With 2022 on the horizon, property maintenance and management are taking new directions. It might be burdensome to catch up with trends but there are things that can assist a property manager to reach the zenith of success. Owners and managers have to watch out for technological advancements in the field of property management. Considering the types of property maintenance jobs that a property owner has to do, giving way to technological gadgets can facilitate the process of the task.
Currently, there are several property owners who are eventually realizing the vitality of using software through which they can make their properties lucrative. For instance, in 2018, the total revenue gained by the PMS market was around $14,901 million and this is predicted to grow at 7.8% for 9 years, until the end of 2028. Here is a list of the property tech trends that are going to bring about the change.
The property management and real estate industries are positioned in such a way that they can benefit from big data. With more data, there are scopes of better decisions driven by data. Websites like Trulia, Zillow, and Redfin have disrupted the industry with the use of big data. Such companies can gather data on trends of buying and selling in a definite area, demographic information, traffic, and consumer survey results.
For the bigger property managers and owners, big data is all about getting historic and real-time information on all types of property systems like HVAC, electrical, utilities, life/fire safety, telecommunication and translating them to active maintenance.
AUGMENTED REALITY & VIRTUAL REALITY
As per a survey by the National Association of Realtors, half of the eager buyers looking for homes resort to the internet first. Thanks to augmented reality and virtual reality that online search and buying a home is getting more accessible and exciting. Realtors can conduct VR tours of homes that the buyers can experience sitting back in their homes.
For new built homes, virtual reality can create architectural and realistic images and videos to help buyers get a clear idea of the property even before the beginning of the construction. Tenants can also get familiar with the space by taking a virtual reality tour.
MACHINE LEARNING & AI
What would you do if you had to calculate the mean time between failure or MTBF of your commercial equipment? Wouldn’t you have to make a proper calculation of the same? The property and real estate industries have been slow in adopting machine learning and AI and this will help them in making the data more actionable.
Property search websites depend on preferences like size and location to demonstrate real estate properties for sale. AI can allow these websites to recommend properties depending on personality traits, preferences, and values. Artificial Intelligence also assists in predicting the trends of prices more appropriately. Its results are based on historical trends of the market.
INTERNET OF THINGS
The Internet of Things includes the smart appliances and devices that are connected digitally to the cloud and that continuously sends and receives information. Now there are machines with smart sensors that can send alerts to property owners about potential issues and give way to predictive maintenance. In the near future, homebuyers can download a total history of the maintenance of the home through the smart devices that are connected to plumbing, HVAC and electrical.
With the growth of IoT, we can start getting smart buildings and even smart cities that will be constantly connected to sending and receiving data. With more data, there will be more improvements.
Hence, as you can see, if you’re someone who is into property management and maintenance, you should ignore technological advancements at your own risk. Take into account all the tech trends mentioned above as this is going to be the beginning of a string of improvements and the approaching changes.