Despite economic uncertainties for 2023, property management has been a thriving industry with a strong outlook. Driven by digital advancements, the entire real estate industry has helped usher in smart technology as more than a trend. Furthermore, mergers and acquisitions (M&As) continue to make the sector attractive to investors. Here are some of the most important property manager technology trends 2023 is expected to encompass.
The Growing Adoption of PropTech
Digital property technology, aka PropTech, has been the main force behind the resilience of property management services, even in the pre-pandemic era. The steady adoption of PropTech among real estate professionals continues to be among the leading property manager technology trends 2023 is delivering. While several other industries have been impacted over the last couple of years by the pandemic, labor shortages, and supply chain issues, the property management business has maintained an optimistic outlook.
Internet of Things (IoT) technology has helped property managers fix maintenance issues quickly, contributing to faster turnaround times for filling up rental space and selling homes. It used to take weeks or months to detect problems such as minor roof leaks, which can grow into bigger, more expensive problems if not fixed immediately. IoT sensors can send alerts to management and maintenance personnel about property defects.
Even outdoor problems can go undetected without the help of IoT. But if you install IoT sensors throughout your properties, you can quickly address potential dangers such as uneven cracks in concrete stair steps. A property management firm can be liable if a visitor or tenant trips over a bumpy surface and gets injured. Learning about outdoor deficiencies in real-time can help determine if you need to seal stairway cracks or replace concrete stairs with more durable magnesite stairs.
Upgrading Property Management Technology
Big data, automation, and machine learning make up a winning combination for property managers to arrive at more strategic, operational decisions in real-time. It accurately tracks property performance, customer behavior, pricing, and occupancy rates. That's good news for real estate investors who rely on comprehensive data to make investment decisions. The key to this streamlining for property managers has been investing in appropriate property management software that includes automated features.
The use of virtual reality (VR) and augmented reality (AR) has also elevated property management companies toward greater efficiency. It leads to faster decision-making by homebuyers and tenants seeking rental properties. VR tools, for example, create 3D experiences that allow prospects to explore properties thoroughly without physically visiting them. Meanwhile, AR allows management to design future properties or generate step-by-step instructions for maintenance and repairs.
High-speed Bandwidth and Cloud Services
Due to the pandemic escalating the need for social distancing, cloud computing became the savior for many businesses and professionals via remote work from home. As workers became more comfortable working at home due to the cloud's flexibility and work-life balance, a new paradigm in homebuying and renting has arrived. Millions of people seek a residence that makes remote work convenient and practical.
Property managers are increasingly paying attention to the need for a modern home to have sufficient connectivity with the internet. People seeking to build their careers at home need a place where high-speed internet is available without disruptions. Fiber optic service provides a superior quality experience for remote workers, as it is steadily spreading across America and beyond.
Premium internet service availability will continue to be one of the most important property manager technology trends in 2023, so it is advantageous for property managers to be involved in fiber optic development. For many people who work remotely, high-speed bandwidth is now a major consideration when searching for a new place to live. According to Reports Insights, the fiber optic market is expected to grow to over $21 billion by 2030.
The combination of high-speed bandwidth and cloud services also empowers property managers to accelerate online sales through virtual tours. Another cloud-based tech trend for property managers has been the gravitation toward Software-as-a-Service (SaaS) to ease increasing workloads in accounting and tenant screening. SaaS is ideal for automating repetitious or tedious tasks in the cloud. It can also speed up response times for tenant requests and automatically generate employee work schedules.
Demand for Quality Amenities
Another reason for property management portfolio growth in recent years has been investments in renovation and amenities. These investments include more energy-efficient appliances such as smart washers, dryers, and HVAC systems. Property investors are increasingly interested in energy cost-cutting solutions such as solar panels. Soundproofing rooms have also helped tenants at a busy property such as an apartment complex gain greater peace of mind.
Many renters or buyers of condominiums view amenities as a top concern when deciding where to live. Fitness rooms embedded with smart technology that delivers metrics via mobile apps are part of this rapidly-evolving dynamic. Remote-controlled smart thermostats and alarm systems also attract people seeking access to greater sustainability.
Emerging digital technology is among the most noticeable property manager technology trends in 2023. Virtual reality can accelerate sales and rental occupancy goals and reduce costs for tenants in their search for ideal rental space. Since it's now easier to reach, convince, and close prospects on rental and investment deals via virtual experiences, making your properties as visually attractive as possible makes sense. Contact the deck waterproofing pros at West Coast Deck Waterproofing to learn more about improving the outdoor aesthetics of your commercial, multi-family, and HOA properties.