Senior Vice President, Investment Management at AppFolio, which provides cloud-based property management software solutions.
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The past year was unmatched in terms of how many quick pivots businesses across nearly every category had to make. In reflection of the pandemic year as we approach the one-year mark of lockdowns in the U.S., one thing is clear: It is never too early to start preparing for future shocks.
In property management, a segment that has been very much at the front lines of the pandemic, running properties and buildings for residents who are now spending most of their time in those spaces, the impact of the pandemic on daily activities is significant. It is a people-facing and customer-oriented sector, so social distancing is no simple task — it fully disrupts operations like maintenance and leasing.
Property management teams with large portfolios that chose to bring digital technologies into the equation to support remote work as well as key property management activities ultimately fared better than those that did not this past year. The reason? Digital technologies provide more agility — that kind of flexibility gives businesses the ability to pivot quickly to meet new needs and keep operations running smoothly.
But what are the technology tools that lead to more agility in property management, now and into the future? And how should teams determine which types of technologies will set them up for the most success?
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Remote Work Enablers
Working remotely is second nature to so many people now, but the shift to remote work in property management was particularly disruptive in that so many property management activities require in-person interaction. Without access to people or the office, technology was and continues to be the saving grace that enables a productive remote work environment that can handle every curve thrown at it. For property management teams who are looking to stay agile or become more agile, even as the world opens up again hopefully by late 2021, the ability for remote work will be key.
However, to do remote work right, there are a few important elements property management teams should look out for when considering technology that can enable remote work.
The first important factor is finding workflow technologies that can be leveraged via mobile devices so that work can be done any time and anywhere. The property management field is one where people are on the go constantly, so having access to important workflows and documents at moment’s notice, no matter your physical location, is central to improving future agility as well as handling the unexpected.
A second important element to look for in technology to improve workflows is visibility into operations, more so than what might have been possible in the physical world. The beauty of technology leveraged in workflows is that it captures data as actions progress. Find a technology that is able to provide real-time insights into business and performance data. Having access to data that ultimately enables better decision-making and the ability to make the right decision quickly is a foundational element of agile operations. Every business pivot relies on smart decisions.
Virtual Work Enablers
With social distancing mandates, there are clear benefits to a virtual environment, especially when it comes to leasing. But apart from being a safe option, it is also one that is, in some ways, more convenient for time-strapped people — and that convenience factor will not change, even after the pandemic weakens.
Offering more convenience is a critical aspect to any customer-facing business, especially in the leasing process where people make big financial commitments. Being an agile business that can literally meet customers anywhere, anytime is not only central to future success but also safeguards against future shocks or unpredictable situations.
When looking for technology that can support greater agility in leasing, it’s important to find one that offers different formats or opportunities for viewing available units, like 3-D tours, virtual showings or self-showings. Giving prospects as many options as possible elevates the entire leasing experience.
But leasing technology does not stop at virtual capabilities. Property management teams should also look to other technologies, like AI, that can help with the initial stages of the leasing cycle to reduce administrative tasks and give the leasing team more room to be flexible in their work, not tied to a desk answering phone calls and scheduling showings. Shaving off administrative duties from the larger team gives room for everyone to be focused on more strategic work, and that ultimately supports businesses in overall agility as well.
While there are many different ways property management teams can prepare for the future, in the quest to be more agile it is important to keep in mind that technology is certainly not the only important element of the agility equation. Finding ways to recruit great talent, which is already more difficult to do in a remote world, will be just as important to reaching that goal. It will take a combination of elements in order for property management teams to prepare for the future and the unexpected, but a good starting point is with technology that is easy to implement today.
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