Commercial & Property Management Is Changing For The Better

For the majority of industries that are driven by innovation, it is technological advancements and global trends, and this is especially true of the property management sector for residential properties. Rent markets continue to be influenced by social, economic, and technological developments in terms of business issues and demand from residents.

As property management teams rely on the latest technology to increase efficiency in their operations, expand their business, and meet client expectations, three main developments are driving the shift: The Internet of Things (IoT) and consumer fintech, as well as remote working. Since these trends bring about a radical change in a wide range of industries, there’s much that business leaders can take from their influence upon the residential real estate market and, in the end, how technology for property (proptech) innovations is helping property managers cope with these challenges.

The Internet Of Things

The rise in cell and wireless connectivity for everyday objects, also known as the Internet of Things (IoT), enables new services and real-time constantly-on communications. All over the world, IoT devices are predicted to increase by three times in size from 9.7 billion at the end of 2020 to more than 29 billion in 2030.

In real estate, the advent of IoT has dramatically increased residents’ need for innovative home technology. It has provided a possibility for real estate managers to increase efficiency by automating routine tasks.

Innovative home features can be a desirable attraction for prospective tenants. Their integrations with proptech devices can improve efficiency for property managers, including cost energy, time, and effort savings, for instance. For instance, connected smart locks allow access to the lock without keys, which means tenants don’t need to be at home to attend maintenance visits or will enable a dog walker in when they’re working. Property managers also don’t have to deal with several sets of keys. We’re also seeing an increase in rental demand for intelligent home features like home automation with voice Smart thermostats, smart home automation, and IoT appliances.

However, IoT adoption has yielded many other benefits to property managers. They can consolidate back-office and leasing functions such as utility management, inspection maintenance, and access control with the help of new platforms. When these proptech options are seamlessly integrated into the business property management system and accounting software, this unified technology stack provides an information source consistent throughout the company. This gives management more time to concentrate on resident experiences and other business functions that generate revenue and less time to focus on lengthy administrative tasks.

Fintech And Flexible Payments

Consumerization has triggered a massive change in the world of banking and finance using fintech applications and apps that put transactions and decisions in the consumers in their hands. More than 90 percent of Americans now use fintech apps to manage their finances. In turn, they expect seamless digital payments whenever they travel, whether at the supermarket or restaurant or paying rent.

Innovative property management software solutions allow management to implement the most advanced financial infrastructure to meet the residents’ needs. Instead of sending monthly checks, renters can pay via an internet-based portal or a mobile application such as ApplePay. Regarding operations, integrations enable management to securely connect their bank accounts to the platform and then set up automated transactions. For example, property management software that integrates with Plaid gives a more simplified financial experience and computerized transactions.

The new alternatives to security deposits offer greater financial flexibility and increase traditional cash and check payments by using electronic payment options. Security deposit options can provide an improved experience for renters by lessening the financial burden associated with moving while also providing the same level of security to property owners. Property managers will also need to spend more time tracking deposits and returning deposits, creating a seamless process for everyone involved.

Remote Work

More than half of Americans–approximately 92 million people–now have the option to work remotely at least part-time. This change, initially conceived in the aftermath of the outbreak, has dramatically changed the economic landscape and the habits of millions of people and habits.

In the rental market, remote work is changing residents’ long-standing habits and expectations. Many residents are looking for larger living spaces that provide workspaces and home offices. This is why more than one-third of the cities plan to construct larger homes to meet the growing need. Apartments with luxury rentals are incorporating new facilities (paywall) like high-quality office and co-working areas, often decked equipped with meeting rooms and high-speed WiFi and videoconferencing.

Remote work is a trend that has created new revenue possibilities in the rental sector. For instance, there is a surge in demand for temporary rentals since remote workers are looking to benefit from the ability to live or travel in different places. Numerous property managers have added short-term rentals to their portfolios to accommodate this need. Specific property management platforms are introducing new functions that make it easier to manage short-term rentals using a mobile-first experience.

What This Means For Other Industries

These tendencies will continue to shape consumer behavior and expectations through 2023 and beyond in various sectors. For businesses to succeed, they must not just keep up but concentrate on ways to profit strategically from these new options.

The latest technology platforms offer a wealth of benefits for business owners, including increased efficiency and the ability to automate mundane tasks to lessen friction between users and speed up payment processing. While the expansion of tech-related deployment and other global trends influence the entire business world, managers can consider this software integration to solve urgent issues and enhance customer satisfaction.