Property management is a business worth billions. With a revenue of $39 billion, property management is observing changes with technologies and heading the remote direction. Digitization, in the form of PropTech, is completely changing the way people buy, sell and manage properties.
For commercial property managers, adopting PropTech trends is a key aspect to stay in the race of business waves. Moreover, the industry is doing great by embracing the technologies in all possible ways. They are recognizing, organizing, and implementing the technology trends to give an enhanced experience to their users.
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The article talks about some PropTech that are hailing in 2020. The commercial real estate agencies are adopting these technologies to provide best in class services to their clients.
Let’s take a look at the latest trends:
8 Trending PropTech Concepts in 2020 & Beyond
Using drones for real estate and property management is becoming efficient and rapidly adopted technology. An aerial drone is a new way of showcasing the property, as it gives an amazing aerial view to the buyers. This can even be a good idea for marketing the properties, as the views can attract buyers.
Another thing many realtors have said is that they can show the view from a window or balcony from a building that is not yet developed. It helps buyers to see an aerial view and choose the floor on which they would like to buy a property. Property managers will even integrate aerial drones for surveillance of outdoors spaces and high-rise buildings.
Augmented Reality apps are one of the most used technologies for property management and real estate. AR shows a computer generates an image of building in real life. That is, you can see how a building looks like when it is developed. AR provides a seamless experience to the viewers as they can visualize the structure on an empty land with all the needed elements.
For real estate, it is a new way of showcasing the property, which needs lesser time and money. Even when using this technology, you even have no need to manage the property, as AR can showcase the property with all the needed elements. To the fact, it is observed that real estate agencies are able to close a deal sooner when a property is showcased with AR technology. Some of the best real estate mobile apps that users of AR technology are iStaging, Focuz Augmented Reality, Curate, and many more.
Property management companies adapting PropTech are even getting into cloud computing to enhance their business. Many property management companies are opting for self-hosted versions to offer online services. Some of the applications using cloud computing (SaaS) are Skyline, AppFolio, Propertyware, and many more.
Cloud computing comes with lots of benefits like saving the IT costs to a great extent. With could vendors, property management firms can keep their data secure. With that, the firms will even have the latest versions of platforms. The key thing is the ability to manage the application from anywhere and anytime.
Real estate and PropTech firms have to deal with various systems to do their operations. A few of them are property management, spreadsheet software, customer relation, property updating, and much more. Sometimes it becomes a tedious task to manage all this stuff.
And that’s where Business Intelligence can help you best. The fact is BI helps to take the decisions 5times faster than in comparison to the traditional process. Business Intelligence helps property management and real estate firms to take the decision faster and easily manage the huge amount of data. Analyze the portfolio performance and generate reports rapidly. These are a few aspects wherein the BI is playing a major role in property management firms.
Virtual Reality is one of the most trending technologies in real estate and PropTech. This technology helps to lower the cost and is less time-consuming. Virtual reality helps to visualize property staging (interiors of property) which can save a huge cost that a real estate spends on the property staging. The two types of Virtual Reality tours that real estate agencies use to showcase the property are mentioned here,
The videos here are showcased in virtual mode or with a 360-degree view (a type of virtual mode). Guided visits are mostly used for the promotional video of a property to attract the customers. These types of videos are perfect for showcasing the existing properties. All you need here is a panoramic camera to shoot the 360-degree videos. There is no need for any sophisticated rendering for guided visits.
It is one of the best ways to showcase the properties with Virtual Reality. Interactive visits let users choose where they want to go while visiting a property. Just by clicking at the special spots, they can view the space they wish too. Developing an interactive visit is a quite more tedious task than that of guided visits. But the results are better for such visits. Here is a video link that gives a better idea on interactive visits.
Buyers can easily visualize how a property looks when furnished and can even make the changes in it. In short, virtual reality is one of the best technologies for property showcasing. To the fact, it is estimated that VR in real estate will reach $2.6 billion by the end of 2020. The technology is going to change the way property managers showcase their spaces completely.
Smartphones are part of our life, and it is our common habit almost everything on it first. As per the reports, about 80% of the buyers will first use their smartphone for the properties. And that is the reason why most of the firms have their own application to reach out to more users.
Mobile applications are trending in real estate and PropTech. Developing a mobile app is one of the easiest ways to implement various technologies. The only thing required here is to share ideas with the leading real estate app development company and the rest will be taken care of by them. You can integrate the online payment system to your application so that the tenants can pay their rent online.
Real Estate Chatbots
Modern users want everything quickly; they don’t have time to wait. You need to provide answers to the questions they have immediately. And here’s where real estate robots can help you best.
The real estate robots like chatbots, virtual assistance, voice bots, and more came into existence. They can answer almost every queries of the customers, which can even let you focus on the more important stuff. In short, users do not need to wait for the answers as real estate robots will do it on behalf of you.
Virtual bots like Alexa and Siri can help you with scheduling the meetings, and even simplify the workloads by giving important reminders, property news, and much more. This is one of the emerging technologies in property management and real estate.
Maximizing profits with lesser resources is the ultimate goal of almost every business. Adopting green technology helps property owners to take hold on energy consumption which leads to lower costs. Green technology is new in the market, henceforth, there is an ample of room for enhancing.
Energy management consultants have started assisting property owners in using green technology. A few points of upgrades with green technology are mentioned below,
- Integrating LED technology in all lightning will help to reduce the cost.
- Building environmental controls with the help of green technology is the primary goal for providing maximum efforts.
- Smart metering opportunities with self-generated electricity can lower human efforts to a great extent.
- Attracting buyers with smart sensors on the building is a new way in the property management field.
- Buyers are opting for properties that include green technology.
- Internet of Things (IoT) integrated sensors take the help of this technology to provide environmental intelligence for a property. Once installed they will keep monitoring the building which ultimately helps property managers.
Smart Sensors in Green Technology
- The building data can be shared directly with the buyers. They can know almost everything about the condition of the building.
- Insurance costs can be reduced as properties are managed in a better way with sensors.
Green Technologies will not only do wonders in property management but in almost every sector you can think off.
The Parting Thoughts on PropTech
To be in the competition and provide an enhanced experience to the users, adopting trending technologies is an important aspect. These are the eight technology trends that you can implement in your business as per the requirements. These trends are the future of property management and real estate firms. Taking advantage of these trends can help you enhance your business to a whole new level.
Property management with a digital commodity is becoming a new normal. It is transferring the complete way a property is managed, bought and sold. This new generation of the property management industry is able to manage huge properties with lesser efforts.