Real estate and property management industries have embraced a variety of technological advancements over the years to streamline operations and enhance overall efficiency. Kanat Sultanbekov mentions that technology has emerged as a driving force behind many transformative changes in property management. From time-consuming and paper-heavy methods to streamlined digital processes, the domain of property management has witnessed a paradigm shift.
Kanat Sultanbekov sheds light on the role of technology in property management
The property management industry is slowly but steadily harnessing a variety of new-age technologies and transitioning in-person activities to virtual spaces. This not only helps in providing added value and transparency to tech-savvy tenants, but also empowers businesses to operate in a more efficient manner. Integration of AI powered automation is among the most significant changes that technology has introduced within property management. Interactions between property management companies and renters have improved considerably with the introduction of cloud-based software, virtual tours as well as online portals supporting rent applications and payments.
Integration of self-service leasing alongside the shift toward increased automation in maintenance and complex accounting tasks has made things simpler for the staff of property management company. Their staff members have to spend less time on various mundane manual tasks, and can rather fully focus on improving the well-being of residents.
The impact of technologies like property management software is not limited to staff and vendor communications but extends to tenant communication as well. Such software plays a pivotal role in streamlining multiple aspects of property management. It can allow tenants, staff and property owners to communicate in real time through messaging and community notifications, while also safely storing documents, maintenance requests and feedback in a single location. Property management software typically has a comprehensive suite of features that helps automate an array of tasks, right from rent collection to lease management and maintenance tracking. With its assistance, property managers can navigate their roles with improved efficiency.
Property managers are able to gain valuable insights into tenant behavior and preferences, marketing strategies, pricing, industry trends and more by leveraging technologies that support data collection and analysis. This process is useful in identifying patterns and formulating a cohesive approach for improving services and maximizing market potential, while lowering operational expenses.
Kanat Sultanbekov points out that the Millennial and Gen-Z represent the largest generations in the workforce today, and they are fast becoming the largest groups of renters. People belonging to these generations tend to be digital natives and expect seamless technology integration in their daily lives. Hence, to create and maintain communities that meet the needs of these generations, property managers must use automation and artificial intelligence to deliver easy, streamlined, accessible consumer services. Data combined with mobile apps and social media makes it easy for property managers to communicate with tenants, both current and potential, on their preferred channels. Various social media platforms can also be used today for advertising properties and reaching wider audiences. Through these platforms, property managers can offer personalized interactions and tailored services to the potential tenants for an improved and more targeted marketing experience.
