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Top 3 property management technology trends for 2023

Top 3 property management technology trends for 2023
Ally Gong
,
Content Specialist

Technology has rapidly evolved in recent years, and 2023 is no exception. While some trends are emerging, others are gaining more traction. Below are the top property management technology trends to look out for in 2023 and beyond. : big data, automation backed by artificial intelligence and machine learning, virtual and augmented reality, and the Internet of Things (IoT). By understanding and keeping an eye on these trends, you'll be able to better prepare for success in the long term in real estate and property management.

Big Data

Big Data is a crucial technology to watch out for in the future of property management.

Big data and analytics are becoming increasingly important in the property management space. Big data analytics provides valuable insights not found in smaller sample sizes.

By collecting large amounts of data from different sources, you can gain insights into tenant behavior, industry trends, pricing, marketing strategies, and other insightful metrics. With this information, you'll be able to make informed decisions about managing your properties efficiently and effectively. You can leverage significant data insights as a property manager or homeowner to maximize your home's market potential and reduce operational costs.

A wealth of studies demonstrate that big data will become increasingly powerful, giving real estate and property management professionals the ability to provide accurate insights, pricing, and risk assessments based on comprehensive historical and real-time data sets. As a result, big data offers many benefits to real estate agents and property managers.

They produce unimaginable volumes of data on a large scale, analyzing for many different parameters, such as

  • Customers' behavior patterns
  • Detailed pricing over time.
  • Property occupancy rates
  • Property performance analytics.

Automation backed by AI and machine learning

Artificial intelligence (AI) real estate software takes data and turns it into usable information by processing vast amounts of data and projecting it in the form of dashboards, graphics, and reports. AI-driven business predictions are known for their accuracy and are also shown to be invaluable for market behavior analysis and decision-making management. Automation is patterned with artificial intelligence to create automated processes and tasks that can help property managers in their daily operations.

In the coming years, it will be all about automating manual processes. Proptech companies that use AI and machine learning relieve some of this stress by making huge swathes of data usable with actionable lists and repeatable processes. View our trend report on how automation has impacted property management and how we utilize automation at Doorstead. [LINK] With AI and machine learning, it's now possible for you to automate tasks such as maintenance requests, rent collection, and more. This technology can save you time and money while helping to ensure a better experience for your tenants.

Virtual/Augmented Reality (VR/AR) 

Virtual and augmented reality solutions are becoming more popular in property management. With VR, you can create virtual tours of your properties to attract new tenants and show them what it would be like to live there. As a result, VR tools save time and help people find their perfect match more easily. Augmented reality enables proptech managers to create realistic designs of future properties, which gives customers a better overview of what they're buying – resulting in a more impressive buyer experience overall. AR can even be used for repairs and maintenance, allowing you to project step-by-step instructions.

The Internet of Things (IoT) and Smart Homes

The internet of things (IoT) is becoming increasingly important in property management and real estate. IoT devices are networks of sensors that buildings use to communicate data, track state changes, and predict failures. By connecting all of your devices, you can create a connected home that's safer, more convenient, and more comfortable. A trend where people can manage lights, temperature, and appliances all through their smartphones is something that tech-savvy millennials and Gen Z customers are accustomed to and increasingly expect.

Data accessibility is a top priority in the modern digital world. Technology companies in the real estate industry use IoT devices and sensors to communicate with customers, tenants, and managers. This technology allows them to control smart devices and houses and monitor different aspects of the property. Smart home technology can help you keep your home safe and save energy. You can use it to monitor security and manage energy consumption. It can also help you find potential problems before they become costly issues. IoT technologies allow for increased security, reduced maintenance costs, and thoughtful resource consumption. 

With the right technology in place, you'll be able to stay competitive and offer an even better experience than in the past. So keep an eye out for these proptech trends for 2023 and beyond, and make sure you start implementing them into your operations soon!

Did you find this article on proptech trends exciting or helpful? If so, please share it! And if you're looking for more helpful tips and resources on proptech and property management, visit the Doorstead blog.

Ally Gong
Ally Gong
Content Specialist

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