Top 5 Tech Trends in Property Management

Recent trends in property management, particularly in residential multi-housing, office and retail, focus on the needs of the customer. State-of-the-art technologies now consist of a variety of helpful tools that people can use to buy property, or at the very least, know more about available amenities and assess a panoramic collage of photos to make an idea of the place. Believe it or not, buying property is now easier than ever. The internet can help people make an informed decision; however, they must also be very careful as what they see online is not always what they get. Here 5 property management tech trends you might want to take account for this year.

1.Greater need for market intelligence and research for residential and commercial properties

Investing in real estate successfully is all about having an offer a prospective buyer (resident or tenant) can’t refuse. We're currently dealing with a boost in tech-based technologies in the real estate market; intelligent tools are starting to be widely used by both realtors and prospective buyers, and the best ones can actually determine whether or not the time to invest is now. For instance, multi-family housing provides access to a broad database of sources and sensible statistical methodologies, including reports that cover the best 100 markets on a national level, as well as additional legal support, exclusive real estate and financial databases targeted particularly at the commercial housing industry.

Proper online research helps investors make decisions that can boost the overall value of their investment. Well-crafted tools help you make smart acquisitions and development choices, but also come up with suitable disposition strategies and efficient operations. The solutions available provide sophisticated and timely support meant to ensure that buyers don't miss out on a great deal. In real estate, advanced technologies help us stay updated with the most profitable market opportunities.

2.Increasing demand for residential tenant screening and exquisite commercial technology systems

By using advanced screening and tenant technology, owners and investors can easily improve profitability via rental payment history, ledger-level integration, rental credit checks, and in-depth criminal background. Residential screening and tenant technology tools can also be used to calculate risk values associated with the score of an aspirant tenant, thus predicting risk. Basically, asking potential tenants an increased deposit helps you stay protected from unforeseen end of lease costs.

Scoring applicants instantly and automatically via advanced technological systems keep investors away from candidates with a low credit score or negative reviews from former proprietors. Tools aimed at residential screening technology are excellent at spotting the best tenants, as well as steering clear of unreliable occupants.

3.Increasing demand for buying property online

There many systems that facilitate the purchase of a residence via the internet. However, in spite of these fully functional platforms, some people still want to buy in person. Recent trends are focused on the needs of the customers in the online environment. How can technology persuade more people to invest in real estate online? Due to vendor credentialing systems, investors and property owners are now able to keep track of property expenses, as well as make sure that approvals are obtained before ordering any other services and goods. Current systems are directly linked to risk management processes meant to guarantee that vendors and suppliers can adhere to regulatory requirements, insurance demands and licensing.

4.Boosting data integration requirements for software specific software and property management applications

The NMHC, in collaboration with MITS, has recently come up with a standard template that allows it to share data. Exchanging data between multi-family software systems are breaking a few barriers only to make sure that the information shared between processes and systems is consistent. The need to come up with customized data each time a new investor attempts to access information using a property management system is diminishing, thus reducing extra costs.

5.Expanded revenue management software

Last but not least, this year we'll witness an expanded usage of property management software; the best program will allow investors to a set up a pricing range based on present and future market conditions in local regions. The technology enables a more systematic and automated approach to determining rent prices. Nevertheless, further research still needs to be conducted on the efficiency of revenue management software programs.

There's n doubt about it - property management software is here to stay. However, as technology improves and becomes more sophisticated, owners and investors must learn to use it right. After all, since most hotel owners adjust their prices based on current economic trends (supply & demand), why shouldn't property owners do the exact same thing? By Denny Averill and!

Post a Comment