4 Property Management Tech Trends to Watch
The influx of more advanced technology has made its way into nearly every industry in America. This also rings true in the property management industry. The major up and coming tech trends will create a better tenant experience. As some property managers and management companies have already implemented these trends, it is projected they will continue to advance as the future of tech develops.
So, What are some of the big property management trends that we’re watching for 2019? The 4 below are a few of the hottest technological trends on the rise for property management.
- Artificial Intelligence
Artificial intelligence is an incredible, yet vast way we can make property management more efficient. This tech trend ranges from artificially intelligence installed in apartments (think Alexa or Siri) to assistance for management directly. The ability AI has to learn and adapt can create tenant experience like never before. Think about being able to report issues, change the temperature, lock the doors, all with the sound of your voice or a tap of your phone. AI has the potential to streamline the property management industry like never before.
- The Smart Locker
The smart locker is something that can assist building management on a functional level. With the rise of e-commerce and more advanced delivery options, people are ordering packages more than ever. This can make smart lockers an extremely beneficial tool for property managers, to help with various problems that have arisen due to the e-commerce boom. Issues such as:
- Package theft (37% are victims of package theft according to a research study by Shorr Packing Corporation)
- Packages piled in hallways or mailrooms
- Delivery confusion
All of these are an ongoing problem for property managers. The installation of smart lockers can solve this by using digital programming to allow a package to be delivered, and the recipient can receive the goods via private code. This not only thwarts thievery but also creates a simpler delivery process. It also helps with the issue that legally, the USPS is the only delivery service who can access mailboxes.
Drones have been popular, and a bit controversial in the past few years. However, they are beginning to make way int various industries including property management. Drones can assist property managers and create a better living experience for tenants. Managers can use drones for property surveillance, which creates a stronger sense of security for tenants. They can also be utilized to monitor areas such as roofs and be deployed to search for building maintenance issues. This allows repair and maintenance teams to save valuable resources, which lead back to a successful management team.
- Virtual Reality
Virtual reality or VR, is normally associated with video games. However, VR can help property managers in a myriad of ways. It can assist in repairs by creating computer-generated images. VR walkthroughs can be created when changes need to be made. Property managers can visualize how changes will look prior to them being made in an extremely realistic way.
Overall, technology is constantly developing. We will have to keep an eye out for these trends, as well as additional innovations to the property management field to see how and into what it can evolve.