Being a Serial Entrepreneur and Digital Transformation Specialist, I would say Property Management Businesses should start prioritizing the safety and flexibility of the Property Occupants, especially in the Post-Pandemic Era hoping to make better use of advanced technologies such as PropTech, IoT, Artificial Intelligence and Big Data to develop more transparency and remain competitive in the marketplace.
Understanding the impact of IoT and the importance of Automation, Big Data, and Artificial Intelligence brings Property Managers as well as Landlords one step closer to providing Property Occupants with exactly what they want from modern spaces.
While there are signs that demand for office space is increasing, we are still in a renewal world, and Property Owners will need to keep their Property Occupants at all costs.” Therefore, Occupant Experience Technology is significantly important.
You can also refer to, The Value In Time Within Property Management & How PropTech Can Make Lives Easier
Driving Safety and Flexibility of Property Occupants Through PropTech and IoT
Over the past decades, there was a gap between what the Property Managers knew and what was happening in the properties in terms of the Occupant Experience. Therefore, considering the needs and wants of Property Occupants is an important part of the decision-making process.
We at i4T Global, believe that occupants’ safety, satisfaction, and customer experience are more important than ever. i4T Maintenance being one of the product verticals of i4T Global, offers a vertically integrated software suite for Property Managers and Property Occupants to improve collaboration, streamline daily workflows, and reduce risk.
You can also refer to, How Does The CMMS Software Optimize Facilities, Property & Maintenance Management?
Improves the Home Search Experience
However, searching for a new place to live can be a daunting task. Almost every home-searching engine filters out the best homes based on factors such as price, location, number of rooms, size, and so on. Although this model has proven to be effective, it frequently presents potential buyers with far more options than they are willing to consider.
This is where the AI Algorithms come into play. Many of today’s home search tools can use those search criteria to identify the user’s preferences and select properties based on those results. The system then shows the best-matching listings at the top of the search results and recommends additional listings accordingly. It also considers the preferences of other users who have looked at similar properties, which helps in identifying customers’ preferences after a few search inquiries, allowing for a greater level of personalization.
Various factors influence the desirability of a property. Our lifestyle is constantly changing, and our tastes shift resulting in a continuous need to tailor living conditions to meet the ever-growing demand. AI developers can assist Property Management Businesses in identifying those needs and wants and provide search results that meet the expectations of the Property Occupants.
Regardless of how refined these technologies become, emotional AI is a future outlook because it cannot detect and interpret humans’ complex emotional cues. Well, maybe this could become possible in the foreseeable future, who knows?
You can also refer to, Can PropTech Replace The Property Management Professionals In The Future?
Helps to Determine the Property Value
Artificial Intelligence has applications in estimating the market value of properties and predicting their future price trajectory. For example, Machine Learning (ML) Algorithms combine current market data and public records to generate an analysis of a specific property’s value or to determine the best pricing strategy.
Such data and records include;
- Buying Trends
- Mobility Metrics
- Crime Rate Statistics
- Nearby Schools
- Proximity to Highly Rated Restaurants
- Light Sources
- Seasonal Light Variations
- Time of day when the properties catch the most sun
- Other factors that cause discomfort
To determine the best price range, Artificial Intelligence utilizes a Regression Algorithm that takes property features such as size, number of rooms, property age, home quality characteristics, and macroeconomic demographics. To put it another way, AI Algorithms can forecast prices based on geographic location or future development.
For example, Airbnb’s pricing recommendations are based on a mathematical model that learns how likely a guest is to book a specific listing, on specific dates, at a range of different prices. Quite amazing, isn’t it?
Embraces the 3D Virtual Tours
Without a doubt, Artificial Intelligence is primed to disrupt not only the Real Estate Industry but also many other industries and marketplaces. Virtual Tours and 3D Illustrations are the most recent technological advancement in the Real Estate Landscape. Customers can follow 3D views of the property online with Virtual Tours and 3D Illustrations. This is especially useful for properties located in remote areas or abroad, as well as those that are still under construction.
Virtual Tours makes it simple for Real Estate Agents to eliminate face-to-face interactions while showing properties to prospective occupants, keeping both prospects and the agents safe and flexible.
Other Property Management Technology Trends That Contributes to the Safety and Flexibility of Property Occupants
At first glance, smart home technology may appear to be a luxury, particularly in the rental industry, where the goal is always to make a profit from the property you own or manage. However, this is simply not the case. For various reasons, smart homes are advantageous for occupants as well as landlords.
Usage of Cloud-Based Software
The cloud allows us to be mobile and keep our work activities at our fingertips. Cloud-based software and services eliminate the need to physically be present near a server in order to obtain information about occupants, such as contact information, moving dates, unpaid rents, and so on. All information is now available on the go.
Property owners and occupants will be able to better protect their amenities with automated security systems. The fact that the property is secure speaks for itself, increasing its popularity among renters who value security.
Occupants can take complete control of their living environment by viewing video surveillance, resetting codes, and enabling or disabling permissions from their mobile phones. Some landlords even include drones for perimeter surveillance, making property security systems bulletproof. Such technologically advanced properties will become more common in the rental market in the coming years.
The Utmost Best Solution to Maintain the Safety and Flexibility of the Property Occupants
i4T Maintenance PropTech is a purpose-driven Technology System working with Property Management Professionals and Trade Partners to transform their processes and the communities they serve. Our platform and marketplace are currently being used by Property Managers for Property Maintenance including the largest Real Estate, and Facilities Management Providers across Residential, Commercial, and Social Applications throughout the Globe. And this is just the beginning.
2022 promises to be a year of massive shifts and innovations in the Real Estate and Property Management Industries. Generation Z has “occupied” the residual household, many renters have begun to look for more affordable options in the suburbs, and Property Managers have shifted their focus to digitally-enabled work environments and technologies.
The Post COVID-19 world has set its own rules, and market players are wise to keep up with the latest trends in Property Management Technology. If you own a Property Management Business and are looking for assistance from Digital Experts, please do not hesitate to get in touch with us.
About the Author
Logan Nathan is the Founder and CEO at i4T
i4T Global / i4Tradies
Logan Nathan is a Serial Entrepreneur, Digital Transformation Specialist, Founder & CEO
of i4T Global, who is passionate about disrupting the status quo and challenging the traditional ways of solving problems when it comes to improving business processes and delivering exceptional customer experience.
Being in the Real Estate and Tech Industry for over 40+ years, Logan Nathan has assisted innumerable progressive companies in the Trades and Property Maintenance Sector to nudge the boundaries of traditional wisdom, question their current business processes, and become leaders in their niche through Digital Transformation.