The real estate industry was never at the forefront of the early adoption of technology. Even today, when the advances
we’ve made over the past decades have disrupted virtually all the major industries, property management appears to
be almost impervious to the evolving world around it. The cracks are still there, and as soon as enough people begin to
adopt new management techniques, the competitive wave will tear down the floodgates and reshape the face of the
industry as a whole.
Building Information Modeling (BIM)
BIM technology has taken root in the construction industry, and BIM is also beginning to influence property
management. 3D modeling tools designed to share information on the digital model between engineers can be used
successfully by property managers for detailed monitoring, visual planning, thermal manipulation and, finally, technical
management and service delivery to occupants.
The development of dedicated tools for property management.
Property managers have always used different technological tools to do their job. These pieces of software were isolated, generalized solutions never designed around the manager’s work obligations, making the industry’s transition into the digitized world of pedestrians and limited. The introduction of dedicated software for property management that allows access to all industry-related features and information has dramatically changed the pace at which this overhaul is being enveloped.
Moving into the cloud enhances efficiency.
Although we have become so accustomed to it by now, the commercial introduction of cloud computing in early 2010 brought about a huge change in the business world. The ability to share and collaborate on important documents without passing a copy to another party has made everything faster and smoother. Property management is undergoing a similar change at this time. Communication between landlords and tenants becomes effortless and superfluous meetings that are logistically demanding.
Options for Tele commutation
Most of the “paperwork” from any decent smartphone can be done today. This development brings in the real estate business a welcome change of pace. Businesses at the forefront of adoption of virtual property management tools can allocate part of their workforce to their homes. As a result, their operating costs will be reduced and the companies will become more competitive.
Tracking of maintenance
It can be a daunting task to keep track of all the maintenance issues reported in some property and the resulting interventions over a longer period of time. Property managers today have easy access to maintenance data that allows them to react faster to potential problems and even anticipate them. For example, a property with a history of plumbing problems during the winter months might benefit from plumbing reinforcement. Each new upgrade or intervention is safely stored for further analysis.
Cash transactions are not considered particularly safe in the real estate world. When asked to provide proof of payment, it is often difficult for both parties (tenants and property managers) to do so. Things have become much easier with the introduction of property management platforms and online transactions. Once the transactions have been completed, the money leaves a clear and easily traceable trail that can easily be presented as evidence. Tenants also get a presentable payment history that can help them bid for on-demand new properties.
Profits for tenants
All of the things we covered make industry work easy not only for property managers but tenants as well. Transactions, meetings, space planning, maintenance – it has become streamlined and simple to actively involve all these tenants’ activities. The direct result of this development is that tenants are more likely to work with property agencies using these advanced software solutions. This, coupled with the proposal of lower operating costs, will force the remaining companies to participate more actively in this transition. As we can see, real estate business may look impervious to current advances in technology, but only externally. As we can see, real estate business may look impervious to current advances in technology, but only externally. So, the real question is not when the real estate industry will begin its much-needed evolution – the wheels are already in motion.