Property management technology trends

For commercial real estate providers, embracing new property management technology trends is key to having a commercial advantage. Implementing the right software or new technology can save time, reduce cost, and add significant value to the business.

With a surge in investment in proptech over the last couple of years, real estate tech will be more readily adopted. CRE owners will need to stay on top of property management and smart building trends to compete in a more technology-enabled market.

Real estate technology trends

Virtual reality

Virtual reality is a growing trend in the real estate sector, with 360 virtual tours allowing potential tenants the ability to view space at their convenience from anywhere. The use of VR in real estate improves customer experience, giving potential tenants or buyers more choice over the way they browse. We all know how time-consuming searching for an office space or flat can be, now, individuals can gain several hours of their time back by only viewing their shortlists after an initial virtual tour.

Matteport offers an all-in-one 3D data platform that “lets you turn a space into an accurate and immersive digital twin”. Commercial real estate providers can choose a monthly subscription based on the number of spaces they have.

This growing trend has no sign of slowing down, with the virtual reality market expected to be worth $2.6 billion in real estate alone by 2025 (see future of real estate technology).

Cloud-based management software

Property management software allows you to collect rent, log and manage maintenance issues and generate rental listings – all on one platform. Many real estate providers and property management firms are already using some sort of property management software to manage their work, but with SaaS on the scene, it may be worth making the shift.

Although SaaS (software as a service) business models are not new, they still only account for 20% of total enterprise software and is therefore still a small percentage compared to on-premise software. But, with the SaaS market growing significantly, growing at almost 30% per year, leading real estate providers are now making the shift and are benefiting significantly.

The benefit of a cloud-based property management software is that functionalities and features are constantly updated, meaning you’ll always have the best version of the software, compared to a self-hosted application. They also manage security and performance issues, offering a more secure and hassle-free option for businesses. Plus, it makes scaling your portfolio much easier.

Appfolio is a leading property management SaaS provider working with providing solutions for both residential and commercial real estate. GSF Properties are one of their clients, who were still using an old school paper ledger system before making the shift. Implementing the software has allowed them to scale with ease.

Arthur is another example of a SaaS property management software. They allow the ability to integrate with other third-party software such as Signable and even custom integrations such as software you’re already using.

Commercial real estate technology trends

In commercial real estate, we’re seeing a rising trend in tenant experience and community apps as the industry moves to a more on-demand service. Property managers are now looking to a customer-facing app for their building or portfolio to add additional value to tenants and boost loyalty. An office building app connects amenities and services and often have a payment functionality which allows users to book and pay for things they require such as meeting rooms. It’s also a platform that can be used to drive engagement through content and events.

District Technologies provides a tenant experience platform for commercial real estate providers. District offers a plug&play option where your building can be live on their app within hours, or, a personalised white-labelled app that’s fully branded and can connect multiple buildings on one platform.

As technology becomes an intrinsic part of our everyday lives, commercial building apps that provide the building’s best features at users fingertips may be considered an expectation by future tenants and building users.

The District Technologies app showing local people and businesses - part of the technology trend in modern buildings.

Sustainability

We’re now seeing a growing trend in property management firms and commercial real estate providers investing in green tech such to reduce their building emissions to become more sustainable.

Implementation of intelligent HVAC systems can reduce overall energy consumption by up to 10% and smart lighting can reduce usage by as much as a whopping 45%.

Embracing these smart green solutions is a way for property owners to reduce their energy consumption whilst making significant cost savings.

Technology trends in real estate

By 2035, it’s predicted that there will be 1 trillion sensors and connected devices in operation. The level of data being monitored and shared is going to turn commercial real estate on its head.

Blockchain technology allows for transactions to be made with speed, security, transparency and efficiency. When you consider all of the steps and time-consuming due diligence involved in a CRE transaction, it’s clear to see the benefit that blockchain will have on the industry.

Business Intelligence (BI) solutions for property management are being more readily adopted. Third-party technology providers such as Real Page consolidate, integrate and analyse your business data into one dashboard. This gives an efficient overview of your whole portfolio in real-time and allows you to run various reports. Without a BI platform in place, particularly for large portfolios, will require a large amount of time and resource to interrogate your data to make critical business decisions.

Data analytics and moreover predictive analytics will drive decision-making in investment. Investors will be able to use predictive analytics to speed up their due diligence and risk analysis. Predictive analytics can provide an investor with reliable ROI figures based on past and present data and future predicted trends.

Data and technology will truly dominate future trends in commercial real estate.

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