When it comes to tech investment and integration, the vast majority of property companies are committed to success. A recent survey by the Urban Land Institute and Goodwin law firm revealed that tech has improved operations for 80% of these companies.
However, many still aren’t getting the picture. The same survey shows that 15% of companies have no plans for tech investment in the foreseeable future.
With this revelation, it’s important to look at the benefits of tech in property management and how the industry is adopting this technology. After all, without constant innovation, you stand to fall behind the tech trends that may be transforming your competitors for the better.
Here are just five of the insights revealed by industry surveys that show why long-term tech investments might be the right decision for your property company.
1. Most businesses use modern technology.
Survey results showed that the large majority of businesses have adopted one form of new technology or another within the last three years. While technology is always advancing, three years gives businesses enough time to make the most of the technology they employ while saving up for further investments.
In every business practice outside of raising capital, there was some level of reported integration of new technology among companies. This evidence reveals that businesses are using modern tech.
To be competitive as a property management company, you’ll need to do the same.
2. Modern tech is good for business.
The survey also revealed that, for companies that implemented new tech, a large majority saw a positive impact on their finances and ability to make business decisions.
In fact, 94% of businesses in the property management sector experienced an improvement in operations and services performance. Meanwhile, the application of data analytics improved property management decisions for 86% of adopters.
With benefits like these, it’s clear that implementing technology can help property companies step up their game.
3. Property management is the best industry for tech.
In fact, tech does so much for the field of property management, that it eclipses all other fields in terms of financial impact.
Four out of five property management companies say that tech has improved their finances. Compared to just 61% who say tech has improved finances for healthcare companies, for instance, the difference is clear.
Property management is one of the best industries for tech integration. Adopt new platforms now to see a transformative difference.
4. Technology invites collaboration.
The next impactful benefit of tech integration in property management comes through the collaboration opportunities it creates. Tech platforms are natural havens for collaboration, and property managers are using them to work with businesses that offer services adjacent to their own.
The ULI survey showed that businesses are actually more likely to invest in or partner with a company when pursuing new tech, so use these opportunities to find community partners. You never know when collaboration with a local software developer or service provider might unlock better business practices.
5. Property management is ripe for innovation.
Last but not least, the survey revealed that companies in only three areas of business plan to increase their future tech investments. These sectors are data analytics, climate risk and mitigation, and healthcare.
This leaves property management and real estate as fields that are ripe for innovation and investment. With few competitors ramping up their own tech applications, you can potentially fill a market niche with the right investment.
The digital age is all about taking advantage of the opportunities in front of you. As a property company, you can do this by integrating new technologies into your practice. Tenant portals, Customer Relationship Management (CRM) tools, and even social media platforms will help you elevate your approach to managing investments.
For more information on property management and real estate investment, contact 208.properties or find us on social media.
