To gain a viable advantage over the competition, in fact, to even remain relevant in today’s progressively collaborative and mobile culture, property and vacation rental management firms must embrace modern technology in their process, design, and restoration mindset.
Property managers have a full workload—whether it’s advertising, showing properties, negotiating leases or rental terms, providing cleaning services, or maintaining building systems, their dockets are jam-packed with a list of duties to be performed on a daily basis. However, replacing outdated and underutilized technology with modern industry-specific, cloud-based software is paving the way to increased productivity and accuracy, allowing managers and owners to make better decisions and concentrate on value-add opportunities while optimizing assets in novel and innovative ways. By collecting data from the usage of space, stakeholders not only get a better feel for overall operations, they can leverage this information to determine the best utilization of fallow areas and how to prioritize investments.
Often, spaces sit vacant providing no income for owners. Reimagining these spaces using collected data analytics is the key to long term sustainability and profitability. In addition to evolving unused space, providing smart technology amenities can also improve the bottom line and attract or retain tenants. Next generation IoT provides management with excellent opportunities to monitor and optimize energy consumption to improve overall efficiency, as well as lessee satisfaction and safety.
Outdated databases cannot reveal or analyze actionable associations, patterns and trends. Using advanced data analytics via cloud-based solutions can provide significant perception to space utilization, empowering swift, canny decisions and resolutions by property teams for enhanced operational productivity, streamlined efficiencies, increased occupancy rates, investment risk analysis, and overall lucrativeness.