While the effects of the pandemic are still prevalent across some sectors today, the property management industry continues to maintain a healthy spot in the world economy.
Vantage Market Research recently analyzed the global property management market and discovered that a growing need for SaaS solutions and workplace mobility will boost the industry’s market value to $29.1 billion by 2028 — a compound annual growth rate (CAGR) of 9.5%.
But how do you keep up with a growing industry as a property manager? It all comes down to investing in the appropriate technological advances.
Let’s take a look at the five most important tech trends in property management that will help streamline your workflows and boost your bottom line over the next few years.
1. Cloud-based property management software
At the core of property management is the need for efficient, reliable software like a real estate crm.
But not just any software. Software that allows easy access from anywhere in the world and is highly secure.
Cloud-based property management software is an excellent option for owners and managers who want to reduce costs, increase efficiency, and simplify processes.
These tools have the potential to streamline your business by integrating multiple functions into one platform and allowing you to manage all of your properties from a single location.
With the help of cloud solutions, you can save time and money by storing legal contracts, resident agreements, and service-level agreements on a single platform.
As you accumulate more sensitive data from residents, it’s essential to enhance your security protocols. The last thing you want is a lawsuit on your hands.
Thankfully, cloud-based systems are extra secure from external threats like hackers. Why? Because all your data remains on servers with advanced data center infrastructure rather than sitting directly on your computer hard drive.
2. Mobile applications
Another important tech trend in property management today is mobile applications.
These apps make it easier than ever for you to stay on top of your day-to-day tasks, such as:
- Communicating with residents
- Managing routine and emergency maintenance
- Collecting rent
- Delivering packages
- Booking amenities
For instance, property management technology (proptech) makes managing courier service deliveries in apartment buildings a breeze. You can streamline deliveries and efficiently distribute packages to residents without relying on a front desk.
Or, improve the rent and HOA fee collection process by accepting various payment methods in one simple application. You can also schedule payment reminders with the click of a button.
Take your mobile application to the next level by incorporating a feature where residents can get 24/7 support from a virtual administrative assistant. That way, you can immediately help residents via video with any queries they may have, allowing you to manage properties in multiple cities with ease.
3. Blockchain and smart contracts
Turning a property into non-fungible tokens is one of the most prominent trends for real estate startups.
Property tokenization provides opportunities for selling business assets by transforming them into tokens that can be safely transferred between the contract parties.
With the help of smart contracts (based on blockchain technology), you can automate the contract process, saving time and effort for both parties involved.
The best part of all? Smart contracts are secure and add transparency to these real estate transactions.
4. Virtual and augmented reality
Why not go virtual with some (if not all) of your sales strategies?
Virtual reality (abbreviated as VR) and augmented reality (abbreviated as AR) are some of the fastest-growing property management trends. VR allows you to immerse someone within a 3D environment, while AR overlays digital information on top of the real world.
Both technologies have become more accessible over the past few years, and there are many ways these technologies can improve your sales.
For example, virtual tours allow you to showcase your properties remotely without visiting them physically.
This technology is particularly helpful in reducing friction in the sales process, like booking residents or selling vacant units. It allows potential clients to see inside a property without worrying about scheduling conflicts or traveling across town.
On the other hand, augmented reality is useful for staging purposes. For high-end staging, a 2,000-square-foot home can cost around $2,000 to $2,400 a month.
That’s pretty pricey. But staging a home is essential because it helps potential buyers envision how great it’d be to live there with a bit of added furniture and some decoration.
You can create a similar experience for prospective residents by spending a fraction of the price on virtual staging. And HomeAdvisor reports that staged homes spend 33% to 50% less time on the market.
5. Search engine optimization
With more than 90% of online instances starting with a search engine, every business should invest in SEO (search engine optimization).
Real estate SEO is a long-term strategy that can help increase website traffic. It’s not just about targeting high-volume keywords and scoring links from authority sites but also about creating high-quality content for your audience.
SEO isn’t a quick fix — it’s an ongoing process that requires dedication and patience. However, the effort you put into it’ll pay off in the long run.
If done well, it’ll help improve your rankings on Google search results pages (SERPs). With 95% of search traffic, going to the first page of Google, it will result in more people finding and visiting your website.
That means more opportunities for turning visitors into paying customers.
It’s no secret that we live in a digital world. And staying up to date (or ahead of) the latest tech trends can help give you a competitive edge.
While these are just a few examples of the technology trends affecting property management today, they illustrate how quickly things are changing in the industry. So don’t wait until the technology is obsolete to jump on the bandwagon. Set yourself up for success by investing in the appropriate cutting-edge technology that’ll take your business to new heights.
About the Author
Ryan Robinson is a blogger, podcaster, and (recovering) side project addict that teaches 500,000 monthly readers how to start a blog and grow a profitable side business at ryrob.com.