2020 and Beyond: How Tech is Changing Property Management
Real Estate is one of the major industries that is progressing faster with technology. The real estate market has a huge opportunity to benefit and will continue to evolve with the use of Artificial Intelligence. As technology is reshaping every industry and its sector, real estate and especially property management, is changing faster with the incorporation of technology tools.
Maintenance Logging
A property manager needs to keep records on every property. Think of a usual scenario where the tenant report includes a complaint about a roof leaking. It is not easy for a property manager to remember the details of some old roof repair. A backend database for every property includes minute repair and maintenance information that the property manager can easily access.
Property managers can also track their contractors and technicians like plumber or carpenter at all times. Tracking them will ensure that they are not overcharging for time spent on a particular job.
Large construction or remodeling projects require complex organizations of timelines, tasks, priorities, and different contractors. Without technology tools, tracking the timeline and major flips would take much longer and would be very difficult to manage. Using the right technology tools can make project management easier and lowers the overall chances of any mistakes.
Tenants Ledger
Many property managers do not accept cash. Most tenants either pay online or through a check or money order. Holding cash is a major security risk that most property managers do not want to have. Not accepting cash always mean that tenant cannot claim that they have paid when in actuality they have not. All transactions are contained in an online ledger that the tenants and property manager can easily access.
Smart Phone VS Brick and Mortar
Smartphones are replacing the need for big and centrally located brick and mortar offices for property managers. Huge expensive offices to keep abundant physical files are getting substituted by keeping information about properties, tenants, and maintenance available in the palm of one’s hand.
Now, property managers are often seen spending much of their time in the properties they manage. They have everything on the cloud. It is much better for property managers to spend their time on the actual property they are working on their phones from the most convenient location.
The Current Situation and Potential of Tech for Property Management
Real Estate has started to gain maximum benefits from technology. Property managers are getting aware of and have started benefitting from tech options like Virtual assistants, smart contacts, and voice bots. Virtual assistants and AI chatbots help in answering consumer queries daily without any delay.
Smart tech options in real estate help to target millennials. Trigger messages sent by identifying certain keywords or actions provide great assistance in buying the right property and even making the mortgage experience easier. Technology is helping property managers provide property owners and tenants a better quality of service.
Final Word
With technology, property management is improving day by day. Rates can become lower than what they were 10 years ago with no compromise on services.