The Latest Tech Trends Innovating the Property Management Sector

Hannah Burnett, writer

Published at 11/04/2022, Updated on 04/05/2022 , Reading time: 5 min

The Latest Tech Trends Innovating the Property Management Sector — Photo © The-Latest-Tech-Trends-Innovating-the-Property-Management-Sector.jpg

If you’ve decided you want to follow your ambitions to become a franchisee in the property management sector, you’ve picked a fantastic time to be making this career change. But in order to stay ahead in this busy and competitive industry, you’ll need to stay on top of all the latest technology trends innovating the world of property management.

Have you been researching how to become a property agent and come to the conclusion that this is the career path for you? In 2020, the number of homes purchased by first-time buyers reached the astonishing figure of 305,000 by the end of the year [Statista], so it’s a great time to be investing.

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6 tech trends innovating the property management sector

The property management sector is an industry that remained resilient despite the outbreak of the COVID-19 pandemic and all the economic turmoil that followed. If you can’t wait to start enjoying all the advantages of running a property management franchise, you’ll want to ensure making your career change with a property management franchise goes as smoothly as it possibly can.

Knowing about all the newest and most innovative tech trends taking the property management sector by storm will put you a step ahead of many other aspiring franchisees. Read on to discover just some of the latest technology trends impacting the industry you will soon be a part of.

1. Cloud-based property management software

Many property management and real estate providers are now making use of cloud-based property management software to manage their workload day-to-day. This software can be used to collect rent payments, log and process maintenance issues with properties, generate new rental listings, and more.

The importance of property management software being cloud-based is that it is constantly updated automatically, ensuring it is performing at an optimum level and that you have the best versions of the software available.

To improve the security of your business and make daily operations smoother and free from hassle, implement cloud-based property management software early on.

2. Virtual reality property tours

In recent years, a growing and increasingly popular technology trend in the property management sector is the use of virtual reality. Virtual reality tours allow potential tenants to view a property and the rooms within it from all angles, all from the comfort of their own homes. This trend became especially useful during the COVID-19 pandemic and subsequent lockdowns.

Virtual reality and augmented reality both play a part in the industry. Many managers are now offering 360-virtual tours for their rental properties. Some companies have gone even further, offering paper brochures that unfold as 3D objects on clients' mobile screens once the client points the phone camera at the brochure. - fayrix.com

This useful piece of tech means that customers have much more time to freely browse any properties they are interested in renting or buying. Empty properties can also in some cases be staged with virtual furniture, so potential tenants will get some idea of what it will look like when furnished.

When choosing the property management franchise that’s right for you, check to see whether they have implemented use of this innovative tech trend.

3. Machine learning, AI and chatbots

Digital communications are a huge part of how businesses operate in the modern world - and it’s no different in the property management sector. The use of chatbots and virtual assistants is widespread on many property management websites.

When used correctly, a well-functioning chatbot can seriously enhance customer service. Chatbots provide an interface for your customers and any visitors to your website, offering a personal and somewhat more interactive digital communication experience. Chatbots should be able to clearly answer any common questions and enquiries visitors to your website might have, and swiftly forward the inquiry to you if further assistance is required.

4. Selling smart buildings

Another recent technology trend that is becoming ever more prevalent in our daily lives is the purchase and use of smart home technology. As such, a lot of buildings these days are built or renovated with smart home living in mind.

Though once seen as an extravagant luxury, smart home technology is now popular and benefits homeowners, tenants and property managers alike. It appeals to those looking for a new home as it is both practical and simple, improving daily lives in innovative ways. It can also be used to keep the utilities in a property running more economically. Smart programmed thermostats help avoid unnecessarily high heating bills. The list goes on and on.

5. Gathering and using big data

The state of franchising in the property management sector in 2021 is very positive and, hopefully, only set to keep getting better. However, in order to keep an eye on how the property management market is performing on a broader scale, business managers can use big data to anaylse market trends and more. Property managers can gather big data from all sorts of sources, such as websites, CRMs (customer relationship management) or property management systems.

Using big data is also a great way for property managers to keep on top of utilities such as consumptions of energy, water and electricity within the properties they manage. This way, they can quickly spot any anomalies in a property and its day to day functions and swifty address them.

6. Automated security systems

Security is incredibly important to property managers and their tenants alike. The implementation of automated security systems protects properties, the tenants who live there, and the property managers responsible for managing them.

Automated security systems also allow tenants to take control of the safety of their living space. Smart doorbells, video surveillance and more is a huge asset in the property management sector.

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Become your own boss today and utilise technology trends in the property management sector

Hopefully after reading this article, you can’t wait to use your knowledge on all tech trends innovating the property management sector to get ahead of the competition. All that remains is for you to choose from the top property management franchises in the UK and decide which one is the best option for you.