Digital transformation is the buzzword and goal of companies in every industry since 2018. Replacing outdated equipment and operations with new technology promises to cut costs, increase speed and efficiency, and achieve higher profitability and asset values.
ICC Property Management believes that as businesses in the property management industry rapidly adopt technology, they are also gaining a better understanding of their tenants’ wants and needs and finding ways to meet them.
Big data collected and sorted through AI and machine learning provides up-to-date, relevant information for the decision-making process.
The use of connected AI and machine learning to gather and sift through real-time and historical big data opens a wealth of opportunities to optimize building performance, gain insight into market trends, and improve the renting experience.
- Big data about electrical, HVAC, fire, utilities, and building telecommunications systems could create a proactive maintenance process driven by smart sensors to alert building managers of potential problems. Such predictive maintenance would translate into energy efficiency and real cost savings for property owners.
ICC Property Management is actively working with Toronto technology firm Safe Buildings to begin digitizing the industry’s first risk management program. This will provide ICC’s staff with remote access to building operations information for cleaning, safety and security.
- AI may make the renting experience faster and easier for Building managers and tenants by digitizing the entire property rental experience from application to lease signing.
- The beauty of AI is in the organization, analysis and results that could help predict pricing and demographic trends in specific markets.
- Artificial AI soon might enable property search sites to display properties based on individual preferences, personality traits or values.
Speed and efficiency are enhanced by automation.
- Asset managers’ use of IoT produces comfort and savings. The Internet of Things (IoT) introduced “smart” appliances driven by sensor technology that automatically sends and receives digital information through the cloud to react to a temperature change from thermostats and HVAC systems, or movement such as lighting.
Such appliances and devices, introduced on a larger scale into commercial buildings, would give asset managers complete control over operations in real-time resulting in energy efficiency, reduced utility bills and enhanced customer experiences.
- 5G is expected to provide more bandwidth that will allow more smart devices and sensors to connect to the Internet. It should be less complicated and less expensive to connect many sensors and security cameras around a property.
- Robotic technology has been implemented successfully in many industries; however, it’s only just gaining recognition in real estate and construction. In the future, property owners and developers will use robotics to speed up construction and property renovation processes and reduce labor costs and on-site injuries.
Remote and virtual technologies provide convenience.
- Drones can already perform building and property inspections without health and safety risks. They can examine ongoing monitoring of large-scale remodels, repair work and security of property areas remotely.
- Virtual tours of rental space help new and prospective tenants. Instead of long, written instructions on how to use the thermostat or environmental controls, a virtual tour could demonstrate each step. Prospective tenants can see the space for rent without making a physical visit.
- Augmented reality helps tradespeople repair building equipment. Computer-generated images through mobile apps can provide interactive directions and 3-D model specifications to make it easier to identify and repair systems and equipment.
Organizations that use technology to understand their customers’ wants and needs today can gain competitive advantages in the future. Embracing technology is essential to capitalizing on opportunities in tomorrow’s business environment while reducing operating costs.
ICC understands that property management organizations can increase shareholder value and drive growth by implementing technology. That’s why ICC Property Management is taking strides to adopt these technologies in order to better serve our clients. These advancements accelerate reaction times in an ever-changing market landscape.
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