The emergence and continued use of artificial intelligence and automation in PropTech have undoubtedly changed how the property management industry operates. But we should not be fearful and step backwards. After all, the ultimate goal of technology is to provide solutions and improve business workflow.
Recently, property managers have embraced technological advancements to streamline operations and enhance efficiency. The once frightening tech tools have become trusted and the positive effects have been felt broadly. By harnessing technology and transitioning in-person activities to virtual spaces, management has not only delivered added value and transparency to tech-savvy consumers and tenants but also empowered businesses to operate more effectively – as Kerri Davis, CEO of Fortress, an end-to-end operations platform for the property management industry points out for Forbes.com.
AI does not mean the end of staff
According to Davis, artificial intelligence fuelled automation – with cloud-based software and online platform solutions – has become the most significant change that technology has introduced. Online portals and mobile applications have enabled tenants, staff and property owners to effectively enhance transparency by communicating in real-time through messaging and community notifications while safeguarding documents, maintenance requests and feedback in one location.
The expert also highlights that the shift toward increased automation in maintenance and complex accounting tasks does not mean the end for leasing staff. On the contrary. While automation assists in minimizing the resources needed for manual tasks, it can increase the capacity of staff to focus on improving the well-being of tenants.
The key to maximising market potential and reducing operational costs
Property managers can leverage technology through data collection and analysis to gain valuable insights into tenant behaviour and preferences, industry trends, pricing, marketing strategies and other essential metrics – the CEO says, adding that: This process helps identify patterns and formulate a cohesive approach to improve services and maximize market potential while reducing operational costs.
Prepare for the generation of digital natives
Millennials and Gen-Z represent the largest generations in the workforce and are fast becoming the largest groups of renters, and these digital natives expect seamless technology integration in their daily lives. In such circumstances choosing intuitive software and tools that do not require extensive, expensive or time-consuming staff training or upgrades is crucial to ensure continued efficiency and engagement.
„The emergence and continued use of artificial intelligence and automation in PropTech have undoubtedly changed how the property management industry operates. But we should not be fearful and step backwards. After all, the ultimate goal of technology is to provide solutions and improve business workflow, not create additional obstacles in the process. Management must maintain an accepting mindset and technological flexibility to seize the evolving landscape of client engagement, transparency and data performance tools and resources”. – Kerri Davis, CEO of Fortress
