies that are technology adopters and invest will benefit from received value both short and long-term. Start with the software providers that help with the 5 features above. And don’t look back!