Digital Road Map for Property Management
The moment we see or hear “Digital”, “Technology” or “Marketing” are the words which we anticipate to follow. Most of the Property Management companies may have adopted “Digital Marketing” for their business which may be producing desired results. Digital marketing is a process which requires continues exploration and refining the strategy so that businesses achieves the defined goals. There is lot more to it and there are many gurus who have produced tons of high quality information freely accessible. But this information needs to be processed and applied to your business. This is where some digital marketing experts/agencies come into picture. We will take-up “Digital Marketing” for some other day. Let’s look into “Digital Technology” or “Digital” for Property Management domain.
Digital Technologies: Going mobile, using Artificial Intelligence, Machine Learning and many more promising technologies are changing the way what we used to do and how we do. Adopting these technologies doesn’t necessarily make your property management business go “Digital”.
Digital: As mentioned by IIBA’s “Crossing the Chasm from Traditional to Digital World” article,
“Digital is about creating brand-new business models by placing the customer at the centre of attention, creating processes that offer incredible customer experiences enabled by technology.”
This is the simplest way it could have been defined. Yes, technology has a major role to play, but the questions which Property Managers must ask before adopting any of the technologies are
How is it going to change the way I interact with landlords or tenants?
Are we creating a “self service” or “anytime” model for our customers?
How is transparency being taken care?
Does this new project increases the trust, accessibility and agility in serving landlords or tenants ?
Similarly, there are lot of questions which Property Managers or Property Management companies must ask themselves with regards to scalability of business, accessibility of information to make strategic decisions, customer satisfaction, performance of team members, accountability etc. before embarrassing any technology.
On the whole its the integrated business model which is going to transform the experience of internal customers (employees) and the external customer which has to be clear for Property Managers.
According to the article published by Forbes in Sep 2017, there are about 34,000 plus property management companies in America and they say that the technology adoption by such matured market is not upto the mark. Market like India where the Property Management (Obligatory) has largely been the responsibility of friends and relatives living in vicinity of the property. The need of Property Management service in such a developing markets is exponential. So is the need of going “Digital” with a true business model that will keep Landlords & Tenants at the center.
There are lot of other core processes with regards to service providers which have to be automated using technological solutions and there is a need to have appropriate human interventions.
As mentioned above about Digital Marketing agencies, there are companies who bring in-depth understanding of Property Management business, digital technologies and different business models. They can play a significant role in “Digital” goal of Property Management companies..
Embracing collaboration with Property Management technology companies will reduce cost, time to market and more importantly helps you to do what you really must to do to take your Property Management business to next level.
Going “Digital” is one of the milestone in continuing to be growing “Digitally”. Its an evolving process which has to be kept track of to realize the results as you roll it out for landlords, tenants and operations.