Using Tech to Reduce Your Costs

Peter Watson
Peter Watson

Over recent years, state-of-the-art software applications and cloud computing have transformed how people work, shop and stay informed. Not surprisingly, these technological advances have made their effect felt on the commercial real estate sector too, not least in the ever-present drive to increase efficiency and reduce costs.

Indeed, these new ways of working and managing property rentals are likely to be far-reaching in their impact. As a result, the sector will need to continue to adapt. But what will the most probable changes be? In this post, we take a look at what coming years might hold in store for commercial property rentals and management, along with how organisations can use technology to stay competitive and trim down costs.

Wider Usage of High-Tech Solutions

Historically, the commercial property service sector has lagged behind other areas of business when it comes to using the latest technology in day-to-day operations. Nonetheless, that situation has already begun to alter. Nowadays, high-tech systems have become necessary in property management to deal with the demands for real-time information, keep up with the competition and meet the expectations of millennials.

Significantly, the millennial demographic looks set to surpass the baby boom generation and to become the largest segment of the UK population. Increasingly aware of the importance of collaboration, this new, young profile tends to embrace well-implemented technological solutions. Naturally, these entrepreneurs and fledgling captains of industry see the latest systems as an effective way to add value to a business. Innovation, extra insight and advancement are three of their fundamental principles. What is more, millennial purchasing power will grow over the next decade.

Whether property owners and companies are just starting out or are already well established, delegating to tech can mean more efficiency and reduced costs. To attract the top talent, bosses, letting companies and the largest landlords will need to deploy the latest hardware, software and cloud computing solutions. In doing so, they are likely to maintain credibility, boost efficiency and enlist the best staff.

Boosting the Bottom Line

However, the necessity to recruit the best and most tech-savvy employees to compete in the modern marketplace is not the only stress that today’s companies face. In terms of competition, firms have become subject to cost pressures as high demand has forced rental prices upwards. In consequence, more than ever, firms now need to raise funds and improve their yields.

Fortunately, there is a positive. Thanks to some innovative thinking and the newest techniques in software development, owners and companies can now implement the latest office and property management systems with ease. Consequently, stakeholders and decision makers who are looking to boost their profits can now look forward to the prospect of process improvements, increased efficiency and tangible benefits.

Attracting Clients

Notably, a well-implemented property management portal can, for instance, streamline back-office processes and enable accurate, instant reporting. At management level, decision makers and property owners can analyse databases, set marketing campaigns in motion, map sales by area and run CRM (customer relationship management) systems.

In particular, the demand for meaningful data analysis and the availability of the results in real time means that pulling information from spreadsheets is no longer sufficient. In contrast, an attractive and intuitive client portal can promote self-service, share information, boost customer service levels and make a positive impression on page visitors, rental prospects and new leaseholders alike.

Looking Ahead

According to the Head of Research of the Massachusetts Institute Centre for Real Estate, Andrea Chegut, Ph.D., the pace of change is accelerating*. Notably, Chegut is also a director of Massachusetts’s Real Estate Innovation Laboratory. Her team’s remit includes analysing construction sector trends and exploring how building design technology affects how occupants do business and enjoy their leisure time. Back in the lab, staff are also investigating innovation life cycles and how buildings might undergo transition every five to ten years, in line with new trends.

In the future, experts think we could well see the increasing use of artificial intelligence to promote transparency of information and market rates, as well as to manage energy consumption and workspace utilisation. Other new ideas include autonomous vehicle drop-off platforms and the broader adoption of the IoT (Internet of Things) with connected sensors to manage building and area environmental conditions automatically and efficiently.

Finally, if you would like to ensure your rental portfolio is well equipped to deal with future possibilities and deliver excellent customer service, we can help. At Engage, our expert team specialises in property technology (proptech) and commercial property management portal solutions. If you would like further information or up-to-the-minute advice on commercial lettings, client portal or CRM software, contact us today. We will be pleased to help.

*Source: https://www.nreionline.com/technology/which-emerging-technologies-are-likely-have-greatest-impact-commercial-real-estate

Self-service Services Community Professional services