The conventional, full-service property management model could change with the development of technologies, allowing for a streamlined hands-off procedure.
Here’s how technology can revolutionise the property management field:
It is very manual right now to get a standard property manager. Everything they do is manual, which is not scalable.
The typical property manager can afford 200 to 250 properties and are extremely stressed. They are quite responsive to issues, but when we use technology, we’re proactive rather than firefighting all the time.
Highlighting how technology can tap into the “on-demand” workforce, here is how property managers could spend less time working and get more results.
Picture a mother who was formerly a real estate agent; one who can operate 24/7 and be on call, who does not work nine-to-five in a workplace, they can work when they would like to work but remain in the business.
What is holding the business back?
While emphasising how property management is a people-to-people business, current regulations are a clutch to the industry.
The Australian real estate industry needs to catch up with what the rest of the world is doing. It’s online; it is on-demand; people expect things to be done straight away; they expect everything to be online; they wish to understand what is happening.
Look at housing as an asset like how you look at investments.
Linking the real estate business to the eCommerce industry, it is the norm to buy online.
In 2019, we can do most things online. In America and the UK, you do not need to go to a specific location to perform an inspection. You can do it digitally.
In Australia, you must first be approved; things like this will change as the demand for it rises with technology, it’s up to legislation to keep up.