Technology continues to change our way of doing business. This is as true for managing properties as it is for all the other areas in today's real estate industry.
Landlords and property management companies will often face a series of very specific challenges because their job is traditionally a face to face service.
So can property managers adapt tonew technologies whilst maintaining a personalised approach to their clients?
Today's property management industry is at a crossroad where traditional methodologies are being replaced by new technologies that provide clear paths to focus on becoming more efficient in our jobs, allowing us to offer clients exceptional services.
In a recent seminar conducted by the Institute of Real Estate Management (IREM), it was recorded that the smartest service teams in property management are using a variety of specialty based applications or softwares on smart devices (laptops, tablets, smartphones) in order to meet the expectations of today’s clients.
Using technologies that help managers streamline internal and external processes can be extremely beneficial for all parties (landlords, property managers and tenants). Studies show that specialists who use tech are able to increase their productivity by as much as 45% and efficiency by 44%.
The modern way of work requires technology. We are able to communicate all the time and we have unlimited access to devices, social media, and emails and so too do tenants. Using technology during our everyday activities has become essential, whether it’s to tour properties virtually, transfer money, have remote meetings, or online research.
Clients want high quality services, and they want these services to be delivered efficiently and quickly. Technology that is available to the real estate industry now can make property owners and property managers more proactive and responsive to tenants’ needs.
On the other hand, we have the over-emphasised cliche of Millennials and their obsession with technology. It’s true, today’s young generation is more open-minded towards technological advances. Therefore, they are becoming more employable. But, all things considered, this generation does not yet have a decision-making position in the industry, so we cannot say that they are the only ones responsible for the innovations. No, technology is advancing on its own and quite quickly. And we all must adapt.
Earlier this year at a conference held by the Institute of Real Estate Management Cushman & Wakefield’s keynote speaker talked about interpersonal relationships in the national property management industry. One of the things he said was that if a business manager must introduce himself to the receptionist of the building, then one of them is not doing their job right.
It is safe to say that face-to-face interactions will never become less important. Instead, these interactions will have to become more meaningful and have a clear purpose. We’re in a new era of management where our key constituents—our tenants—understand and appreciate the efficiency of our services and operations as well as our onsite presence. Having used technology in many aspects of their lives, it is understandable for people to expect their landlords to be tech-savvy as well.
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