How Technology in Property Management is Helping Beat the Pandemic Blues 

08.06.22 08:25 PM Comment(s) By Assetsoft

Most of the world has adapted to working remotely, and companies and employees have realized its true benefits. According to FlexJobs survey reports, more than 58% of employees want to permanently work from home even post-pandemic. It lets them choose their work environment, they have flexible work hours, they save time and money on the commute and they can literally work from anywhere. 

 

But we all have to agree that a home selling or buying was a very personal thing that required a lot of human interaction to crack a fruitful deal with a client. The pandemic has taught even this human interaction dependent industry to work around these problems. Real estate business owners and property managers are now using software and the latest technology to manage their properties and beat the pandemic blues.  

How the pandemic hit the real estate industry 

The pandemic had multi-layered effects on the real estate industry. What were some of them? 

 

  • Office spaces lagged in demand due to remote work. 

  • There was a considerable lack of demand in malls and shopping complex areas due to social distancing norms. 

  • Demand for hotel and restaurant spaces went down due to restrictions. 

  • The demand for warehouses grew due to the rise in e-shopping by people working remotely. 

  • Hospital and medical facility properties saw a rise in demand. 

  • Increase in sales in suburban areas because people no longer care about staying close to work. 

  • A significant rise in demand for sustainable housing and green buildings to reduce the carbon footprint of real estate on the global map.  

7 ways in which technology helped real estate beat the pandemic 

How did real estate businesses beat these pandemic blues? We worked with many such businesses to help them integrate new property management software into their systems to streamline their work and make the most out of the pandemic restrictions. Here are 7 ways in which technology helped. 

  1. Virtual home tours with AI-powered devices  

 

When your potential customers can not visit your properties to make a deal, you have to bring the properties to them. There are many real estate brands that are bringing home tours to the customer’s doorstep. Zillow started its own 3D home tours with AI-based devices and is attracting a huge number of customers. 

 

Not only that, AI-powered tools and Machine Learning can even help in forecasting and help in further strategy and leadership plans of your real estate business. Millennials have taken to this trend very quickly and according to the PR Newswire reports, they found out that 80% of millennials are looking for virtual home tours before buying a property.  


  1. E-signatures with property management software 

 

Many property management software now allow e-signature options, e-contracts, and online form fill-ups. Now customers do not have to visit your offices to do paperwork before onboarding, helping them keep up with all pandemic protocols. 

 

RPA bots made with UiPath can even automate background checks on tenants and help in the tenant onboarding process. All of it can become virtual with the right technology selection in project management.  


  1. Drone shots helping in inspection 

 

Conducting physical inspection for energy audits or construction inspections have been complicated with all the social distancing guidelines. Even post that, it can be filled with human errors. A drone with micro-sensor cameras can get much more transparent and more useful shots of your place without any extra effort. It can even help you optimize your energy usage and save money in the long run. But you need certified drone flying partners to get this job done. At Assetsoft, we can get the job done for you with our long-standing experience of conducting inspections of properties with autonomous drones.  


  1. Automating back office work with property management software 

 

Back office work never closed down, even with the pandemic. Employees are bound to get bored sitting at home doing tedious tasks like invoice logging and organizing data, and analyzing them. This work can easily be outsourced and done with the help of property management software in no time. This will also free up your valuable time to plan for business growth.  


  1. Accounting work got streamlined 

 

Accounting work is tedious, and one needs the expertise to handle it; reaching the right accountants in the office can be a strenuous task given the pandemic. It can be automated and streamlined with property management software like Yardi. No more human errors and having a hard time closing books at the end of every month, no more hiring an in-house staff.  


  1. Customer interaction has become virtual 

 

Promptly responding to potential customers, sending out marketing emails, important notifications, and messages have all become virtual. No need to visit tenants individually to communicate things; you can simply get it done with RPA bots. Automated responses with chatbots can be sent instantly, and you do not have to keep customers waiting to address their issues and lose out on potential leads.  


  1. Team coordinations become virtual with CRM 

 

A Customer Relationship Management (CRM) software can do much more than just manage customer relations. CRM software like ZOHO and Salesforce also offer internal communication platforms for teams to coordinate and function better. From sending internal emails to planning marketing strategies, the possibilities are many when it comes to CRM software. Integrating such software to beat the pandemic is a smart move in managing your properties better and streamlining the workflow. Your employees can efficiently work remotely and access all information in real-time from their remote devices even without physically visiting the office.  

Select the right property management software with Assetsoft 

At Assetsoft, we help our clients with advice on technology implementation and also offer holistic integration services for the best property management software in the market. You can rethink the strategy and leadership of your business after consulting with our team of property management technology experts and finding the best solution for your business. 

 

To know more about how we work, book a free consultation call with us today and start your journey. 

 

Use the latest software technology selection in property management to beat the pandemic blues, and we will be there with you every step of the way.  

Assetsoft

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