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How does digital real estate management work?
Real estate management has changed dramatically in recent years. Today, many things are done digitally and without media discontinuity thanks to apps, software and automation. Read on to learn how digital real estate management works, what advantages it brings and how your company can benefit from it.
Digitalisation
Digitalisation is unstoppable. It is penetrating all areas of our lives and comes with many advantages. Digital applications can demonstrably increase efficiency, especially when it comes to complex tasks and multifaceted projects. It therefore comes as no surprise that various real estate managers have long since opted for digital property management. This article provides an overview of which areas of real estate management can be digitalised and what options are available.
Real estate management
Real estate managers have a wide range of tasks. They are the contact persons for everything to do with the maintenance, management and rental of a real estate object. The tasks vary depending on what the managing person and the property owner have agreed. The following activities are particularly important and are regularly included in the tasks of real estate management:
- Leasing real estate objects
- Monitoring incoming rental payments
- Planning repairs and maintenance
- Testing and managing various technical systems
- Calculating potential investments and refurbishments
- Deposit management
- Dunning
- Preparing the utility statement
A distinction is made between technical, commercial and infrastructural tasks. And which of these different, sometimes very demanding tasks can be simplified with the help of applications such as a digital property management app? In short, all of them! Let’s now look at the digitalisation of real estate management:
Digitalisation of real estate management
What form might digital property management take? The term digitalisation is used so often that it is ascribed several different meanings, and often confused with digitisation. It is therefore worth looking at the difference between these two terms first. Both digitalisation and digitisation are derived from the word “digital” – that much is obvious. However, not everyone is aware that digitalisation means implementing digital tools and technologies, whereas digitisation refers to the actual process of converting analogue formats into digital data. If you scan a letter and save it on your hardware, i.e. on your laptop or computer, then it has been digitised. That’s practical, as it means there are no piles of notes, letters or other documents on your desk. However, the real advantage only comes when you send letters digitally in the form of e-mails. This saves time and increases efficiency, as it eliminates the need to buy stationery and stamps or make a trip to the postbox. You can send a serial letter to several recipients at the same time and even configure automated e-mails that send themselves. The real added value for employees and companies therefore lies not only in digitisation, but in automation and lean workflows. Of course, electronic letters are not the only possibility; there are countless others. For example, electronic forms can be completed and forwarded automatically. Ultimately, every work process can be modernised and simplified for employees or even eliminated completely.
Digital real estate management made easy
So what exactly does digital real estate management entail? Imagine that you or your employees can effortlessly carry out all property management tasks digitally with the device you use for your everyday work, for example your laptop. Whether you need to monitor, manage or administer your real estate objects, you can do so from anywhere. Long communication paths, on-site meetings and time-consuming journeys become a thing of the past – all team members are constantly up to date thanks to data synchronisation and optimally networked with intelligent solutions. It may be a utopian idea for some, but it’s already reality for our customers. What does digital property management mean from the perspective of customers, i.e. owners and tenants? You can retrieve all documents related to your property at any time, wherever you happen to be. Accounts, contracts and declarations of division are collected in a single place and ideally can be viewed quickly in a clearly arranged overview. All contact persons can be identified and contacted immediately. Services can be booked effortlessly, for example using a digital property management app. Appointments can be organised with ease because they are transferred to the calendar and saved digitally.
You can digitalise not only your everyday working life, but also communication with your customers.
Digital property management software
How is that possible? Can you really manage a wide range of properties and organise multifaceted projects so quickly and easily? Property management made easy? This requires a sophisticated digitalisation concept that documents and plans the integration of modern applications and software into your ERP system. In a world of rapidly developing technologies and techniques, companies need to act with foresight and continually revise their digitalisation strategy. So there isn’t just a single digital property management software solution, but rather a wide range of different functions, add-ons and applications. Although introducing new business software can take quite some time, it’s always worth it in the end. And there are alternatives. For example, an ERP system can also be installed as a complete package, quickly and without any operating restrictions. The approach a company chooses depends on the size and structure of its organisation as well as its requirements and wishes regarding administration, organisation and control.
With digital account information, real estate managers can access all the relevant data on a rental relationship at any time with a single click.
The good thing is that there is a perfect way for every company to integrate these solutions into its operations. The positive consequences are limitless – from improving efficiency and boosting sales to increasing employee and customer satisfaction and substantially boosting company growth, everything is possible. The downside is that, with such a large number of solutions to choose from, each company first has to find the right one. With a strong partner, however, that’s no problem at all. Ideally, the partner should be familiar with complex software, have experience of every area of real estate companies and boast an extensive knowledge of SAP® applications.
Get in touch with us!
Would you like to develop a digitalisation strategy or revise and expand your existing concept? Are you still unsure what is best for your company? Or do you already know exactly what you want and just need a consultant to support you with the integration? In any case, PROMOS consult is the ideal point of contact. We are experts in digitalisation in the real estate industry and digital real estate management. We look forward to hearing from you and will be happy to advise you. Just contact us if you're interested!
