Innovations in property management technology, generally known as proptech, are poised to revolutionize the way people rent, research, manage, buy, and sell properties. Upcoming years will see increased digitization of several aspects of property management.
The current state of proptech has laid the foundation for what will come next. It’s clear that aggregator sites and virtual tours have already changed the way we interact with properties, but what will come next?
In today’s post, we’ll dive into property management technology trends that will help property managers keep tenants safe and happy all while increasing revenue for property owners.
What is proptech?
Proptech is a general term to describe any innovation in the property management industry, including real estate, rentals and investing. It might be a platform to allow renters to pay rent, or a solution that allows investors to see in-depth details about investment properties.
One example of a proptech solution that has already changed the way the world views real estate is Zillow, and similar sites, which have made finding and viewing properties much easier than in previous decades.
The COVID-19 pandemic has accelerated trends that were already in motion, such as the importance of virtual tours and digitization of formerly in-person tasks. While some emphasis on safety from the virus will fade with time, many of the trends that we’re about to discuss won’t be going anywhere.
Key property management technology trends to watch
Staying aware of the following trends will help any property managers, real estate agent, or investor understand how proptech is poised to change the entire real estate industry. Let’s dive in.
Compliance remains a top concern
Health and safety have always been a concern for property managers. Keeping tenants safe is of the utmost importance. On top of the moral imperative to do so, there are serious legal implications if your properties are not up to compliance and an accident occurs.
Proptech solutions will continue to emerge that allow for property managers to ensure that all properties are up to compliance, based on local regulations. monitorQA is one such solution that provides digital checklists that property managers can use to verify compliance in each property.
Modular tech stacks for property managers
Not every property manager or real estate agent will have the exact same needs. As such, property managers will continue to develop their individualized tech stacks. Any new innovations in the proptech space will need to allow third-party integration so that real estate professionals can integrate new solutions with their existing stack.
Consider existing solutions that have spread through the industry, such as SalesForce or Slack. Both of these solutions allow for third-party integrations so that professionals can use them however they require.
This property management technology trend showcases that property managers are increasingly digitizing as much as possible. Any new solutions must be able to be integrated with existing solutions. This need is abundantly clear to developers, so expect future solutions to work together.
Smart communities become the new normal
We’ve been talking about smart homes for years, but what about smart communities? The price of integrating an array of sensors into standard residential homes at scale has been too high in the past, but things are changing. As hardware becomes ubiquitous and software becomes affordable, smart communities will likely become the new normal.
Urban planners have long dreamed about a self-contained community filled with IoT devices that autonomously operate most of the city. It’s a nice goal, but it hasn’t been cost-effective for the average consumer to move to one of these theorized communities. Since costs are coming down for IoT devices, we may see home builders embrace the smart community ideals.
Continued integration of virtual interactions
The pandemic showed the world that we can do more things virtually than we ever imagined. Real estate agent-led virtual tours have become commonplace, as have 360-degree photos of even “cheap” properties.
On top of this, other integrations are becoming virtual. Rather than show up to sign papers for certain procedures, tenants and buyers may not even need to leave their homes.
Property managers and real estate agents have seen that the virtualization of tasks saves time while providing the same service. We don’t expect this revelation to disappear anytime soon.
What does the future hold for you?
How will your property management company embrace the above trends? You may discover that you’re ahead of the curve, or maybe you’re realizing that you’ve been left in the dust. Embracing these upcoming trends is vital for the continued success of any property management firm or real estate agent.
Digital checklists allow property managers to document and monitor several aspects of property management and home buying.
monitorQA is a great way to keep your entire team on the same page by making digital checklists available to whoever requires them. Book a discovery call today to see how our smart audit and inspection software can make a difference.