PropTech is transforming the real estate industry and most of all, in property management solutions. And, property management has evolved, thanks to technological innovations. IoT for CCTVs, thermostats, etc., is becoming increasingly common. Automation has forged into the property management industry to streamline the business. Understanding that software solutions can make property management more profitable has triggered the advent of solutions such as customer management, data analytics, IoT sensors, and automation.

Customer management

Property/ facility management is multi-faceted. It brings together standalone solutions or software packages to oversee various aspects of customer management. A CRM module incorporated into customer management gives immediate access to information, cutting down search time and increasing productivity. It enables overseeing customer data and building relationships with said customers. Moreover, CRM in an online software helps maintain records of customer preferences, ensuring that customer needs are met consistently.

Data analytics

Property management thrives on data analytics as it provides property managers and owners deep insights into their tenants. It helps them optimize and render enhanced services to their tenants. Analytics uses data to discover patterns and trends. It also reveals the relationship between different aspects of the business. It enables predictions, and these forecasts help property managers be better prepared for unexpected scenarios. Apps in the property management space can harness volumes of data from financials, vacancy levels, maintenance records, and more. When analyzed, this data helps property owners and managers predict when it is time to lease, rent, and upgrade their property. Property management software can also leverage data analytics to provide better customer service.

IoT sensors

Internet of Things offers a network of interconnected devices and consumer devices. Occupancy sensors, indoor air quality, climate monitors, smart ovens, and refrigerators are all part of the network. The property management software can offer a platform to support real-time monitoring of the property or facility with IoT sensors. The ability to check the property and access data directly in real-time saves time and cost. Moreover, IoT sensors provide insights into the facility’s performance.

Automation

Automation technology that eliminates redundant and repetitive manual tasks offers the property management sector untold benefits. Automation can be applied to various aspects of property management, including document, contract and agreement, and portfolio management. Automation also helps configure multiple workflows for business processes and ensures governance and adherence to the industry’s best practices. With the property management app accessible on mobile devices, automation opens an easy communication channel to improve response time from property maintenance.

AI/ ML integration

Lead management, customer service, and collaboration are enhanced through integrated software solutions. AI helps with predictive lead scores, engages with customers and prospective tenants with intelligent chatbots, and collects relevant data. Natural language processing acts as self-service portals that are also multi-lingual to reach wider audiences.

Adopting digital solutions to manage a property is the only way to go in the current market space. With Millennials and Gen Z as the larger demographic to target, property management software must cater to tech-savvy users with expert tools and technology to make their lives easier. It includes end-to-end smart management services.

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PropTech for smart property management

Property managers and owners rely on PropTech to ensure a streamlined process from viewing the property to maintaining it. For instance,

Occupancy:

PropTech keeps track of the occupancy rate and alerts the management when occupancies are lower. It gives them data to stay a few steps ahead and start their marketing activities. Technology and a data-driven approach can be vital to optimizing space usage in a property or facility.

Energy efficiency:

Sustainability is the byword for all asset owners these days. Improving energy efficiency across residential and commercial properties is yet to reach optimum levels. However, identifying areas of high energy consumption through PropTech and deploying more sustainable solutions is a big plus in the industries of today.

Data management:

IoT has increased data volume exponentially because of a large number of connected devices. Therefore, managing data quality has become imperative. Facility management can only succeed if they can bring different data streams into an integrated platform that links the property with owners, managers, service providers, and tenants. A single integrated platform with automation can be more effective in performing analytics and reporting to improve efficiency.

Wrapping up

PropTech offers more than efficient and smart property management. It paves the way for responsible property management. It takes care of property administration, eliminates endless paperwork, and allows the managers to focus on their core responsibilities, such as tenant screening, rent collection, budgeting, and maintenance. Even better, property managers can pay attention to creating a cohesive community of current tenants. With increasing reliance on technology-driven secure software solutions, property managers need to up their game and ensure exceptional customer service to remain a contender in the current real estate market.

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Chenthil Eswaran