Magazine article Journal of Property Management

The Best of Both Worlds

Magazine article Journal of Property Management

The Best of Both Worlds

Article excerpt

Some predictions become prophetic. Others are later mocked or chided because they were so wrong or off the mark. Recently, I read an online advertisement that indicated the emergence of a new tech sector spin-off known as Proptech--or Property-Tech--that would leave the real estate industry reeling.

INVEST IN TECH TO BETTER INVEST IN YOUR PEOPLE

Our business stands only to benefit from the emergence of technology- and app-driven support tools and systems helping to streamline and enhance our ability to underwrite, analyze, communicate and correspond with customers and clients. By leveraging technology to its full potential, we are able to reevaluate traditional staffing models at the corporate, regional and site levels and to better assess the soft skills needed to help drive results. Investing in and leveraging tech allows us to lower costs and improve profits, all while upping our investment in the greatest resource we have: our people.

SMALL-TIME SITUATION? NO BIG THREAT]

Sure, small-time operators might decide to try self-managing their own investments or a small portfolio. We might also see more realtors looking to dabble in property management because there is now an app or new industry resource that can help. But as with any level of professional competition, it is often the true professionals who benefit most from the emergence of a new option in the marketplace. Realtors and sales agents have long fought Zillow and others from entering into the brokerage sphere, but Zillow's presence alone has helped take the home buying/renting process to new levels. …

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