Real estate comes with a lot of baggage into the digital economy. Blame it or not, the sector was found wanting at the dawn of this decade, even as other industries started adopting technology to reinvent themselves. But the shift is happening in the sector. With consumers becoming more discerning, both large and small property managers are cosying up to the best online property management software available, to be able to match their customers’ digital pace.
The best real estate management software providers who set a precedent over the past decade are no longer resting on their laurels. Let’s look at the culture shift that real estate software is bringing to the sales domain, and how the movers and shakers are thrusting the industry into better times.
Positioning PMS As Your Strongest Strategic Weapon
It is not just the incumbents who are undergoing this ‘digital transformation’. Another positive consequence of the rapidly expanding real estate software market is the launch of the startup revolution that is moving the market away from inefficiency, legacy and monotony. Property managers cannot ignore either the growth of the “protect” industry or the success studies across enterprises and SME realtors and managers.
They are deriving many efficiencies across the functions of their businesses, thanks to software for property management. While property managers might have implemented and have seen less ROI with single-use case software in the past, the best online property management software solutions stand in a completely different class, as they converge multiple functions of your business into a single software platform.
Getting into the mindset that the best real estate management software you have chosen is a robust tool for growth. This growth is not quantified in short-term, but strategic growth, becoming a start to winning clients and impacting the industry bit-by-bit.
Delegating Tasks To Software Automation To Free Up Your Time
In the property or realty business, time is more valuable than money. If you can get back a couple of hours in the day to do useful work, that’s an indication that you’re set to realise more revenue for your business. With the best online property management software that incorporates simple robotic process automation that can take over routine tasks efficiently, you can start catering your time for higher-value tasks and strategic thinking.
That means creating accounting reports for your ten properties or sorting customer service requests can make way for thinking about new client acquisition tactics or thinking about how to enter and transform the property market in target geographies. The best online property management software vendors are automating tasks that belong to the Industrial Revolution and allowing workers to use their human potential indeed: spending time in reasoning and cognitive tasks to better the business.
Having End-To-End Sales Modules In Your Software
Now that your culture and focus are aligned to leverage the best online property management software you selected, and procedural or rule-based tasks are delegated to software automation, finding the software that comes with the best sales and marketing solutions for your niche business positioning is the next step. The real estate software provider could either offer turnkey solutions or could tweak their offerings to give you a customised package. Choosing the latter would be the obvious choice.
The modules that are part of your sales function need to span the entire spectrum of prospects expectations: selling properties in commercial establishments could require particular feature cadences while leasing a beachfront condominium could require special arrangements for the high-heeled customers. When you evaluate the best real estate management software to cater to your present needs, they need to be game-changers, as much as you would like to change the playing field and disrupt the market.
Leveraging Sales & Market Intelligence
But if your software for property management could be doing the bare minimum to keep the customers happy and the lights on, it would end up as just another accounting software. In the age of artificial intelligence and the Internet of Things, there are new tech kids on the block ready to use the available data and signals to enable transformation in sales, marketing and beyond. Artificial intelligence through the best online property management software can look through reams of customer data to identify purchase or spending patterns and detect moments of truth to upsell the next penthouse to them.
In terms of the intelligence fusing with hardware and the enormous payoffs in store for the industry, Gartner estimates the VR (virtual reality) domain could generate around $2.6 billion by 2025 for the industry, and the best online property management software is already experimenting to offer a real experience to prospects to envision and make more informed decisions.
Shifting To An Agile Mindset & Setting Market Standards
In a recent study done by an enterprise CRM vendor among 400 odd global senior executives, on the state of business agility today, results showed its growing importance. It found that organisations who prioritise speed and dynamism, at 32 and 22 per cent were more likely to be adopters of the agile methodology. Agile thinking, previously applied to software companies or other sectors, is still nascent in the best real estate management software market.
But this is both a cultural mindset of being nimble and responsive to the changing needs of customers, as well as a revolution in top-down software implementations that now seem relics of a previous era. New technology startups in the property market are strong adopters of agile, and such companies believe in speed, accuracy and faster time-to-market. Such startups are indeed leading the way in setting market benchmarks that incumbents are trying to match.
In case you are apprehensive of how tough the realty business is, or your business has stagnated to a point where you are considering how software for property management can bail you out, both are great starting points to start winning clients, become intelligent at managing them, and continue building authority across your region or the world. A real estate software industry commentator talks about how the property management, owner and tenant experience have spiked by 3x today, and how it is expected to touch 10x in the next few years.
Adopting the best online property management software that would accelerate your existing efforts with the power of technology is key to stepping into the future. It enables gearing up and staying ahead in this increasingly tech-driven property market.