Empowering Property Managers: The Smart Tech and Software Revolution

Property management looks very different than a few decades ago, and smart technology is a major reason for that. The usage of advancements like smart devices, cloud-based property management solutions, and AI in property management has increased significantly in recent years, leading to smoother workflows for businesses and better environments for residents. 

To put this in perspective, the worldwide smart home industry brought in roughly $154.4 billion in revenue in 2024—and it isn’t expected to stagnate there. The industry should hit a market volume of $250.6 billion in 2029. What this means for property managers is that smart technology is here to stay, and there are many ways to start implementing these exciting upgrades to stay ahead of the curve. 

The Benefits of Smart Tech for Property Managers

Adding smart tech to your properties and business may seem like a significant investment that translates to a small perk. However, many Internet of Things (IoT) devices, cloud-based property management solutions, and other technological advancements can deliver sizeable returns across your business—especially when they support optimized workflows for your team and minimize frustration for residents. 

With the help of these innovations, you’ll be able to:

Increase the Appeal of your Properties

Many people are interested in smart homes, so adding smart technology to your properties is a relatively easy way to stand apart from the competition. As if that wasn’t enough, installing smart devices could help justify a rent increase.

Enhance Your Security

IoT devices like smart locks and doorbells can make your rental properties much safer. Locks and cameras can also be operated remotely, allowing property managers to better monitor and control the environment. These features can remind potential tenants that you value investing in their quality of life. 

Improve Energy Efficiency

Reducing energy consumption can help tenants save money on utilities even before considering environmental benefits. Fortunately, you can enjoy better energy efficiency in property management with technology upgrades that control lights, temperature, and utility energy usage. 

Make Life Better for Tenants

Smart technology can also provide added convenience for your tenants. With smart speakers like Amazon Echo, your tenants can control other smart devices with simple voice commands—making your property even more attractive, modern, and accessible to potential renters.

Future-Proof Your Properties

Like any technology, newer models will eventually overtake today’s cutting-edge smart devices. Still, establishing a foundation for smart technology in your properties right now will make it much easier for you to integrate next-generation smart devices in the future.

What Smart Devices Do You Need?

Once you’ve chosen to invest in smart technology for your properties, you’ll need to decide what IoT devices you should install. Some smart devices you should focus on at this point include:

• Smart thermostats. With a smart thermostat, your tenants will be able to adjust their home’s temperature regardless of whether they’re actually there. Some thermostats can learn a user’s preferences and adjust automatically.
• Smart doorbells. Smart doorbells come with cameras that let people see who’s at the door. In addition to providing tenants with added safety, smart doorbells can assist property owners by lowering the risk of vandalism and theft.
• Smart smoke/carbon monoxide detectors. No one can be truly safe in their home without a smoke and carbon monoxide detector. Smart devices in this category can send alerts to smartphones, letting residents and property owners know about dangerously high CO levels when they aren’t physically present.
• Smart locks. Smart locks allow tenants to access properties with their phones or biometric scans instead of traditional keys. These devices also make life easier for property managers by providing added security for vacant properties.
• Smart lighting. Smart lighting lets tenants dim the lights, change lighting colors, and much more. In addition to their personalization and convenience, smart lighting systems come with energy-related benefits (especially when paired with motion sensors).

Consider These Property Management Software Trends

While IoT-powered hardware plays a crucial role in today’s technologically advanced properties, you shouldn’t neglect your property management software, either. These programs are more helpful than ever these days thanks to trends such as:

Artificial Intelligence

AI is revolutionizing many technology-related fields, and property management is no exception. Thanks to AI's increasing prominence in property management, automated property management systems can help with routine tasks like work order management, rent collection, and lead generation.

Data Analytics

If your property management program gives you access to data reporting and analytics, you can view current information on your properties around the clock. This software can also help you make data-driven decisions on pricing and maintenance and improve your marketing strategies.

The top property management platforms offer users a high degree of customization, give leadership deep visibility into the business, provide employees with common interfaces rather than individual data sets, and deliver real-time insights and analytics. 

Cloud-Based Software Solutions

In the past, computer programs were tied to individual workstations—but that doesn’t have to be the case today. If your property management software is cloud-based, you can access it on any device and in any location. At the same time, cloud-based programs come with robust security features that can keep your sensitive information from getting into the wrong hands.

Finding the Right Property Management Software

Your property management platform is the heart and soul of your business, and unlike other smart tech you invest in, the right choice can drastically cut costs while making everyone’s life easier. And while your system can provide undeniable advantages, not all of them will deliver the same features. Because of that, it’s a good idea to do some research before committing to a new property management platform.

If you’re looking for the best property management system on the market, ExactEstate has you covered. Our all-in-one software comes with features like:

• A customizable dashboard. You can make your dashboard work for you by adjusting system settings, reporting, user access, and styling to match your unique business needs—all at no extra cost.
• Work order management support. ExactEstate can help you set up work orders that meet your precise specifications (as well as inventory and purchase orders).
• Real-time insights. With more than 40 pre-defined reports, you’ll have no trouble accessing the information you need with deep visibility into the numbers.
• Automated reminders. Our customizable reminders will help you stay on top of your property management workload.
• A resident portal. ExactEstate lets tenants make payments, send work orders, and get updates on what’s happening in their community through a dedicated resident portal.

When you invest in the right IoT devices and start using ExactEstate, you’ll be able to keep up with the changing world of property management. Get started by requesting a demo today and get more vital property management tips by subscribing to our blog.

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