In this era of rapid digital transformation, the residential real estate industry has traditionally been lethargic when it comes to adopting new technologies, but businesses are starting to view change more positively.
Technology is helping the commercial real estate industry thrive and to make work easier for property owners and managers. New technologies such as virtual reality and augmented reality have opened up opportunities and created challenges, fundamentally transforming customer experiences, operating models and the work environment.
While the specific technologies that can be leveraged for business growth will vary widely across organizations, there are a few common themes that business leaders can consider.
Technology that we can leverage for property management growth
Virtual and augmented realities (AR and VR)
Virtual and augmented realities are two technologies that can take customer experience and involvement to the next level. Property owners need to consider these technologies, its applications in property management expand far beyond attracting people to your building by offering virtual tours of the property for clients to view from anywhere in the world.
Augmented Reality
Augmented Reality works by augmenting real-world objects with computer animations and algorithms using sound, video, and graphics. It gathers real-world information and presents information in a way that virtual elements become part of the real world.
Virtual Reality
Architects can use virtual reality technology at the initial design phase to test and evaluate different design ideas
Also using Virtual Reality technology, property owners create promotional videos to show the exterior and interior of properties to get a clear look at what is being offered. This would allow owners and developers to expand the geographic reach of potential clients.
Cloud Software
Cloud software such as property management and customer relationship management software has proven to be a game-changer in the real estate world with capacities to track assets and inventory, manage contracts, process rent payments, monitor construction schedules, ensure tax compliance and market and communicate to prospects and existing residents.
Essentially, these software applications are a one-stop-shop for owners who can now remain organized as their portfolio grows, and are more equipped to forecast potential costs, manage offers and closings, and analyze their own business performance for issues and improvements needed.
CRM Software
When it comes to property management client is the most important participant, it is important for a property management business to maintain and store customer information for better communication with the customer. Customer relationship management software will act as a communication tool and a marketing tool for your business.
Using cloud CRM software, managers can store customer information such as names, phone numbers, home addresses, and email addresses in one place. You can also track the data in many also you can edit, search, and cross-reference this data across fields.
Property Management Software
Nowadays property management of all sizes relies on software to streamline and automate their accounting, marketing, and even maintenance tasks. The use of cloud-based software systems saves time, money and improves organizational efficiency.
With an all-in-one integrated accounting and property management software saves you time by automating all your company’s processes and duties. Property Management software also helps you automate everyday jobs like issuing notifications when rent is due and communications through email.
Property management systems also save your money as the manpower required to manually perform these tasks becomes unnecessary. Property management system also gives property managers a clearer view of their resource distribution, allowing them to deliver excellent customer service.
Here’s are the benefits of cloud software for property management
- Safe Using cloud technology there is no risk in losing your saved information if there is damage to the hardware. Since all your information, records, and data are stored in the cloud so you won’t lose them.
- Accessible anywhere All your data is stored in the online, you and your employees can access the information from any computer, tablet or Smartphone via the internet.
3. Simple backup and recovery: Your data automatically get synced to the cloud server, making it easy to recover and restore previous iterations. Moreover, if your device is ever compromised, you will still be able to access all your data, as long as you have a working internet connection. This minimizes downtime and ensures your business stays up and running.
4. Cheap: One of the biggest benefits of a cloud solution is that you can save thousands in hardware and labor cost alone. Also, cloud solution comes with monthly subscription plans so you can pay for what use.
E-Payment System
Gone are the days of paper invoices and postage stamps.In 21st century people use e-payment system or online billing software. The electronic payment system for property managers has proven to be especially beneficial. Property owners are using electronic payments in a variety of ways to bolster their business and maintain consistent cash flow.
There are several advantages of implementing an e-payment solution. Here are some of the main advantages:
- Convenience
- Fewer errors
- Automation
- Payments with no manual efforts
- Timely transactions
- Security
- 24/7 processing
Marketing automation tools
Marketing tools such as email newsletters and social media posts will help your property management content marketing efforts. Marketing automation will be especially helpful for companies that want to run their own Internet marketing campaigns and drive more traffic to your website, marketing automation tools help in converting traffic into leads, and turn those leads into customers—all while saving you valuable time.
Conclusion
Technologies make property management transparent, easy, and versatile to drive optimized, streamlined services. Implementing and utilization of technology helps you manage properties with increased efficiency and agility that leverages your time and return.