Technology has disrupted practically every industry in one way or another. From farming to construction, there’s no business that technology can’t make more efficient. So, it makes sense that this stretches to property management, an industry notorious for its dishonesty and outdated techniques. The hope is that technology will help change property management for the better.
Here are 6 technological advances to watch out for:
- Virtual Reality
Virtual and augmented reality are well known for their impact on the gaming and real estate industry – AR goggles being the prime example. However, virtual reality is also making its way into the property management field. Computer generated images can help technicians and other property vendors when there are repairs or maintenance to do on the building. This new, three-dimensional way of seeing a property without even needing to be there can save time and money.
- Machine Learning
You might not realise it, but machine learning is impacting most parts of our daily lives. Building managers, owners, architects and even engineers will eventually use machine learning to sift through data and reveal insights into market trends.
- Drones
For past few years, drone technology has been quietly advancing at a rapid rate. They’re becoming more efficient, and less extortionately priced than when they first came out. Which is why they’re now being used for aerial surveillance of buildings and outdoor spaces, allowing for better security on even the largest of building complexes.
- Blockchain
Blockchain is changing commercial property management for the better, revolutionising investor relations. The worldwide technology has opened up new markets to investment that may not have many real estate investment trusts. It will allow for investment in a completely new way, cutting both time and costs.
- Robotics
It may seem a little bizarre, but robotic technology will no doubt impact the property management industry. It’s already been implemented across the medical, industrial and agricultural industries with much success. It’s likely to help the most when it comes to construction, replacing workers when there’s a labour shortage.
- Eco Energy Sources
There has been a great influx in businesses wanting to do more to be eco-friendly. Localised energy sources are going to be used more as we head further into 2019. It will reduce waste and CO2 emissions, giving owners an incentive to invest in buildings with solar panels and other sources of renewable energy.