Digital Road Map for Property Management
The moment we see or hear
Marketing are the words which we anticipate to follow. Most
of the Property Management companies may have adopted
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
Digital Marketing for some other day. Let's look into
Digital Technology or
Digital for Property Management
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: 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
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
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.
Digital is one of the milestone in continuing to
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.