“PropTech”, short for “Property Technology” may sound like another flash-in-the-pan software trend, soon to be replaced by the next techie term. It’s not. Except for those extreme few who decide to live completely off the grid (i.e., completely meaning without cell phones and any other internet connection), PropTech increasingly encompasses all of the internet-based tools that enable, control, and define where and how we live. It is the overarching term for all varieties of home-finding, home-managing, and life-living software, from personal smart-home applications to all aspects of commercial property management.
Most important to understand for property managers, PropTech is more than “instead of”. Instead of manually changing the channel, unlocking the door, or dimming the lights – even instead of using that dinosaur of a remote control! – you can just tell these things to happen. Instead of changing the temperature or turning on the lights when you walk in the door, you can tell your phone or car or watch or ring … to tell your home to get these things done. Instead of waiting on a call to know the washing machine broke, you are alerted to repair or replace it, and prevent the failure. Way beyond these ‘instead-of’ conveniences and cost-cutters, PropTech is taking homeowners and managers into new possibilities of living for expanding and enriching life experiences. Did someone just move into the neighborhood or building, who could use your help?
In the modern world of property management, PropTech is becoming increasingly important. PropTech offers an array of services to help property managers manage their properties more efficiently, from energy monitoring to scheduling maintenance and repairs. In this blog post, we’ll explore the many benefits of PropTech for property managers, how it can help them better manage their properties, and some tips on how to get started.
With the introduction of PropTech solutions, property managers now have access to more advanced tools for managing their properties and parts thereof. From appliance diagnostics that help identify breakdowns before they occur to appliance monitoring that allows for real-time monitoring of energy consumption in each room; PropTech has allowed property managers to become more proactive when it comes to managing rental units. Additionally, property management software can help streamline day-to-day operations such as collecting rent online or issuing work orders when maintenance is needed. This type of technology not only helps provide better service to tenants but also makes it easier for property managers to improve operational efficiency and reduce costs associated with running the property. Overall, these new technologies have drastically changed the way property managers manage their properties and created a baseline for future advancements in this space.
As the cost and supply of labor and parts continue to place more stress on traditional property management, the PropTech appeals of automation, remote control, predictive maintenance, appliance monitoring, and alerts are becoming essentials.
To track the progress and predict the future of Property Management software, follow the money. The first technological advancement, fueled by savings of business process efficiencies and improvements in account receivables, began as simple account-management functions enabled by existing business-management software but customized to rental businesses. The next wave of property management PropTech was fueled by greater net-profit-enhancing reductions of manual appliance maintenance, repair, and replacement, with the remote and automated functions of appliance diagnostics, monitoring, testing, and alerts. Advancements in smart appliances continue to add real value to appliance-management software, particularly in the AI (artificial intelligence) developments of predictive maintenance tied to units and users, i.e., rental units in east-vs.-west building locations, and user-specific HVAC settings. Finally, continuing to follow the money, advanced appliance management allows property managers to benefit more on the revenue side of the equation with higher rental feeds secured by offering remote-control features to guests and tenants.
Most property-management PropTech has been developed around the cost-and-time-saving appeals of operational efficiencies:
Whether you manage one rental unit or a whole building full of them, PropTech can help you streamline the day-to-day operations at your property. PropTech can help property managers save time by automating tedious tasks that would otherwise require manual labor; such as scheduling maintenance and repairs, tracking energy consumption and resource usage, and monitoring appliances remotely. Not only that, but as technology continues to advance in the real estate industry, so does PropTech – providing smarter tools and increased security measures that protect both tenants and landlords alike.
One of the most significant benefits of PropTech is the ability to automate mundane tasks such as collecting rent or issuing work orders for maintenance or repairs. By automating these processes, property managers can save considerable amounts of time that would otherwise require manual labor. Moreover, with automatic payments and notifications sent directly to tenants, there’s often no need for physical visits or phone calls; allowing property owners to focus on other responsibilities more effectively.
In addition, many PropTech solutions offer smart energy monitoring systems which allow users to monitor energy consumption in each room remotely. This gives property owners greater insight into how much electricity is being used in each apartment unit; making it easier to identify potential cost-saving initiatives such as repairing leaking faucets or furnace filters. Furthermore, PropTech also provides added security by providing methods such as keyless entry systems that can be accessed from anywhere using a smartphone app; making it easier for landlords to keep track of who has access to their rental units at any given time.
Overall, the use of PropTech in the field of property management has revolutionized how modern landlords manage their renting spaces – providing them with a number of services not available before in traditional rental models. From improved efficiency due to automation, increased security measures, and better insight into energy usage; PropTech can be an invaluable tool for property managers looking to increase profits while improving service quality for tenants.
In today’s ever-evolving tech landscape, PropTech is quickly becoming an indispensable tool for landlords and property managers. From increased efficiency to cost savings, PropTech offers a host of advantages that can make managing rental units easier and more convenient. Whether you’re a first-time landlord or an experienced property manager, here’s what you need to know about getting started with PropTech at your property.
The first step in getting started with PropTech at your property is researching the available options. Many technology companies offer solutions tailored specifically for rental properties such as automated work order systems, automated rent collection, and online payment platforms, remote access security systems, energy monitoring systems, and even virtual showings using 360-degree camera systems. It’s important to do your research and find out which services are most suited to your needs before investing in any particular system.
Once you’ve identified the best solution for your property, it’s time to set up the system at your rental site. Depending on the type of platform you choose, this may require physical installation or simply downloading an app onto tenant smartphones if you opt for a mobile solution. Make sure all tenants understand how the system works and where they can go if they encounter any difficulties; this will help ensure that everyone is familiar with the new technology being used onsite. Additionally, using training videos can be helpful in providing more detailed instructions on how to use the various features of the system without having to spend time in person explaining them all – helping save valuable time and resources down the line when dealing with any related issues that arise.
Finally, after everything has been set up properly it’s important to monitor its performance periodically to make sure that everything is running smoothly. Take advantage of analytics tools provided by the management platform in order to gain useful insights into usage trends; this can help identify potential issues early before they become major problems further down the line. Additionally, by understanding how tenants interact with certain features of the platform in real-time landlords can develop strategies for improving their efficiency even further over time; resulting in maximum benefit from their investment in PropTech solutions.
Overall, embracing PropTech can provide tremendous benefits for landlords looking for ways to streamline operations within their rental business or increase profitability from existing properties. By doing thorough research upfront and maintaining consistent monitoring thereafter; owners can ensure that their investments are put to good use while taking full advantage of all that PropTech solutions have to offer.
GE SmartHQ Management provides the most advanced examples of where the operational efficiencies in appliance management are creating user-end benefits in greater reliability of appliances, fewer disruptions of the day, reduced complaints, and increased remote control of daily functions, such as temperature control. Meanwhile, property managers, facing the decreased labor and increased costs of appliance maintenance, are appreciating more and more control and monitoring at their fingertips with mobile phone apps.