How has Property Management taken a giant technological leap post-pandemic and what to expect in 2021?

The pandemic has ruffled the feathers of our lifestyle. It has transformed our interaction with public places, the way we view life as it was and affected how we work, learn and play. It has forced businesses to flip their methodologies and lean towards technology to enable business continuity and survive the aftermaths of this apocalypse.

Property management hasn’t been immune to this change. In fact, in the past one-year post-pandemic, property management companies have taken a deep dive into technology and adopted digital tools that can make their business resilient. From managing residential and commercial properties through contactless tech, to maintaining seamless communication with tenants via virtual mediums, to attracting prospective new renters by taking them on 3D video tours of the property, property managers are better prepared today in tackling the new normal.

In 2021, property management companies are focused on automating operations, management, finance and even marketing to ensure faster turnarounds, better returns on investments and improving customer relationships in the long run. Let us look at what property management trends are ruling the charts in 2021.

  1. Cloud based technology to promote collaboration: Property management companies with an intention to eliminate physical contact and facilitate quick deployment of technological solutional have turned to cloud-based management software that can be accessed across all devices. These cloud solutions can easily integrate with numerous business apps that can provide customized solutions to tenants and homeowners. With the help of cloud systems, property managerial duties like collecting rent, tracking moving dates, managing complaints and requests, scheduling cleaning crews and arranging for repairs, can be handled without any fuss. Such innovations can help the property management market scale faster.
  2. Integration of Big Data: Property management companies have taken refuge in Big Data, AI & ML to improve efficiencies in internal collaboration, customer service and lead management. With the aid of artificial intelligence and machine learning, insights into energy, water and electrical consumption are extracted through intelligent chatbots deployed across multiple platforms including property websites and social media. This helps property managers to learn about residents' needs and predict demand for repairs, resolution of complaints, managing repairs etc.
  3. Enhanced communication methods: To create a sense of security and feeling of community, property managers are embracing contactless methods of communication where tenant’s needs are addressed remotely through phone chat and video chat. Virtual get-togethers and socially distanced forms of entertainment are hosted by property managers to create a sense of camaraderie and belongingness in the community of tenants.
  4. Increasing interest in Smart homes: Smart homes have been quite the craze among millennials and Gen Z folks and post-pandemic the demand has snowballed. Featuring smart home capabilities that make our lives organized, save us time and carry out tasks without any help have been a part of marketing campaigns of various property management companies. The use of sensors in various basic home utilities will help in optimum management of those facilities and help in repairs and maintenance. Also, smart security systems that allow tenants to monitor properties through their mobile devices and touchless access to reduce the spread of viruses have gained prominence in the past few months.
  5. Customer relationship-centered property management software: Catering to the needs and demands of customers to make sure relationships don’t go awry has become the main focus of property management companies. Investing in digital tools that can streamline and automate processes, make information readily available to tenants and improve customer engagement will amplify the rental experience. Customized portals for owners, tenants and prospects and integration of tools to ease online transactions will be a part of the customer service.

While our crystal ball may fail to predict how long this pandemic will continue, one thing is clear that the property management industry is in a better position to tackle the pandemic in 2021, thanks to the intelligent adoption of real estate technology. Property managers will continue to invest in technology to make their units more desirable to renters and meet the challenges that 2021 and beyond will bring.

Sumit Mondal Content Analyst at Square Yards
Sumit Mondal Content Analyst at Square Yards