The Role Of Technology In Investment Property Management And Property Marketing Strategies – Technology has a big role to play in this area. But we need to change the trend of serving technology to technology serving people.
Here is an amazing statistic from Ashkán Zandieh, president and founder of the Center for Real Estate Technology and Innovation (CRETI) in Dallas: To date, approximately $1.5 billion in venture capital has been deployed in real estate management technology. That’s a 138 percent increase over the same period last year.
The Role Of Technology In Investment Property Management And Property Marketing Strategies
Property managers have discovered the benefits of technology, thanks in large part to requests from our tenants, residents and clients for us due to the Covid-19 pandemic. We see the management of the industry as years go by in a matter of months.
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(Full disclosure: I recently had the pleasure of joining Ashes in a special CRETI webinar titled “The Future Property Management in the Technology Era.” And I’m sorry for the annoying plug, but a free replay is available here.)
He often said that before the pandemic, real estate—and property management in particular—lagged behind other industries in the technology mix. While there is some truth in that, it is also clear that in some ways proptech companies are not giving up on their efforts to holistically meet the needs of our industry. As the Ashes statistics prove, that is clearly changing, and property managers, now armed with digital solutions to address both new and old performance issues, have responded.
I am proud to be part of a profession that is so quick to face the unprecedented challenges of the pandemic and embrace the technological means to do so, be it virtual tours, online income and payment firms, contactless technologies or more. used Of course, these technologies will exist in one form or another before 2020, but progress is a testament to the industry’s willingness to evolve through necessity.
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It should be noted here that there is not a dollar-for-dollar transition of all VC funding to practical applications, and the mandate that the technology is not the same for everyone. As Ash points out, there is a division of needs and resources.
“It depends on the organizational structure,” Ash said, pointing out that not every property manager has a strong institutional side with many properties under management and deep pockets for technological experimentation. Indeed, many managers – both in the multifamily industry and in the commercial sector – represent smaller properties or portfolios.
However, the focus on technology seems to be — and always will be — “bigger, better and faster,” according to Ash. “But is 5G necessary for the operation of my assets? Is it artificial intelligence? It is not given to the ungodly in a 10-unit building.” This, while there are great benefits to doing with great help, may not be necessary in every situation.
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For the size of our management organization, we cannot overlook the fact that we are in the business of caring for people. So yes, even though we’ve made fundamental changes in the way we do business, software development and systems are recognized as less of a “technology trend” and more of a “change management” game.
But we must stop to ask where the demand for new technologies arises. I advise not only on optimizing efficiency from a company management perspective, but also on the expectations of our clients and how they want to do business.
We can all remember a time not too long ago when many in the property management industry declared that, with the rise of so many digital resources, the management of their property or real estate company has turned into a technology company. I agree with Ash that this view is very narrow. Technology is not the end, nor is it the end of the game.
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The goal is: Free time from repetitive administrative tasks (busy work), and allow people more time on the most important activities. That is, using technology applications (available at a price point that won’t break the bank) for “home” tasks and “busy work,” allowing your employees to provide—and their customers to use—the extraordinary. experience
Technology certainly has a big role to play in many areas, from security and energy control to operational efficiency that can increase the value of a property or portfolio. But we need to reverse the trend of serving technology and reframe our expectations that technology should serve people … to make the world better for people.
Barry Blanton is IREM’s 2022 president, and also serves as chief emergency officer and chief executive officer of Seattle-based Blanton Turner. In the ever-evolving multifamily real estate investment landscape, embracing technology is no longer an option – it’s a strategic imperative. From streamlining operations to improving the tenant experience, technology is revolutionizing management and equipping investors with the tools they need to succeed in a competitive marketplace. In this blog post, we’ll delve into the cutting edge technology trends that are making real estate management and active investors more efficient in their multifamily investments.
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Modern asset management platforms have evolved into sophisticated systems that centralize operations, communications and analytics. The platform gives active investors the ability to remotely monitor multiple properties, track rental income, manage maintenance requests and resolve performance metrics, all from a single dashboard.
Predictive analytics is a game changer for hiring managers. Using historical data and advanced algorithms, predictive analytics help investors identify market trends, predict rental demand and predict potential valuations. These insights guide strategic investment decisions and maximize returns.
VR and AR technologies are changing the value of real estate and the tenant experience. Active investors can view properties virtually, allowing potential tenants to explore the units, amenities and common areas from the comfort of their own home. This technology enhances marketing efforts and attracts a wider audience.
Top Property Management Technology Trends For 2023
The Internet of Things (IoT) has ushered in a new smart home. IoT-enabled devices, such as smart thermostats, series and security systems, can increase the efficiency of property management by providing tenants with a modern living experience. These machines can be controlled remotely, optimizing energy use and safety.
Automated communication tools streamline interactions between investors, property managers and tenants. Email automation, chatbots, and SMS alerts with timely responses make it easier to handle inquiries, support requests, and locate innovations. This technique enhances tenant satisfaction and improves overall property management.
Resort technology is revolutionizing business management by providing transparency and security through transactions. Smart contracts, for example, can automatically secure contracts and payments, reducing administrative burdens and increasing trust between investors and tenants.
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Active investors are increasingly using technology to improve energy efficiency and sustainability. IoT devices can monitor energy consumption, while advanced building management systems optimize heating, cooling and lighting. This solution reduces operating costs and increases in line with environmental concerns.
Virtual property management teams leverage remote collaboration tools to efficiently manage properties. A team of remote professionals handles a variety of tasks, from maintaining communications to maintaining coordination. This approach gives active employers access to the best talent without geographic limitations.
The mobile app enables active investors with on-the-go asset management. From approving maintenance requests to reviewing financial reports, the app provides real-time insights and facilitates quick decisions to effectively manage property management.
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Investor confidence and tenant privacy are paramount in the management of the property. Technology trends include robust data security solutions, secure payment gateways and compliance with data protection regulations.
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