WHY IS PROPERTY MANAGEMENT SOFTWARE GAINING POPULARITY POST-PANDEMIC?
As with every sector, the previous year has disrupted and driven real estate businesses, based both online and offline, to reimagine their operations and reinvent their execution methodologies. Digital platforms and real estate software, parts of the Prop-Tech sphere, have been pivotal for these businesses in navigating the post-pandemic market.Business leaders all across had to race against time to incorporate innovative and bold actions to overcome the pandemic’s unique and complex challenges. In the real estate and property management sector, the repercussions brought about drastic changes in procedures and policies for property managers and the real-estate segment as a whole to maintain business continuity.Keeping business afloat while abiding by the social distancing norms and remote working protocols was the biggest challenge faced by the real estate and property managers, much like all business leaders.As had been the trend globally, the ready solution was to go digital — the work processes, communication, as well as property viewing and leasing in some cases. With COVID-19 still being a prominent concern worldwide, it is hard to say if these changes are here to stay. But with digital being the path ahead, it won’t be a surprise if these innovative integrations turn out to be permanent.
Digitising and automating the processes
Property Management Software (PMS) was already here before the pandemic — the constraints of the lockdown only boosted its adoption rate. Many realtors have popularly leveraged this software to get rid of unnecessary paperwork in favour of storing data in a secure cloud. This comes with the added benefits of a streamlined process and smart analytics based on the historical tenant data. Most notably, PMSs are used to automate time-consuming or monotonous tasks, helping to free up time considerably and focus on core business matters.
Virtual viewings and online leasing
Post-pandemic, with possible customers stuck indoors, residents and tenants stuck indoors as well, and with a remotely operating workforce – the importance and capabilities of a well-implemented PMS has been vastly recognised. In-person transactions, including property-viewings and lease-signing, were all the vital elements of a standardised real-estate procuring process. PMS helped property managers reimagine their operations by facilitating virtual or self-guided property tours and online lease agreements. The convenience that these integrations bring is too good for consumers to relinquish once the pandemic abates.
Efficiency in communication
Studies show that during the crisis, the existing residents and tenants needed much more frequent communication. Whether about the COVID policies and protocols or answering queries about general maintenance and safety, there was a definite rise in the number of people seeking information or assurance.
With PMS, it was possible to incorporate mass emailing or bulk messaging updates. This feature, coupled with automation, also lets property managers send rent-reminders or all other related updates.
Database updating in real-time
Another reason for PMS rapidly becoming the norm among property managers is the convenience it brings to business functionality in the backdrop of remote work. A PMS can manage accounting, expenses, rent collection, and taxes while maintaining a log of every receipt and transaction securely.
Since the data, records, and related files are stored in the cloud, it makes them accessible from anywhere, making it an immense boon for remote working personnel. It makes communication easier and efficient for colleagues and peers since the property data is updated in real-time, helping keep everyone on the same page.
What the future has to offer
Finally, with a PMS, real estate businesses realise that they stand to benefit significantly in the future. With the digitised records and the prolific, intelligent, technological advancements powered with AI and Data Science, a PMS can help predict future trends and customer behaviour. These help immensely while planning and strategising. The data insights can even help visualise overall business performance, areas of improvement, and identifying business opportunities. With a graphical visualisation handily available, it becomes much easier for businesses to take proactive steps and measures.
Businesses that turned to PMS during the pandemic or that already had a PMS in place reaped returns by emerging resilient in the face of the crisis. Future challenges are unforeseeable; however, technology and digitisation have proved their ability in helping society course through turbulent times.
Article Published on ‘99acres’. Click here to read.