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How Big Data Can Help Your Property Management Business

From cutting costs to increasing efficiency: Learn why big data is important and what the right property management software can do for your business.
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It’s no doubt that big data plays a major role in the corporate world. This is because big data is one of the most powerful and useful tools any company can use to further promote your business and become much more efficient in operations. But, how can big data be used specifically for Property Management? In last week’s blog, we said that big data is a way to analyze and extract information from data sets that would normally be incredibly complex to comprehend or make sense of. More so, big data comes from doing research on a lot of things or people for a long time and analyzing that information to help grow your business. In Property Management, operators are focused on one thing: residents. Residents are the end all be all because every decision an operator makes affects them. These decisions affect if a resident chooses to live at their property based on amenities, customer service, technology packages, location, cleanliness…you get the point. Operators have to make all these pieces work cohesively so that a resident feels at home from the moment they step into your front office for a tour. So, in the modern changing world of living in apartments, how is big data shaping property management?

Technology 

According to an article on Multifamily Executive, property management companies are missing out on modern, valuable renters without new tech. Technology is beginning to be one of the top reasons people choose to live in one apartment over another. Smart apartments add to the easier, safer, more accessible living that renters are demanding. Beyond the resident facing pieces, operators can also constantly grab useful data from renters using this technology to continue to expand on where property management tech should go next. 

Operations

One of the biggest ways we see big data influencing operations is through virtual assistants, chatbots, digital humans…whatever you want to call them. Here at Quext, we have a Digital Human so let’s take that as an example. Quext Digital Human lives on an apartment website and assists potential and current residents with anything from a virtual tour or answering questions all with a smiling, virtual face. That’s Mia in the picture above, our first Digital Human. When operators place a Digital Human on their website, they are constantly gaining new information about what questions residents are asking and how they can improve things on site. Beyond that, they are giving valuable time back to leasing agents to focus on important community operations. 

Decision Making

Big data introduces an excess of information property management companies can use to improve their business. Operators can identify trends, forecast value, make safe plans and evaluate potential residents with actual data. 

 

Like we talked about last week, big data is not only changing the way property managers are operating their business, but also shaping their next steps. Introducing technology like IoT, AI, analytics from websites are all ways property managers can get a step ahead and understand modern renters and their market better. 

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