Top Post-COVID Property Management Tech Trends

As the rental industry slowly begins to open back up after months of lockdown due to COVID-19, property owners and managers are wondering what the new normal will look like. One thing is for sure; technology will play a big role in how you manage your properties moving forward. Technology has emerged as a powerful tool in this time of crisis and it is most important to stay ahead of the curve and adopt new technologies that will help you manage your properties more efficiently.

What Is Property Management Technology?

Property management technology is a broad term that covers any type of software or system used to manage rental properties. This can include everything from accounting and bookkeeping software to online listing platforms and mobile apps for tenants. With the outbreak of a pandemic, there has been a renewed focus on property management technology and how it can help keep both tenants and landlords in the right place.

Tech-enabled property management has been on the rise. The pandemic has only accelerated this trend as landlords and property managers look for ways to minimize contact and reduce costs. Processing rent payments online, automating maintenance requests, and using contactless entry systems are just a few of the ways that property management technology can help make your rental properties safer and more efficient.

Property Management Industry Statistics

The statistics on how the COVID-19 pandemic has impacted the property management industry are staggering. The year 2020 was a tough one for the real estate industry as a whole, and property management was no exception as the pandemic forced many businesses to shut their doors. The impact of the pandemic has been far-reaching, and the property management industry is still feeling the effects.

Here are some property management statistics:

• Over the past year, the market value has gone up by 7.78%.
• The real estate industry generates 16% of the US GDP.
• In the United States, the property management industry produces $88.4 billion in annual revenue and is anticipated to expand.

Property Management Trends Post-COVID

The COVID-19 pandemic has forced businesses all over the world to adapt in order to survive. The property management industry is no different. In fact, the pandemic has accelerated some of the trends that were already taking place within the industry.

Here are four of the most significant property management technology trends that we expect to see in a post-COVID world:

1. Automated Tenant Screening

In the past, landlords and property managers would screen tenants manually by running credit checks and contacting references. You would have relied on in-person meetings and paper applications to screen tenants. This process is time-consuming and often inaccurate because it’s difficult to verify tenants' information.

2. Property Management Software

This can help property managers keep track of maintenance requests, rental payments, and lease renewals. Therefore, many property management software platforms now offer contactless features that allow tenants to submit maintenance requests without having to interact with a property manager in person.

3. Electronic Rental Settlement

Traditionally, rental settlements have been done in person. There are electronic rental settlement platforms available that can help you save time and money. These platforms can automate the entire process, from collecting applicant information to running background checks.

4. AI and Predictive Maintenance

This can be used to predict when maintenance issues are likely to occur. This information can help property managers save time and money by scheduling maintenance before problems arise. Predictive maintenance is a type of AI that uses data to predict when equipment is likely to fail.

Execute a Seamless Move-In Experience

The COVID pandemic has forced many businesses to re-evaluate their operations and find new ways to adapt. The traditional way of move-ins is no longer feasible in the post-pandemic world. Property management companies are now turning to technology to create a seamless move-in experience for their tenants.

• AI learning: By using data from previous move-ins, you can learn about the preferences of your tenants and cater to their needs. This will make the move-in process smoother and more efficient.
• VR and AR: You can use VR and AR technology to give your tenants a realistic view of the property. This will give them a better idea of the layout and help them make an informed decision about the property, and make the move-in process smoother.
• Blockchain: This can create a move-in experience that is safe, efficient, and convenient for your tenants. You can also use technology to keep your property management operations running smoothly in the post-pandemic world.
• Cloud-based: Cloud-based solutions can help you manage your property management operations from anywhere in the world. This is especially useful in the post-pandemic world, where many people are working remotely.
• IoT: The Internet of Things can be used to automate various tasks in your property management and can help you automate your operations. This will help you save time and money while providing a better experience for your tenants.

Software and Data Will Play an Increasingly Important Role

As the pandemic continues to upend traditional business models and force organizations to reevaluate their operations, one thing has become clear: PMS software and data will play an increasingly important role in how to work going forward. In ensuring your property is up-to-date with the latest trends, you will be able to provide a safe and comfortable environment for your tenants. This is where property management technology and software come into play. The software provides the ability to manage all aspects of your property from a single platform.

By automating repetitive tasks, you can focus on more important matters while still maintaining a high level of control. Data will also be increasingly important in the post-COVID world. In order to make informed decisions about your property, you need to have access to accurate and up-to-date data. This data can help you understand trends and patterns that may not be immediately apparent. By leveraging data, you can make your property more efficient and effective.

Conclusion

In the wake of the pandemic, many industries have been impacted. Therefore, the property management industry is ripe with innovation and opportunity that will ensure an effective and seamless experience for clients. In order to stay ahead of the curve, it is most important for property managers to be aware of the latest trends in technology and embrace those that will help their business model.

If you are looking for ways to improve your property management business, try a demo of our product today. At ExactEstate, our software is designed to help you streamline your operations and improve your bottom line. We provide quality data that you can use to make informed decisions about your property. Contact us today to learn more about how we can help you grow your business.