Back before the internet and pocket-sized mobile devices were a thing, properties were mostly managed by homeowners themselves. However, not every homeowner was an expert in maintenance. Therefore, many homeowners contracted facilities management companies to do the job. This ended up being a rather sizeable cost for owners, especially those who managed larger properties.
However, advances in technology have led to smarter buildings, with built-in building management systems and sensors. Smart systems were able to provide useful data to build more efficient systems and detect potential problems. Many maintenance tasks can now be monitored and managed by the click of a button, and homeowners are happy about this as it saves them money. Technology also came in handy during Covid-19 times as it allowed for the remote management of facilities.
According to market research firm MarketsandMarkets, the global market for IoT-enabled remote asset management solutions is predicted to grow from a $16.5 billion business in 2020 to a $32.6 billion business by 2025. The pandemic, in particular, was the catalyst that prompted real estate players to examine ways technology could support facilities management and the industry in general.
Benefits of adapting
The main benefit of such technology is the live nature of captured data. Remote dashboard monitoring displays real-time data that allows teams to detect problems at a much earlier stage, while some systems employ machine learning to automatically make adjustments and redefine maintenance plans.
With more data to evaluate and an increasing number of resources on the market to break down statistics, facility management teams are now able to understand how to optimise processes, particularly when facilities are under-occupied, and to save on long-term costs.
As a result of these new technologies, real estate companies are able to offer today’s customers far richer services. From sophisticated cloud-based client accounting systems to interactive sales platforms, clients are able to make quicker and more sound decisions when buying or renting a property.
DAMAC was among the early adopters of cognitive machine learning solutions within the industry and has also adopted Robotic Process Automation (RPA) technology across core areas, including finance, sales and IT. This has allowed our company to successfully reduce operational costs over the last few years, while simultaneously improving customer service and employee engagement, along with efficiency of core business functions.
What the future holds
The property management sector is expected to delve further into the field of artificial business intelligence in the future. After all, companies across the world are turning to automation in almost every sector. For now, the real estate sector is playing catch-up with other industries such as the aviation and maritime sectors where remote monitoring is more common.
Back in 2016, Rolls Royce began experimenting with technology to remotely monitor and control unmanned ships. The crew used interactive smart screens, voice recognition systems, holograms and surveillance drones to monitor what is happening both on board and around the ship. Since then, many more maritime companies have taken up this technology, which has helped increase safety in marine traffic and has also been beneficial for both the environment and passengers.
Real estate companies are expected to increase automation in their processes and progress to the next level of integration, wherein platforms connect seamlessly. In this landscape, attention to detail and an emphasis on customer care will become the distinguishing features of property companies.
Keeping up with trends
Technologies make property management more transparent and agile to handle optimised, streamlined facilities. Software deployment and utilisation helps companies handle assets with improved reliability and accuracy. With the likes of 5G technology opening up new possibilities and the expansion of the IoT across residential and commercial properties, the slow uptake of technology in the real estate sector may be about to change.
The ability to stay on top of trends in the real estate industry will help keep businesses at the top of their game. Considering what companies have gone through in 2020, they need technology to operate efficiently and stay better connected to clients in order to build a reputation for top–quality service. Technology is an enabler that, when applied appropriately, can make for smoother service, more efficient maintenance and management of buildings and happier clients.