How Proptech is Diversifying Property Management

Proptech is facilitating the deal-making process and ensuring buildings are operating more efficiently. However, the benefits of proptech don’t just stop there. It’s also bringing in new and innovative ways of working and disrupting the traditional image of the industry.

2017 was dubbed as proptech’s breakthrough year. Many property managers are facing a fear that it could decrease the value in their job. However, you can use it to enhance, not detract from the role of the property manager.  In fact, the role has changed for the better and is much more diverse. But how and why?

Busting the Stereotypes

Property management is traditionally a role which seemed very practical – involving handling day to day activities in keeping a building operational. Employees were plumbers, electricians or other similar roles and understood what needed doing.

In comes proptech. Now there is so much technology intertwined in the original processes that it involves a strategic and analytics approach.  This introduction is also changing the way the industry recruits, busting the conventional stereotypes in both real estate and tech.

Millennial Effect

Proptech is rising but one factor about the tech trend that is overlooked is the group driving the change. Millennials and generation z.

According to research from Property Weeks Power of Proptech survey, the property industry has started to embrace protech – 61% commenting that tech will have a positive effect on revenue. When comparing the survey from 2017 to 2018, it is clear that further change is coming. This may be to a result of crowdfunding and investment platforms which have opened possibilities to younger generations for property investment and beyond.

There’s no questioning that the introduction of so much tech has introduced a whole new crowd to property. It’s giving young people the chance to compete, with an advantage.

Provide An Experience

With the right customer-facing proptech, there can be a great contribution to growth and retention. It can be used to improve customer experience within buildings and can contribute to maximise efficiency and simplify processes, creating a better environment for everyone.

We are now in a time where property management is much more about customer experience. For teams such as ours,  we want to provide the best experience for both landlords and residents and are now understanding just how the future is tech-enabled conversational and experience- focused. Experience, however, doesn’t just mean amenities it means satisfaction with the building and facilities, building processes and customer support.

Remote Management

Whether a commercial office or a residential block, it’s vital that the way a property management team communicate and handle relations evolves alongside any expectations of the tenant.

People are remote. They want near immediate chat and response when it comes to customer support. Not only this, but they don’t want to pick up the phone, they want the option of chatbots and more. Just like they turn to their smartphone for almost everything in their daily life, this way of life extends into property management. Proptech is allowing our teams to be more remote than ever.

Reputation

Another realisation for landlords and property managers is that reputation needs to grow and evolve too, certainly, if they want to stay competitive in a market where residential, commercial and working spaces are changing. Coworking spaces and experimental workspaces are no longer just a nice-to-have, but more of a must-have for businesses that want to not just recruit, but to retain. Proptech isn’t just a rising trend anymore, it’s becoming a part of a property managers reputation.

A New Generation of Customer

Customer habits have changed, alongside expectations. The rise of tech, not just for property managers, but for the customers too, now means that people expect and demand faster solutions.

Property managers were once the gateway to the landlord and only contactable in times of crisis, today’s residents expect less reactive engagement with their managers and more of a proactive approach.

If your customers can get a taxi, order a takeaway or view a property online at any time and have it at their door almost instantly, why can’t they have the same level of service for communication with their property manager?

Digital solutions within proptech can help us become more in line with the customers and their need for demand. Not only does this make for more satisfied customers but it also makes you stand out from the crowd.

A Change For The Better?

Fear is embedded into us as humans, so it’s no surprise that some areas of the property industry have been reluctant to take on proptech and other tech-based solutions This also happened within others industries such as accountancy.  Just as accountants opened their books to the likes of Xero, which sped up processes and streamlined everything overall, the property industry is also coming around to the various benefits of proptech. It’s beginning to be a solution, not a problem.

Conclusion

As one of the most significant impacts right now within property management – and the property industry as a whole – it seems to be bringing limitless possibilities. It has already shown to make a big difference in the lives and jobs of property professionals worldwide.

 


Written by Daniel Robinson on the 7th February, 2019 

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