Are you a small-scale property manager looking to ramp up your operations and increase your portfolio? Are you reluctant to do so because of the increase in workload this presents? If so, asset management software can help ease this transition, by streamlining processes across the board, automating repetitive tasks, and reducing labour costs. Developing a multifaceted property portfolio without the use of asset management tools can lead to confusion at best and chaos at worst.
There are a range of asset management platforms to choose from which offer software to remedy specific problems that property investors and landlords are facing in the high pressure, fast-paced environment that commercial real estate inhabits in 2024. With the significant leaps and breakthroughs in the proptech field that have occurred in the last few years, asset management software is becoming more of a necessity than a luxury. In fact, a 2023 Global Real Estate Survey by JLL revealed that 80% of property investors and landlords plan to increase their spending on asset management technology in 2024.
Asset management software is not just a tool that property investors are interested in; it is becoming the new norm amongst tenants also. The same survey showed that 91% of occupants are willing to pay a premium for tech-enabled spaces.
Let’s take a look at some of the benefits that asset management tools offer.
Better asset visibility
Asset management software can provide you with a snapshot of your various workstreams, properties, income, and outgoings, at a glance. Having this information at your fingertips allows you to make prompt data-driven decisions as dilemmas crop up in real time. The readiness of information this provides on relevant key performance indicators makes you a force to reckon with when it comes to planning, liaising with tenants, or negotiating deals. These tools also allow you to make your portfolio visible to potential investors.
Predictive maintenance management
Some asset management systems offer functionality to detect potential issues before they arise. This is achieved through technologies such as sensors, alongside advanced data analysis. These tools empower property managers to fix issues early on, reducing the need for comprehensive fixes or the need to hire a maintenance contractor.
Automate manual tasks
AI-driven asset management software can use machine learning algorithms to complete basic manual tasks for you. With AI becoming more intelligent every day, the range of tasks it is capable of automating is expanding. You can use AI to complete basic administrative tasks such as data entry, or you can ask it to analyse data and assess risks and market volatility when evaluating potential purchasing opportunities. If you don’t like the idea of asking AI to complete high-stake tasks, you can utilise it to complete small, repetitive tasks, which in turn frees you up to do the higher priority work.
Remote and swift inspections
If your property portfolio is spread out across multiple counties, or even countries, visiting to conduct inspections can become costly and time-consuming. Asset management software has features which allow landlords and property investors to inspect a property remotely. Sensors and IoTs can be used to provide metrics on humidity, carbon dioxide concentration, and other measurements which provide a picture of asset health. These tools also streamline the administrative work that accompanies inspections, providing form templates, dashboards, and reports which capture the data most important to landlords. They also enable the standardisation of safety inspections across your portfolio.
Occupant satisfaction
Asset management software does not just benefit property investors and landlords; it can also provide a smoother and more satisfying experience for occupants. We’ve all heard the story of the tenant who had a broken boiler but couldn’t get hold of their landlord. Asset management tools offer clear communication channels for tenants to report maintenance issues, or to ask general queries if they are having any problems. These tools don’t just enable the reporting of issues; they provide an up-to-date picture of when the issue will likely be fixed. This provides peace of mind for the tenant, ensuring their concerns are voiced and heard, creating a more equitable tenant-landlord dynamic. Occupant satisfaction also benefits landlords and property investors, as happy tenants are likely to engage in longer term agreements.
Conclusion
Whether you’re struggling to keep track of your portfolio, your finances, or stay on top of administrative duties, asset management software can help streamline processes across your business. There is no need to drown in paperwork or dwell in uncertainty around your financial position. These tools have great utility and can lead to significant reductions in costs, workload, and let’s face it, stress. The extreme growth that the proptech industry is currently seeing indicates that these solutions are only going to become more sophisticated as time goes on. Whatever your niche is, it’s prime time to adapt to the new age and get some great technology to do some of the work for you.
