Technology has revolutionized the way almost all industries operate, including property management. Property management involves tasks like tenant screening, lease negotiations, rent collection, maintenance and repairs. As Kanat Sultanbekov says, with the integration of technology in property management, it has become easier for property managers to manage their workload, increase overall efficiency and productivity, and streamline their operations.
Kanat Sultanbekov provides an insight into the impact of technology on property management
Technology has emerged as a transformative force in the ever-evolving landscape of real estate, and is reshaping the property management sector. The integration of technology into property management practices helps streamline operations, improve tenant experiences as well as boost the bottom line for investors. Here are a few ways technology has impacted property management:
- Streamlined operations and efficiency: Modern property management software helps in centralizing data, automating tasks and optimizing workflow. These tech-based solutions not only save time in property management, but also lower the margin of error, thereby improving overall operational efficiency. Tasks like managing maintenance requests, financial reporting and rent collection have become quite efficient and hassle-free today due to technology.
- Data-driven decision making: Data is power in the world of investment sales. Technology has made it quite simple to gather and analyse data associated with market trends, tenant choices and property performance. Cutting-edge analytical tools available today provide valuable insights, and help property managers to set rental prices, uncover ways to lower expenses and make investment choices based on the latest information.
- Enhance tenant experience: To maximize property value and retain long term leases, it is vital to keep the tenants satisfied. Today user-friendly platforms like tenant portals and apps are available that makes it easy for the tenants to submit maintenance requests, manage rent payments and even interact with property management. Such digital solutions go a long way in improving the tenant experience by offering swift resolutions and fostering improved communication between tenants and property managers.
- Smart buildings: The rise of the Internet of Things or IoT has paved the way for the development of smart buildings. IoT gadgets are today used to oversee and manage various building systems remotely. These building systems can include lighting, HVAC and even security. Smart Building technologies allow for proactive upkeep, as well as boost energy efficiency. It helps lower the operational expenses of a property and can even boost its valuation.
- Virtual Tours (VR) and Augmented Reality (AR): VR and AR technologies have transformed the manner in which properties are shown and toured today, and help enhance the overall leasing and buying process to a good extent. Potential buyers and tenants can enjoy the convenience of remotely exploring properties today, which saves a lot of time and hassle.
As Kanat Sultanbekov says, the impact of technology in property development even extends to marketing and leasing properties. Owing to the increasing prominence of targeted social media advertising, immersive 3D virtual tours and online listing platforms, it has become quite easy to showcase properties to prospective tenants online. This modernization has contributed to streamlining the leasing process, leading to shorter vacancy duration.
