Top 2019 Tech Trends in Property Management
It was only a matter of time before digital transformation arrived with full force in the commercial real estate sector.
And it isn’t just real estate owners and developers who are embracing technology-led apps and tools. Tenants are certainly benefiting as well by having more of their traditional frustrations and pain points resolved and enjoying a higher quality of life in their homes and communities. According to Anthony Kolich, Co-Founder of Empire Residential LLC, some of the top technology trends in property management include:
1. Elevating to the Cloud to Do More with Less
It is a safe bet that all property management firms are already using the cloud to some extent, whether it is to backup data, exchange emails, store and transfer files, and so on. However, the velocity of cloud adoption will surge in the months and years ahead, as firms opt for the benefits of online (SaaS) offerings vs. self-hosted (on-premise) software.
2. Generating Unprecedented Visibility with Drones
An increasing number of firms are using drone aviation technology to provide tenants with stunning, richly-detailed aerial views of their properties from various angles, as well as the surrounding community and area. Comments Anthony Kolich: “In addition the unprecedented marketing advantages, drones can also help capture valuable maintenance and engineering information, as well as proactively identify real or potential security vulnerabilities.”
3. Using Augmented Reality to Solve Problems and Impress Tenants
Maintaining a single property — let alone a portfolio of properties — is an incredibly complex non-stop operation. There is always an issue to address, a system to check, or an improvement to make. While affordability is still an issue, augmented reality is slowly but surely making its way into the property management sector as a means to give vendors and technicians more information about the system or equipment that they are working on.
In addition, augmented reality is emerging as a major marketing and selling tool. Notes Anthony Kolich: “While it is currently cost prohibitive at scale, we are headed towards the day when tenants can don a pair of AR goggles or step inside a kiosk and see with incredible precision and clarity how the space in their new home will be laid out. They can also experiment with different furniture arrangements and décor profiles with a simple voice command.”
4. Streamlining Processes with Mobile Technology
There are several ways that mobile technology will continue to improve things for property managers and tenants alike. Some of these include: mobile payment solutions, push notifications and alerts for landlords, letting tenants open support requests from their mobile device, securely sending and storing lease applications and associated documentation, and more.
Anthony Kolich stresses that the innovative technology trends highlighted here will continue to transform the commercial real estate space in the months and years ahead. This is good news for everyone, and we’re just getting started.