Digital transformation plays a substantial role in both delivering property management efficiencies and creating the services and experiences customers and owners want. In 2022 we will see more and more property management organizations continue to embrace technology, and work towards accelerating the digitization of operations and expanding data analytics capabilities. In both instances, property management software can be a driving force in digital transformation.
These five trends will influence the way property management software is used to support digitalization, automation and optimization in 2022 and beyond.
1. The Shift Towards Online Applications
A property management firm is only as good as its tenants. Filling vacancies with quality renters is crucial. The pandemic has changed how tenants want to see the unit and apply for it, as virtual tours and online applications have skyrocketed in popularity. Benefits of an online application include the ability to apply anywhere and anytime, and allowing you to automate and optimize the application process.
This means a streamlined approach that runs seamlessly from application through to tenant screening and credit checks without manual intervention. It cuts out paperwork, administrative work and a heck of a lot of time. Once the applicant has passed the screening process the lease can be signed electronically, and stored digitally. You can even auto-populate tenant information into the welcome package.
2. More AI & Automation
Whenever you automate any process, it immediately standardizes it and improves productivity and efficiency. In 2022, we will see property firms turning to technology tools like AI and automation to help free up their staff from the more low-value work, so they can deliver on the strategic work that helps drive company revenue.
Standardizing and automating saves a ton of time, and helps remove any human error. For example, when you use a work order management system, you can automate things like generating POs from work orders, as well as matching invoices to POs to make sure there are no unauthorized charges. As part of a tenant portal, you can automate responses to maintenance requests from tenants (more on that later!), and more easily track repair coordination.
3. Breaking Down Solos with Easy Integration
You want your property management software to integrate with all the tools you already use. A good property management solution will play well with the important systems in your business and support the flow of data back and forth between systems. Leading solutions, like Property Vista, offer secure, compliant APIs along with an expertly trained support team to help integrate data with your third-party software and products.
Property Vista can act as the conveyor belt that brings together information from various departments in your organization, effectively breaking down silos. In 2022, property organizations will look to streamline operations by centralizing and optimizing processes and workflows.
4. Real Time Data for Smarter, Faster Decisions
A rear-view mirror approach doesn’t cut it in the fast world of property managements. In 2022, we will see more property management companies continue to develop the data strategies they need to make faster decisions.
Property professionals will want to be able to call up the properties with the most/least amount of collections, see which tenants are overdue, and which portfolios have the most amount of maintenance requests, etc. These real-time KPIs give you valuable info about the health of your assets. Property Vista’s customizable reporting provides real-time updates on your financial health, and gives you the power to drill down across your portfolio of buildings to the get the exact information you need.
5. Collaboration in a Post-Pandemic World
Teams that had previously relied on physical spaces to bring together the skills and knowledge of their members suddenly found themselves thrust into a new normal of remote work. Our post-pandemic world that mixes both back-to-the-office with work-from-home requires a new operating model spanning people, places, and processes. There has to be a rethink around how to allow for meaningful and naturally engaged collaboration, as companies, globally, are hedging their bets on long-term hybrid work.
Cloud-based property management software helps bridge those critical areas of people, place and process, and makes property professionals’ lives easier by increasing mobility, access to information and the ability to communicate with peers, tenants and owners through an online portal.
No more is information locked up on someone’s desktop; instead property management software leverages a centralized document repository and a single-view into operations that keeps all stakeholders of the property management business on the same page – wherever they may be. Forward-looking property companies are actively looking to support collaboration among team members, as it boosts productivity and deepens the bonds between employees. In short, property companies that can help foster more connection in a disconnected world are proven to be more competitive and nimble – a recipe for success in 2022.
How Property Vista Helps
Property Vista is a cloud-based property management solution that helps real estate and property management firms to track property tasks and functions. From advertising rental properties to collecting rental payments and more, Property Vista handles it all. We offer users a vendor management module, accounting capabilities, a lease management system, portals for tenants and owners that help parties to communicate and much, much more. Check out our pricing.