In the recent years, the rise of PropTech or Property Technology, has transformed the real estate industry and changed how agencies run their businesses. It is no secret that those who remained competitive amidst this disruption are those that deployed modern technologies to cut operational costs, increase efficiencies and improve customer service.
In 2019, technology continues to be the driving force behind successful businesses in real estate, particularly those involved in property management. As Tech Analysts set out their predictions for emerging technology trends this year, let's take a look at how they can be applied in a property management software.
An open and integrated real estate ecosystem becomes the norm
In the last decade, the trend in property management technology is steadily moving towards an open ecosystem – as opposed to the closed, single-stack systems from legacy providers of yore. You might notice this with the emergence of cloud-based property management software that connects with other specialized tools and apps – like property inspection apps, for example- to streamline your workflow.
With an open ecosystem, the capabilities of a property management software increases, providing businesses more options ideal for their team’s specific needs.
This 2019, this trend is poised to become the norm for property technology, paving the way for a centralized real estate platform in the near future where processes will be managed by a network of providers in a single, easily accessible interface.
AI will continue to make things happen
From predicting your Google searches to recommending what series to watch in Netflix, Artificial Intelligence (AI) is very much part of our modern lives. Also called Machine Learning, this technology is the building block of automation and human-like responses in the apps and software we use. For industries inundated with mundane tasks, it helps streamline operations and increase productivity.
In property management, application of AI can be seen in arrears management, automated communications and even invoicing. And as this technology grows – and as we continuously look for ways to work more efficiently than before, the possibilities of AI in a property management software is virtually limitless.
Blockchain’s potential will be explored
Deemed as the next big thing since the Internet, Blockchain works by recording encrypted, digital information and distributing them across a network of machines – all while being incorruptible, allowing for a transparent yet secure transaction. While the technology was initially developed for digital currencies, its application goes beyond that and many industries, including real estate, are exploring its great potential.
Among the possible applications of Blockchain in a property management software include smart contracts, voting and elections for body corporate transactions, tenant billing and maintaining and updating maintenance records.
These are just some of the technologies we can expect to be utilised and explored greatly as Property Tech continues to gain traction and attract investors and startups alike. For real estate agencies, it is important to keep updated to these latest tech trends with the help of system providers that will ensure optimal solutions to their needs.