The smooth functioning of property management automation does not lie in the software alone. Training the employees to handle the different tools and features is also equally important. Most of your staff will be unfamiliar with the usage of the new software. By ignoring employee training, you are decreasing the efficiency and productivity of your staff. Training your staff is important not only for your company's health but also for employee wellbeing. According to HuffPost, companies that invest in employee training see a 24% higher profit margin.  

Automation is not a one-time process. It requires constant upgrades and maintenance. Your software requires regular health checkups to determine if it is still compatible with your goals. Regular maintenance can eliminate most of the errors and malfunctions. It involves correcting bugs, improving features, and eliminating unnecessary functions. If you skip maintenance of your property management software, it can fail to adapt to emerging technological trends. This can adversely affect work efficiency and also make your software outdated. Companies like Assetsoft provide software health check services for clients to improve the functioning of the implemented software. 

The first prediction was increased investments after the 2018 economic decline. Logistics seemed to be the main focus for investors. The prediction was for these expenses to become more popular, and it’s somewhat true. 

Even with the current global crisis, there hasn’t been a recession. It also makes sense, the crisis has actually increased that need. 

They also predicted that prices for homes would rise. That’s an interesting prediction, as it’s both a hit and a miss. The COVID crisis has impacted supply negatively, and that has raised prices. However, other experts now predict that prices are only going down. With high possibilities for future foreclosures, the picture isn’t quite clear yet. 

House renting used to be the main option for people. Today, it seems to stay that way. However, given the new influx of financially stable millennials, affordable home demand is more likely to rise. We also need to consider that affordable homes are somewhat scarce in the real estate market, so a shift will be necessary. 

That actually leads to the article’s second prediction. First-tier cities mean higher prices for real estate, and that’s pushed even larger firms towards second-tier. Now, the remote work trend further moves people towards these locations. As such, this trend seems to have an upwards future statistics-wise. 

The real estate sector has also experienced lots of innovations throughout the years. ERP platforms today do almost everything you need. Therefore, the article pointed out that new tech would remain a priority for 2020 and 2021. Now, we can see that’s true, especially considering the ability to collaborate remotely with software like Office 365. 

Another interesting prediction is that interest rates would rise after remaining stagnant for years. We’ll cover the real state of mortgage interest rates in a moment. For now, we can say this prediction wasn’t accurate at all. The COVID crisis shook the market, and mortgages are actually one of the reasons why home buying will likely become a trend.

Luxury inventories from real estate firms were also expected to grow. That’s because higher prices would incentivize companies. The main consequence would be lower prices, and that’s what we’re experiencing right now. Yet, the reason isn’t solely the higher prices, but we also need to consider current supply and demand. 

The last prediction was the need for amenities to drive more customers towards company offers. Some of these amenities include parking, gyms, communal gardens, and even movie theaters. This prediction is also an interesting one, for it was accurate for the wrong reasons. Remote work becoming the rule has increased the demand for fully-featured homes and residences. 

Marketing company Linchpin released an article a few months ago, detailing several trends for 2021. We’ve chosen this article because of how it contrasts the trend predictions from FinancesOnline. In fact, several of their suggestions relate directly to the previous article. It serves as a combination between both forecasts to bring a better outlook for the future.

The first prediction builds on the previous millennial-related forecast. It uses the same statistics from Forbes to solidify their stance. Given how millennials adapt to remote work, there’s little reason to believe this prediction will fail. Even if they’re hit considerably by the COVID crisis, they’ll likely overcome it better than other generations. 

Down payment loans in 2020 are actually growing in popularity. Many requirements have loosened, making it a lot easier to find a lender for buying a home. People who were turned down could actually apply and win their loan request. First-time buyers have the bigger advantage here. It doesn’t mean it’s easy, but it’s more possible. 

2018 tax laws deterred foreign investors from buying luxury homes like they used to. Most buyers come from either Europe or Latin America, but China is also a prominent location for these buyers. Given the political tensions between the US and China, it’s no surprise that their investments experienced a recession. 

We go back to affordable housing. RIght now, high-tier homes have experienced slower sales, but that’s not the case for their low-priced counterparts. Millennial influence over the market has a lot to do with that, and affordable home inventories have seen the most success. 

As mentioned, mortgage rates have plummeted during the crisis. That’s quite the opposite of what FinancesOnline predicted a year ago. However, that’s good news for the real estate industry, for prospective buyers actually have more incentives to purchase a home than ever before. 

Again, the first article was quite accurate with its assessment of second-tier city demand. Forbes hit the same prediction earlier this year. As society starts to recover from the crisis in the future, affordable housing will play a vital role next year—and maybe beyond that. Even larger companies like Toyota have moved to second-tier cities to curve the crisis’ financial impact. 

The most prominent markets for real estate will definitely shift during 2021. We already mentioned the demand for second-tier city housing, and that means these locations will likely become some of the most important markets for real estate. However, we can’t forget about mortgage rates and how attractive they could become for foreign investors and luxury housing. 

It’s worth noting that housing amenities are key for the housing market today. Students and remote workers will boost this demand considerably. As people recover from the crisis, they’ll likely get used to these conveniences. That means this competition will likely remain—and even increase—in the future. 

As competition in the real estate sales sector increases, home staging will also become more important. With increased supply, and millennials’ introduction as a prominent demographic, sellers will need to improve their offers’ attractiveness. That takes us back to logistics investment, as we already mentioned, which will likely remain a priority. 

CRM software can handle your advertising and sales smartly. By collecting data from various platforms, you get valuable insights to target the right audience. For example, certain platforms can have a larger number of people interested in renting two-bedroom houses.  

Through CRM software, you can yield any such benefits for focusing on the right group and increasing your leads. 

Procore aims to encourage the widespread use of technology in the construction industry. Unfortunately, the construction industry is one of the slowest in adopting technology. According to a report by Deloitte, other industries spend an average of 3.28% of their revenue on technology.  

In contrast, the construction industry spends only 1.51% of its revenue on IT, standing lowest among the surveyed enterprises. Procore plans to change this by making contech accessible to all by allowing unlimited users to its platforms.  

With its most recent expansion in South East Asia, Procore’s total user count reaches 1.6 million across 125 countries. Its core goals revolve around increasing its customer base and expanding globally while ensuring access to contech for everyone. 

As you might’ve guessed now, they can be, yet that’s not always true. Some agree that the best leader is also a great manager, and vice-versa. Others claim managers can perform perfectly without being a strong leader. 

This article by the EDUCBA establishes the main difference between the two, but it makes an interesting point. There’s no hope without vision, and it focuses on the benefits of leadership above mere management. 

We can’t really say we agree with the statement that all leaders are managers, as there’s always an exception to the rule. However, leadership is always a worthwhile aspect to look for in project managers.