It would hard to find an industry where technology hasn't come along as turn things upside down. The property management industry is no different.
Property management companies and individuals around the globe are embracing PropTech. Those that are adapting and embracing these new technologies are seeing the benefits.
These benefits bring many opprotunities with them. From reducing expenses to increasing efficiencey they can be a game changer.
It's no surprise then that more and more property management firms have realsied this. Albeit some more slowly than others. But we are seing more incoporating tech into their everyday business.
SMEs and startups dealing with technology are at the frontlines driving the change in the real estate industry. Producing tech that can save time and help businesses manage more effectively.
This all falls under the eumbrella of PropTech. There are a lot of options to choose from, with more poppping up each day. But what are those that are truely defining the property industry?
Whether you an indiviual, property mangement company or an Right To Manage company PropTech needs to be on your radar.
Here are our PropTech trends you need to keep an eye on.
1. Augmented Reality and Virtual Reality
You'll be forgiven if you often get this two technologies confused as it happens quite a bit.
Both of these technologies tare immersive. This means that they combine real-world and virtual elements. However, they do have some differences.
Any one who uses virtual reality usually needs to wear a VR headsets. After that, their brains sense and believe that they are indeed in the computer-generated reality. You may have seen some funny viral videos which can attest to how real people think these are.
Augmented reality however provides digital information to the world’s reality. What it does is to enhance the real world with digital information through devices such as tablets, smartphones, or its glasses. More and more brands in almost all industries are attempting to figure out how to use this best.
Uses of VR and AR
VR is used in the property management industry by sales and marketing departments to show their prospective customers how the asset they are offering will look in the future in a sophisticated manner. It is also used to offer a tour of the real estate without having to be physically present.
Pretty hand right now wouldn't you say?
AR is used by tenants through mobile apps to visualize how, for instance, the furniture would be arranged, and the walls would be painted. Tenants have been assisted in getting acquainted with their new spaces.
This key trend has proved to be invaluable as many real estate companies are finding it difficult not to use it. Many property managers have been forced to incorporate it as a way of advertising their property.
From a customer point of view its been reported this has helped with their overall experience. It's a bit of added excitement for them and also helps visual the place better than pictures ever could.
It’s a great way to showcase your property an impress potential a tenant. Why wouldn't you use it?
2. Aerial drones
Drones have been up to alsorts of the past couple of years, not all of them good. But in the property industry again they are doing a world of good.
Whilst not all truly appreciate the opportunity here those that do will stand out from the crowd. Imagine you have a apartment or house that's in an epic location, the drone will perfecly be able to capture that. Potential tennants or clients will fall in love with it!
You'll hve camera technology that is able to take all forms of images such as 360 degrees panoramas and multiple overhead map images.
Residential and commercial types of real estate mostly use aerial drones. Properties and homes, especially the ones that are bigger in size, are way easier and cheaper to get a tour. All the while not sacrificing the experience of the prospective owners.
You'll ensure prospective tennants or buyers get a real feel of the home‘s or property’s size. They could also get a wonderful tour of the town or neighborhood that they are considering to move to. Again helping sell the idea of living there.
This technology has helped many property management firms to have some competitive edge against their competitors who aren’t using the technology. This is because they can showcase any view from anywhere to their prospective tenants.
It has enabled people to get the entire layout of a property and everything in its vicinities such as parks and other amenities.
3. The internet of things (IoT)
IoT is literally in, and has changed every indsutry today. The property industry wasn't left out of its wake either. Some may argue IoT in the property is still in its infancy so this could be a trend to get ahead of right now.
At it's core Internet of Things (IoT) is all about connection. Connection between smart devices, WiFi, beacons, etc. so data can be collected. This data can be on aspects such as lighting, temperature or even the presence of people.
The aim of the IoT is to connect property owners, managers and even tenants to each other. To share data to gain insights on everyday activities, and then support them.
So it's no surprise that Forty-three percent of U.S. property managers agree that IoT will greatly impact them over the next few years.
In may sound cliche but, the possibilities are endless.
With connected smart devices throughout buildings and homes property managers will be able to improve on a load of things. We're talking service delivery, cost cutting, and gaining greater insights, that they probably have never had before.
They will be able to get data on the inner workings of their buildings and the habits of their tenants.
Two use case examples include:
Smart Temperature Control
Allowing automated temperature control for heating or cooling based on tenant activity. This could greatly reduce energy bills.
You may need smart thermostats installed in your properties but in the long run this will save you money. It could also increase rental value as tenants will know they may be paying less in ultity bills.
In fact 86% of Millennials would be willing to pay roughly 20% more in rent because of that. All you need is an apartment equipped with remote thermostat controls, smart locks and automated lighting. Easy.
In buildings with shared laundry things can quickly go wrong. Either they are never availavle or they are always broke. One way arodun this is choosing a supplier that offers a smart laundry system.
With a smart laundry system in place tenants could pay via their phone, keep an eye on availability and send maintenance request directly to you. Or straight to the laundry company if you wished.
This will save you a lot of time and headaches fussing over laundry maintenance requests.
The impact of IoT has been and will continue to be big.
From making tenants live more easier, to improving effiencies of management companies. In some cases insurance costs have even been reduced. This is because any potential damage is spotted and solved before it gets out of hand.
IoT is a welcome trend that we hope continues.
Keeping an eye on the future
The trends mentioned above are really only the tip of the iceberg. There are plenty more, and still more emerging tech that will change the property industry for the best.
If you don’t even consider incorporating some of these trends into your business you will start to fall behind as your competitors will. Those who take the time to figure out how to properly incorporate these will benefits the most and have the increase in deal closes to prove it.