In the post-COVID-19 landscape, new trends and operating models have changed how real estate assets are managed and property managers are creating value through technology. Let’s take a look at five key trends that are likely to emerge in property and asset management.
1. Contactless Services: Since ‘touch’ is the primary factor for the spread of Covid-19, the most important consideration would be to make all touchpoints contactless. It can begin in the entry area itself where employees and visitors have to authenticate their identities remotely and to allow them inside. Digital entry with Motion sensor based doors will facilitate this. Automated sensors can also minimize the human contact. The cafeteria is another location where digital ordering through mobile application, boxed meals and virtual card payments can be of great help.
2. Health, Safety and Security: in the workplace is another major area that needs due consideration for the safety of all staff. While frequent cleaning and disinfection will be in demand, the pandemic has focused attention on the importance of fresh air flow in the work areas. Most facilities are dependent on the HVAC system for providing heating, ventilation and air conditioning. Focus will be on improving the air quality of HVAC systems by disinfecting using UV technology.
Facial recognition thermal cameras can be installed to identify and detect abnormally high temperatures in facilities dealing with large workforce. The layout of the work area, washrooms, cafeteria and even the concierge services should support social distancing norms.
3. Smart technology and Artificial Intelligence: Smart technologies are accelerating almost every aspect of building automation. In the post Covid world, smart technologies will add greater significance, given that facilities will be occupied in a phased manner. Also, better control and intelligence will be needed to operate buildings in a very dynamic environment with varied occupancy pattern. Remote monitoring and data analytics are expected to bring efficiency in this dynamically changing occupancy.
The concept of smart buildings is pushing property managers to rediscover the use and integrations of buildings into one single eco-system. Every asset or device within the building, such as lights, sensors, windows, HVAC units, doors and CCTV, having a unique identity and all fully integrated into a network. By embracing cloud-based technology, Property Managers can plan and act for what’s next and come out of this stronger than before. Artificial Intelligence and IoT technologies will increase operational efficiency and improve building management, thus allowing property managers to distantly monitor and control facilities.
4. Customer Interaction and Communication: Prior to the pandemic, property managers were accustomed to interacting with their prospects and residents on a daily basis — social distancing halted this almost entirely. This shift has ushered in a new wave of efficiency and streamlined many aspects of property management. For those who already had digital technology implemented, this transition has been remarkably smooth.
As we move into a post-pandemic world, it will become more essential for property managers to have technology that enables them to communicate with their residents and vendors quickly and safely Property managers have also had to work a lot harder to keep residents informed and to stay connected. Thus Property Management Software and email have become an essential form of communication for businesses to connect to their customers. Going forward, residents will likely prefer to communicate digitally, rather than in-person when interacting with their property managers.
5. Shift in Maintenance Operations: One of the most problematic aspects of property management during social distancing has been asset management and maintenance. The non-essential repairs can be addressed through digital property management software efficiently. Over the course of just a few short months, property management has rapidly changed. With the rapid adoption of mobile technology, enterprises have been able to uncover new opportunities and maintain operations, while keeping their residents and employees safe.
