Pandemic disruptions have forced property managers to pivot. Implementing proactive strategies is crucial to keep them competitive. Here are five property management strategies that can help to get ahead in 2022:
1. Accelerating Technology adoption
The pandemic has taught us one thing, that minimizing physical contact can help prevent the spread of viruses. Technologies such as smart meters, with remote reading and monitoring capabilities have allowed touch-less access, increased efficiency, and improved customer service. These new technologies allow the transfer of data to a centralized database, facilitate billing services, troubleshoot, and analyze processes. It also brings transparency for tenants who wish to evaluate their energy consumption to increase savings.
2. Appealing to the New Gen Z Tenants
Electric car sales continue to soar worldwide. According to a recent report by Bloomberg New Energy Finance, 58% of global passenger vehicle sales will come from electric vehicles by 2040. With the surge in EV ownership, more people will need access to EV chargers. Installing an EV management system on your property will become an enticing benefit for young tenants, increasing your property value.
3. Taking Advantage of Data
Vital insights into energy and water consumption data are valuable to property managers as it drives intelligent and well-informed smarter investments. Real-time and detail-rich data can also help address issues faster, reducing the risk of potentially costly repairs. Moreover, it improves customer service by enabling you to understand your tenants’ consumption needs better, and allowing your tenants and unit owners to see their individual consumption in rear-time.
4. Communication with Tenants
Maintaining an open line of communication with tenants improves customer service and experience. Accessibility with a hotline or an email address may be practices of the past. With advanced technologies, new apps you can bring complete unit functionality to the occupant's mobile phone. By leveraging AI technology such as virtual web chatbots, communication with tenants can also be improved. AI can be programmed to answer most asked questions, such as repairs, amenity reservations, billing, complaints, and many other requests that bring managers and occupants closer.
5. Security and Automation
Smart security systems provide live security alerts and remote monitoring. Older surveillance methods alert only after the breach has already occurred. By investing in smart security automation systems such as smart locks, contact sensors, and leak detection systems, you not only increase property value but also possibly benefit from insurance discounts. Automation systems can also help save money on utility bills too.
