Despite being slow to adapt to new changes, the property management industry has made big strides in recent years. Smart locks for self-showings and block chain transactions for landlords, and virtual assistant real-time updates are just some of the technologies adopted.
Modern property management technologies affect the industry and change the way managers conduct their daily operations, resulting in a more efficient and organized industry.
For property managers, machine learning and artificial intelligence seemed too far-off a concept yesterday, but today these are essentials that must be considered when societal digitalization is being applied within a global pandemic.
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7 Property Management Technology Trends
Developing software by following dominant trends blindly was never a winning strategy. Instead, startup real estate companies would do better to examine the future trends and find ways to apply new technologies and innovations to drive even greater value with their final product.
We have listed below some ways startups can capitalize on modern property industry technologies to add value and cut costs.
3D modeling and AR
Despite the rising price of housing, the cost of construction grows simultaneously. When building, conceptualizing, and designing for the future, such technologies as 3D modeling and augmented reality seem to be the most sensible for adapting to changing market conditions.
Using 3D visualization, one can create a realistic model of a future building. Augmented reality allows to avoid costly mistakes by visualizing even the smallest details because it allows to see the most minute details.
Artificial intelligence and machine learning
ML and Al can both be used to manage real estate. Using Al, sophisticated real estate solutions can analyze the market for a specific property and recommend to the investors the best strategies to purchase or sell it.
Blockchain and smart contracts
Among the most prominent trends in real estate for startups is property to kenization. By implementing this practice, certain property can be turned into tokens that can be transferred safely from one party to another.
Using smart contracts based on the blockchain industry ecosystem is also a current trend in property management. With this technology, the contract process can be automated, saving time and effort for both parties and enhancing the security and transparency of real estate deals.
Use of cloud
Cloud computing makes us mobile and lets us stay connected to our work activities at any time. By using cloud-based software and services, you don’t need to be physically present close to a server to get information about tenants, such as their contact information, moving dates, and unpaid rent. All this information is at your fingertips.
In addition to simplifying property managers’ lives, cloud computing also helps them save money and make better decisions faster.
SaaS Software Technology
Property management is all about automation this year. To scale up their business, managers need technology to help them to handle their rising workloads. SaaS software based on cloud computing is delivering the required capabilities.
Security systems will assist property managers and landlords in protecting their amenities. Having a protected property increases its value in the eyes of renters who value safety.
Mobile phones make it possible for tenants to monitor video surveillance, reset codes, and manage access permissions from their living spaces. A few landlords even deploy drones to monitor entire areas, rendering the security system bulletproof. The rental market is likely to see more technology-driven properties emerge in the next few years.
It is expected that the real estate and property management industries will experience massive shifts and innovations in 2022-2023. These property management technology trends will ease property management and building work. At Pickspace, they prepare a full-fledged solution in accordance with the latest real estate trends and top-notch development practices. It is a smart software that helps property managers stay on top of their duties and get rid of mundane repetitive tasks. Contact Us!