Property management is the art and science of managing real estate. Property management services are growing at a phenomenal rate worldwide, with the United States alone accounting for around 34,000 property management companies.
Think of a property management firm, and one would instantly visualize an office, group of employees, contractors galore and so on – an expensive proposition indeed. This is how it has been for eon years. But technology is changing things and how! A wave of technological innovation is revolutionizing property management by ushering lower costs and better quality of services, and equipping today’s property managers with the property management skills to negotiate the complex market dynamics.
Artificial intelligence (AI) is reshaping the field of real estate. It is of immense help for the property managers to monitor critical maintenance systems, for owners to save time and money through automation of management and maintenance tasks, and for the residents to regulate their energy usage.
Virtual Reality (VR) devices such as Oculus Rift offer an engaging VR experience. The VR headsets are making it possible for property purchasers and renters to have an immersive view of commercial and residential properties in advance. Getting to know a place cannot get any better than this.
Augmented Reality (AR) does not create a new world, unlike virtual reality, but rather enhances that which is already seen. AR is a cost-effective tool for property managers as it can be used through smartphone technology.
A smart building controls its heating, ventilation, air conditioning, lighting and other operations with the use of sensors and microchips. These features enable the owners and facility managers to reduce energy usage, optimize space and minimize the environmental impact.
Big Data or the mining of a huge amount of data for information will help property owners and investors to make smart decisions regarding acquisition, management and disposition of a property. Estate agents will be able to diversify their offerings, providing customers with further value-added services.
Drones or unmanned aircraft systems (UAS) are no longer the stuff of science fiction. Drones can not only provide a breathtaking aerial view of a property, but also be employed for inspection purposes.
Streaming services such as Amazon Prime and Netflix are becoming the favored knowledge and entertainment choices of the modern generation. A good bandwidth is no longer a luxury, but a necessity. Buildings equipped with fiber optics are coming into vogue to fulfill the demand for faster internet in these 4G times.
Maintenance Management Software
Maintenance Management softwares allow property managers to record maintenance and repair work orders and manage work in real-time with the help of a mobile device, tablet, or desktop computer.
Bots are the future of customer management. Chatbots, powered by Artificial Intelligence, will attend to customer queries and supplement virtual project tours, thereby allowing the company employees to address complex matters.
Technology can be harnessed for a better tomorrow if all the stake-holders act in tandem.