How Is Technology Changing Property Management In The Middle East?
Several different types of businesses are increasingly relying on technology to manage the majority of their operations. The use of technology alone has been responsible for most of this sector’s phenomenal expansion and lucrative financial returns. The real estate business, and more especially the property management sector of the market, has followed suit and incorporated a great deal of new trends into the manner in which they carry out their operations. The integration has been very beneficial for the owners of the property.
Continue reading to see how the Middle East’s property management industry has profited from the use of technology systems:
- Taking Care Of The maintenance And Management Of The Property
Property management in the United Arab Emirates (UAE) and other Gulf nations makes use of a variety of different technologies, many of which are already accessible on the market. They make it possible for property managers to keep up with the property’s various maintenance requirements. In addition to making appointments for clients, they also provide a friendly reminder of forthcoming maintenance operations.
Tenants can also request maintenance using the web platform, and these requests are visible to all stakeholders. Property managers may also add technicians to the site so they can view their planned duties and which individual units they need to visit. As a property manager or owner, you will never miss out on any maintenance work with such technology, allowing you to service your renters more effectively.
Technology has also made it possible to manage your rentals remotely. Real estate is now incorporating industrial IoT technologies. CCTVs and sensors are examples of Internet of Things (IoT) technologies utilized by property managers.
You may also handle HVAC (Heating, Ventilation, and Air Conditioning) systems in your rentals. You may pre-set the tools with average temps, and if an issue emerges, you’ll be notified, allowing you to investigate.
Furthermore, you may activate security devices on your property, such as motion sensors, from the convenience of your workplace.
- Screening of Tenants
Gone are the days when you didn’t know what type of renter you’d have in your apartment complex.
This has altered as a result of contemporary technologies. There are several methods available to help you assess potential occupants before accepting their application. You may also do background checks, look at their credit history for rent payments, and observe how they interact with other renters, among other things. This can help you visualize how you’ll handle each renter in your rentals.
- Options for Online Payment
Having an online payment option benefits both the property management and the clients.
Tenants may rapidly pay their rentals from wherever they are rather than physically locating the landlord. An online payment platform is also available 24 hours a day, seven days a week, making it more convenient to fit their schedules.
On the other hand, if you are a landlord, accepting rent payments and deposits online enables you to conveniently track both types of payment. There are tools available that can automatically perform the calculations for you if you have a system in place that has a penalty for late payments. This will reduce the amount of work that you have to do.
- Contact Management
It goes without saying that you have a large number of tenants if you own a number of rental properties. You need to have contact information for each individual in order to provide services in an effective manner. When it comes to storing your contacts and avoiding the risk of losing them, a contact listing that is created manually may be extremely tough.
As a result of advances in technology, certain platforms now give users the ability to record all of their necessary connections. Providers of maintenance, landlords, property owners, and partners are all included in this category. You may organize them into groups according to their positions so that it would be simpler to get to them if the need arises.
- Examination Of The Situation From A Distance
You are no longer need to personally check in on each of your properties in order to inspect them. The use of several software packages that provide a virtual inspection of one’s rental properties has made the administration of rental properties more simpler. You are able to collect all of this data from the many platforms and analyze each property as a result of the digitalization of essential parts of real estate, such as payments for rent and upkeep. You are able to create patterns of each, look at tenant behavior and financial reports, and do all of this regardless of where you are, which gives you the ability to make corrections where they are needed.
The study will allow you to make predictions about various elements of your company and search for insights that you can use into your next real estate endeavors.
- Better Advertising
You will be able to provide a comprehensive presentation of all of your properties that are currently up for sale, which will include a list of all of the facilities that are offered. This will be done in a very professional manner by the tools, which will allow you to reach the market segment that you have in mind. If you combine such a tool with your social media, you may expand your client base, which in turn will increase the likelihood that your rental homes will be rented out. You may want to consider using an application that gives prospective renters the option of making online reservations for one of your flats so that you can deliver better customer service.
- Satisfaction of the Customer
You will be able to satisfy the requirements of each of your customers, leading to increased levels of satisfaction, if you are able to provide services in a smooth manner by accepting payments online, offering assistance and maintenance around the clock, and doing maintenance. This will, in the end, result in more renters being attracted to your property, primarily as a consequence of evaluations supplied by your former and present customers. Your real estate company will be able to reach greater heights if you have a larger number of renters because this will result in more income and profits.
- Document Storage
Before the advent of digital innovations, all documentation linked with the sale and rental of real estate had to be carried out and preserved manually. This included everything from payment checks and invoices to property contracts and maintenance files. If you own many properties throughout the Middle East, completing such documentation by hand can be a challenging and stressful chore for your staff. In addition, you will need ample storage space in order to accommodate all of the paperwork. Even documents that are only handled manually run the risk of being lost or damaged. The new technologies have resulted in improvements to the storage systems, which make them easier to administer. Regardless of the amount of properties you are responsible for managing, you can choose from a variety of cloud-based storage choices that provide substantial data and document storage. All of the documents can be retrieved whenever necessary from a centralized location, where both you and your tenants have access to them. This is especially helpful in the event that any legal claims, such as disagreements regarding rental payments, arise, which call for documentation to be used as a point of reference. Electronic storage solutions also lessen the workload of your employees, which enables them to devote more of their attention to the management of your properties rather than the filing of never-ending paperwork.