The real estate industry has undergone a huge transformation in the recent years owing to the incorporation of varied new-age technologies. The purchase, sale and management of real estate have been revolutionized, to an extent, by technological advances like big data analytics, blockchain, artificial intelligence and virtual reality. As per Kanat Sultanbekov, property managers of today have embraced many tech advancements for the purpose of streamlining operations and boosting overall efficiency.
Kanat Sultanbekov talks about the role of technology in modern property management
Harnessing varied technologies allows property managers to provide improved value and transparency to tech-savvy consumers and tenants. Technologies like automation and artificial intelligence have become all too common within the property management space. Property management companies today make use of cloud-based software, as well as online portals with provisions for virtual tours, applications and rent payments, to improve the efficiency of their business.
Many people believed that the integration of self-service leasing alongside the shift toward increased automation in maintenance and complex accounting tasks would lead to the redundancy of the leasing staff. However, so is not the case. Rather automation helps in reducing the resources and time required to complete varied manual tasks, making sure that the staff gets to focus on other important functions like improving the well-being of residents.
The impact of discerning technologies, property management software in particular, has extended to not just vendor and staff communications, but also tenant communication. Mobile applications and online portals help property owners, staff and tenants to competently improve transparency communicating in real time with the help of online messaging and community notifications. These platforms also help in safeguarding documents, maintenance requests and feedback in a single location.
As Kanat Sultanbekov says, property managers can make use of data collection and analysis for the purpose of gaining valuable insights into industry trends and pricing, tenant behavior and preferences, as well as marketing strategies and other essential metrics. This shall help them to capably identify patterns and develop a cohesive approach in regard to improving services and maximizing market potential while reducing operational costs.
Millennials and Gen-Z represent the largest generations in the workforce at the moment. They are also rapidly becoming the largest group of renters. These digital natives essentially expect seamless technology integration in their daily lives. In order to develop and maintain communities that meet the needs of these generations, property managers should continue the use of automation and artificial intelligence in order to deliver easy, streamlined, accessible consumer services.
Property managers should try to select and leverage intuitive software and tools that do not require extensive, time-consuming or costly staff training or upgrades to ensure continued efficiency and engagement. Today there are many mobile apps and social media platforms that can be used by property managers to connect with potential tenants and ensure a more targeted marketing experience while boosting sales. Mobile applications can also empower property managers to handle tasks remotely. They can access real-time information, respond to tenant inquiries, and manage property-related issues from their mobile devices, which ultimately enhances flexibility and responsiveness.
