Technology has come a long way in recent years, making our everyday lives much easier. In a survey conducted in the United States, technology was overwhelmingly voted as the biggest factor in the improvement of our lives in the last 50 years with 42% of the votes (medicine and health came second with only 14%).
The results don’t come as much of a surprise. New technology has helped us across all walks of life, and the latest property management technology trends are making it easier than ever for developers and landlords to stay on top of their investments.
According to Property Week, 96% of property industry professionals expect technology to have a positive impact on future revenue with 54% saying they expect it to have a significant impact. 49% of those surveyed also believed their use of technology had a hand in establishing their USP and gaining the edge over competitors.
With this in mind, we at LOFT decided to take a look at the current property management technology trends that are already making life easier for investors, developers and landlords, and that you can implement into your ongoing performance plans.
Online Property Portals
The rental market has changed dramatically with the help of online property portals. Before the internet became widely accessible, tenants had to find spaces to rent in local newspapers, visiting estate agents and property developers or through word-of-mouth. These days, a simple
search query can bring up thousands of available properties from across the UK and from overseas.
The internet hasn’t just made it possible to get your property in front of more eyes, it creates an opportunity to really showcase what makes it stand out from other rentals in the area. For example, if you’ve saved potential tenants from the hassle of having to furnish the property, make sure to list it as fully furnished and provide quality photos to prove you’ve done the job to a high spec.
If your interior could do with a makeover before your property goes on the market, we have a huge range of low cost luxury furniture to spruce things up.
Augmented & Virtual Reality
One of the more recent property management technology trends to come to the forefront is virtual reality. People lead very busy lives these days, so it’s not always possible for you or potential tenants to attend viewings in person. In this scenario, you can use VR tech to provide virtual tours of your property from anywhere in the world and at any time.
Naturally, if you’re giving virtual tours, this means your property needs to be highly presentable at all times. At LOFT, our Interior Designers are specialists in property staging, making your rental look as attractive as possible to potential tenants. Our experienced team will help you depict the right vibe you want to convey, keeping you ahead of the competition.
Augmented reality also helps when choosing how to design interior spaces. AR technology superimposes images into real life through the use of smartphones and tablets. In a sense, it means virtually dressing a property to showcase the potential of an unfinished development or to see how a change in decor will enhance the property when implemented.
Automation is revolutionising almost every industry imaginable. 87% of UK businesses have automated at least one key process in the last year, and its benefits can be felt greatly in the property sector.
Payments from tenants to landlords can be scheduled to go out on an ongoing basis as can ongoing maintenance bills on your end. Emails can be sent en masse to advertise new developments and chatbots on your website or social media pages can be set up to reply to common questions asked to landlords and developers.
By automating tasks that don’t really need human intervention, you can focus your attention on the more hands-on aspects of property management such as arranging to furnish your rentals. However, you can even save time on that task by coming to LOFT for help. Our Interior Designers can create the perfect space for your tenants, and our trained and skilled delivery and installation team will assemble and install
everything for you before removing and recycling all packaging. We can even take away any old furniture without you having to lift a finger.
Cloud computing has made it much easier for landlords and developers to keep on top of their investments. According to My IT Pros, 80% of top performers in the property industry use the cloud to conduct business in one form or another.
With so much virtual storage, you can keep track of payments and invoices, view your year-on-year profits and share necessary files with tenants or business partners. Many people also use the cloud to store copies of legal documents such as contracts, tenancy agreements and service-level agreements.
At one point, you would’ve had to store all this information in files and clutter up desks, drawers and shelves with them. On top of that, you’d have spent a long time trying to find the one piece of information you actually needed without the use of a search bar.
But, if you’re still interested in keeping paper versions of your files, we have a great collection of shelving units for you to store them.
Are Property Management Technology Trends Actually Making Life Easier?
In short, yes. Property management technology trends are making life easier which is how they become on-trend in the first place. However, you can’t rely solely on technology to resolve all your issues. At times, human intervention and expertise is needed to make your property more attractive to potential tenants and to make your life easier.
At LOFT, we’re specialists in designing spaces people can truly see themselves living in. We work with you to come up with unique concepts that have character and class to them. We pride ourselves on continuously proving luxury can be affordable, meaning you’re bound to find the right furnishings for your property at prices you’ll love.
For more information on how the LOFT team can help make your life easier (with and without the use of technology), get in touch with us today.