The pandemic has changed every aspect of each sector tremendously. It has affected the overall property management as well. The lockdown forced the industries to go virtual.
We see how almost all the industries have geared up with technologies to survive and thrive.
So do property management. No one has ever thought to buy or rent a property digitally. The pandemic has shown new roads to the business. Everything changed for the better and leaped forward.
In today’s blog, we will state new trends for the property management industry in 2021 and the changes in virtual platforms.
Let us see the influential trends that will shape the property management and real estate industry for the future.
Virtual leasing
Virtual leasing has taken place in the past two years. Every step of leasing is done online, from property tours to fixing the deal with electronic lease using e-signature. Virtual leasing includes the following steps-
- Finding tenants.
- Communications and meetings.
- 3D view of the property.
- Tenants can apply online, and property managers receive real-time submission details.
Involvement of technology
Technology not only eases the tenant’s work but also allows the workers to work remotely. We should be thankful for the exceptional cloud services. Work from home is the trend that will go on throughout the year and further on.
Follow the demographic trend.
Millennials and younger generations are poles apart. The property managers make sure to keep a balance. Technology is the interest of both. Property managers should choose the technology-equipped properties else they will be considered outdated and not relevant. Properties with no technology don’t have efficiency, make no profit for the owners, and are considered incompetent. Better be aware of this trend for a bright future in real estate.
Property management start-ups
The next trend in real estate is emerging property start-ups. Since covid-19 has given a new dimension to this field, i.e., technology. The lockdown has stopped all the meetings, interactions, and property visiting tours. The technology helps find a way to re-activate the market while sitting at home.
Every property owner wants clients, so they upgraded themselves by stepping into the start-up world to sell or rent. Causing no harm to old property practices, it rapidly takes a prominent place in the real estate market.
Now clients can remotely access the owners and fix the deal by using property management software.
This software also manages other tasks like laundry services, rent updates, bills, and other important notifications.
Virtual reality and augmented reality
Such technologies will have a great future in real estate even after the pandemic. Virtual reality provides a three-dimensional view of the property with a futuristic look of the empty apartment with a virtual furniture setup.
Big data tool
Big data gives real-time updates of the current status of utilities like electricity consumption and water usage. It also prevents an unusual situation. Big data also provides information about past activities of the tenants, like preferences to only offer relevant properties.
Changes in maintenance
We cannot perform maintenance online. The solution discovered is divided into two parts, essential and non-essential maintenance work. For non-essential maintenance, minor and handy tutorial videos are made available to the renter to solve the problems on their own.
On a broader view, the maintenance request option will be made available on the software for the tenants, and the property manager will handle all the requests to take steps further.
Security
Security technology-equipped of the property is a considerable risk to the owner and manager. Technology solves this problem too. Now owners and managers can inspect the property via drones. This reduces physical work and promotes social distancing.
Online portal for the owner, manager, tenants
An online portal helps you with providing information and makes other work easy for tenants and owners too.
The software allows tenants to make online payments, service requests, and text messages.
It helps maintain social distancing and smoothly functions as a middleman between owners and tenants by allowing document sharing, work orders, and electronic payments.
Conclusion
Covid-19 has unhindered the new ways to look for a property that was undreamable until pandemic. No one has ever thought of looking for a property online with advanced technology and registering for it with no paperwork. The ongoing situation is the best opportunity to upgrade the business efficiency. Property owners should take advantage of it by establishing start-ups, cloud-based technology, or software to prove themselves relevant and competent.
