Gone are the days where real estate companies could rely on newspaper and radio ads to win new business. In today’s industry property managers must rely on numerous revenue streams to scale and grow, and its technology that’s driving this shift in approach.
Property inspection software, the cloud, analytics software, and drone powered home tours are just a few of the ways technology is disrupting this slow, conservative industry.
Although, every property manager appears to be at a different stage of technology adoption. Some are just dipping their toes in to see how things go testing different software, while others are restructuring their entire company around new technology solutions.
Everyone is at different stages of their adoption. However, property technology doesn’t show any sign’s of slowing down, with 2019 looking to be the biggest year for innovation and technology yet. The lack of investment within this industry will have damaging effects for those failing to embrace the change.
Keep reading below to asses where your company stands in 2018 for property technology adoption, and if you need to shake things up leading into the new year.
Introducing New Technology
Over years of operation within the real estate industry, SnapInspect has found that most property management companies fail to successfully onboard new technology to their employees. From upgrading devices to rolling out company-wide inspection software, businesses are falling short when it comes to introducing new technology to their staff.
When your team has limited knowledge about a new system in place, it sends progress backward. Unorthodox methods become the norm, productivity stops, and it becomes counterproductive to engage with the new system. Often, property managers will revert to old practices and gain a negative outlook on property technology.
Rather than sticking with the age-old method of onboarding technology through long afternoon meetings and text-heavy information guides, promote a positive learning environment for your team when you are onboarding new technology to them. Understand the current process and how your new solution will better that process.
Every team is different, so there isn’t a “one size fits all” guide to onboarding new technology. However, you should know what works for them, what will keep them engaged and what will enable them to use the latest technology solution to their best ability.
Understanding your team and how they retain and understand information is vital. If your employees fail to understand the solution that your new software is solving it will become a chore to engage with. This means productivity-boosting features aimed at making your job easier get overlooked, not used and ultimately forgotten about meaning the technology upgrade becomes pointless.
Are you using mobile?
It’s no secret that humans are addicted to smartphones, they have quickly become an extension of one’s self. We do our banking, rent cars, apply for jobs and even catch up with friends all through mobile. It makes sense, especially for individuals that conduct property inspections, to be using mobile assistance when out in the field.
Property inspection software turns your entire inspection process digital. This means you can create custom checklists to suit your inspection needs, load those inspections onto your device and then complete the inspection entirely by using your mobile phone.
Because the entire inspection process is completed through mobile, meaning you and your team can say goodbye to tedious data entry and formatting post inspection. Backend office work and report formatting are the most resented tasks within property management. Good property inspection software will automatically generate a customized report once you have uploaded the inspection details to the software cloud.
When you understand property inspection software, different features and how to best use them to your ability, you can cut inspection time from three hours (using traditional pen and paper method) to 30 minutes (using a mobile device) and that’s not including the time spent back in the office getting the inspection into a presentable report for your clients if you are using pen and paper.
Are you open to change?
A few years ago, company owners and directors were debating whether the cloud-based technology was secure enough to carry out financial transactions.
Today cloud-based technology has taken over. Every day the cloud supports financial, medical, and business based transactions.
The real estate industry is very slow to embrace technology. For this conservative industry to grasp technology, you must educate those around you the benefits of using various technological solutions.
A shortage of technical skills, personnel issues, and general resistance to change are the top reasons property managers are still avoiding change. Property wire conducted a survey of property professionals that states the property market is one of the last industries to go through a digital transformation, 82% of respondents believed that digital technology would have a significant impact on their business. However, only one-third of those respondents had looked into or invested in property inspection software to assist their operations.
Become an industry leader
Sadly, most of the real estate market still views IT and digital solutions as a budget disruptor that creates headaches. They do not consider new technology as a way to get ahead of the competition and project your company into the spotlight as an industry leader.
A study conducted by CapGemini concludes that business’ that have a successful digital transformation like investing in property inspection software grew their revenue by an overall average of 9%, They also found that those who have embraced digital transformation are, on average 26% more profitable than their competitors.
As 2019 closes in on us, it’s more crucial than ever to look at the digital marketplace and asses which solution will best help your company. If you haven’t already, you need to start looking at technology and embrace change. Take charge of your organization’s digital destiny today.
If you fail to embrace change and become a digital leader, you risk being left behind for good.