The digital age is surely upon us with digital transformations occurring in almost every aspect of life. Industry, education, and business as a whole will never be the same as the technology around us shapes how we live our lives. Just about everything we do in life is now being consistently shaped and molded by the computers in our homes and the smartphones in our pockets. Historically the property management industry has been slow to adopt and embrace digital trends as it is based on construction and hospitality but that is all changing. Some experts are calling these technologies “disruptive” as others say their true impact is yet to be felt. However, no matter how you view it here are five digital transformations happening in the property management industry that you should know about.
Quite possibly the biggest factor for change in the property management industry is the increasing use of smartphone apps. It is no wonder as more and more people around the globe and the country increasingly use their phones to conduct a variety of business and consumer actions. Many people these days are using their smartphones to find properties, research them, and to ultimately make payments through these apps. This has led to a lot less stress and an increased feeling of control. Furthermore, these changes have made it easier for property management services to cater to their customers. It is predicted that these apps will only become more practical and popular in the year 2020 allowing property management professionals and customers alike to acquire necessary documents and tools right in the palm of their hand.
CRM and Big Data
This one goes hand in hand with smartphones and apps. Essentially the property management industry is a sphere of big data, with renters, agents, companies, owners, real property objects, and their characteristics. This makes it inevitable that property management services data analytics will become paramount for revenue generation and business development. Big data and CRM (customer resource management) tools can show you the activity and interests of potential customers. They can also be used to make predictions about the property buying or investment perspectives, market prices, or even overall market conditions. Digital trends are surely shaping the way we buy, sell, and research where to live and without these tools, you can often feel blind.
Another fascinating tool shaping property management service is the use of augmented reality. These tools can be used to take a tour of a prospective living location and help to secure a rental or sale of the property. Also, there are apps available that can scan a building and provide information about the spaces inside and other information about the property that could lead to interested tenants or buyers.
Do not worry, it is in the cloud! However, you may ask yourself what does that truly mean? The cloud makes it possible to access this data and tools from any device and at any time. Essentially all the information needed is stored on servers and can be accessed from a phone, tablet, or computer. This is great as it makes property management services simpler, but it also reduces the need for the person to person communications.
AI and Machine Learning
Artificial Intelligence (AI) and machine learning are changing the face of the digital market as we know it. Especially for property management professionals, this has become an advantage in the modern age. It is even predicted that many companies that do not invest in analytics will disappear by 2021. These amazing phenomena of the digital age can give your business insights into potential customers, regulators, competitors, business leaders, staff, and a ton of other crucial aspects including paperwork, fees, taxes, etc. This is truly one digital trend that is taking many companies straight into the future. Please visit here for more details: https://localdwelling.com/our-services