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By harnessing the potential of technology, property managers can marginally increase their chances of drawing long-term clients and retaining existing ones. Not only does it make their job easier by streamlining monotonous, yet critical tasks, it also helps them to cater to more clients and thereby, explore more profitable opportunities.
Many speakers at various property and realtor conventions have called attention to how PropTech can go a long way in reducing security risks as well as health concerns of tenants, especially in this post-COVID-19 landscape. Given that the market received a huge blow during the pandemic, such tools can prove to be a boon for property management businesses.
In this blog, we will dive into recent PropTech trends that can be game-changers for property managers:
With staying safe from COVID-19 being a top concern, tenants now prefer smart buildings that offer contactless experiences to mitigate chances of exposure. This includes sensor-enabled doors and elevators, smart buttons, self-cleaning handles, and more. With such additions, your tenants can enter and leave the premises without being forced to touch anything! In addition to increasing safety and showing that you care, such updates also make your job easier as you have to worry less about cleaning such assets.
More and more property managers are turning to AI tools to offer seamless customer service and support. AI and intelligent chatbots can enhance your lead management capabilities by finding the right prospects for your properties and answering their questions. And did we mention that it also makes running background checks a breeze? Therefore, we will see rapid adoption of AI screening technologies as we step into the next year.
The potential of AI in property management goes beyond lead generation and tenant onboarding. As stressed at several realtor conventions, responsiveness is one of the key aspects of providing a satisfactory tenant experience. With AI-powered chatbots, this process can be automated. Such interventions will dramatically improve the relationship between tenants and their property managers in the coming years.
Smart homes are gaining popularity in property management and real estate circles. Millennials have shown an increased interest in this trend as it gives them the best of both worlds—it is eco-friendly and makes everyday life so much easier.
For instance, everything—from turning on lights to playing music—can be done through voice-based commands, which is not only convenient but also can play an integral role in lowering energy bills. Then, there are intelligent systems and sensors that automatically tweak temperatures depending on the weather. All these developments are just the tip of the iceberg. To cater to an increasingly environmentally conscious crowd, property managers must ensure that their offerings have such amenities.
The future looks extremely promising for the PropTech world. To stay ahead of their competitors, property managers must adopt property management technologies to elevate tenant experiences. After all, people are now no longer satisfied with traditional offerings and they actively seek out innovative, smart spaces! To get a glimpse of what’s new in PropTech, do register for property management conferences of 2022, such as the Realty 2.0 Conference.
Shams cultivates a keen interest in PropTech and buying and selling trends in the world of real estate. He is currently exploring how to spot fake property investments schemes, real estate fraud, and scams, as well as steps everyone can take to stay safe from them. A bibliophile, Shams loves binge-watching shows on weekends.