The Real Estate Industry is Increasing Efficiency with Digital Products
The market for property management software is anticipated to reach $2bn by 2027. This projection is widely due to the wide variety of commercial and residential real estate firms that are continuing to adopt technology to not only make their operations more efficient but also make their tenants happier and increase tenant retention.
In this article we will dive into the uses and benefits of adopting technology to manage properties, internal operations, tenant communication, and work space optimization.
Uses of Digital Products in the Real Estate Industry
It is estimated that property managers are losing at least 8 hours per week on manual tasks. In addition to this, having an excessive amount of manual work will only increase the risk of human error which in turn slows down internal processes. Digital tools, like property management software, can help internal operations automate time-consuming processes such as screening tenant applications and managing the influx of documents that are needed throughout the process. This increases the efficiency of the team along with ensuring that high quality renters are being selected.
Flex spaces continue to have wide-spread adoption as employer’s become more open with how their office environment operates, as well as how often their employees are required to work in-office. This being said, real estate firms like JLL or CBRE can have the ability, by using digital applications, to analyze which segments of their space are being used the most. In doing this, firms may find that certain segments of their environment are not being used as much and can be transitioned to a different environment which can unlock the full potential of the workspace as well as potential streams of revenue.
The most successful real estate companies keep a tight watch on their financial health. Real estate firms, as well as businesses in general, deal with all sorts of potential issues when tracking incoming and outgoing cash flow. Digital tools allow companies to run more efficiently as you can not only in real-time view a snapshot of your financial picture. Additionally, using business intelligence tools will allow firms to estimate future cash flow and track specific KPI metrics relevant to their team. This ensures potential headwinds are spotted before they actually occur. Also, firms can learn which tenants are consistently paying on time and which tenants have an inconsistent flow of payments. Lastly, this can allow for easy reporting to external stakeholders which will fuel a positive experience that will make it easier to raise future capital.
Benefits of Digital Products in the Real Estate Industry
Real estate companies adopting digital products are not only benefiting their internal operations, but are also seeing increased retention among their tenants while having a community of happy investors due to consistent reporting and transparency. Additionally, real estate companies are becoming more aware of how to fully optimize their workspace which increases productivity and profitability in the long-run. Adopting digital products decreases the amount of manual tasks needed which allows an internal team to spend more time providing the best possible experience for their tenants and external stakeholders.
Looking Ahead
Building a custom digital product fit to your needs can create a desirable digital experience among users and increase engagement, as well as raving fans which lead to referrals. Codelitt enjoys helping companies create and build better digital product experiences. We are obsessed with the problem and using innovation to make products easier for the end-user. If you have a project or idea in mind we’d love to hear from you! Contact us here.