The future of real estate is being shaped right now. The coronavirus has joined climate change as two of the most dangerous threats to the human population on planet earth. And the ‘twin-crises’ are specifically transforming the real estate sector, just as they have already affected numerous other industries around the world.
COVID-19 and climate change are both presently affecting the entire world’s population on a daily basis. Both are invisible, both have many unknown elements that are not fully understood and both drastically change the world as we know it. There are ongoing efforts around the world from governments and their decision-makers to both understand these threats and put plans in place to protect the world’s population; literally, physically, financially and emotionally.
For the purposes of this article, we’re shifting our attention to the financial protection of our population from these dangerous, unseeable threats, through the lens of realtors and real estate developers. As of April 2020, the real estate sector has seen a 25% drop off in asset value, and an even greater loss in the hospitality sector specifically. Many businesses have responded by selling off assets at an alarming rate. This is a trend that is sure to continue with building occupancy levels falling. However, a more practical and financially sound solution is available besides just cutting your losses and closing up shop.
Booking Ninjas provides an easy to use and reliable cloud-based property management system (PMS) to help hospitality businesses stay ahead of changing variables in society. They offer elaborate and adaptable PMS software that is applicable to both residential and commercial properties. But before we delve into all that Booking Ninjas can do for you and your business, it is important to understand what new challenges have come to light amidst these current threats. Whether they are to our planet via climate change or to Earth’s population via the global pandemic.
CHALLENGES FOR REALTORS IN TODAY’S UNPRECEDENTED SITUATION
2020 has ushered in two global threats. While climate change was already a very real presence, the coronavirus has compounded difficulties facing realtors in today’s market and added to them considerably with new unforeseen issues. Lockdowns and social distancing measures have slowed construction considerably, with some projects being delayed indefinitely.
Energy efficient properties had already grown in popularity due to an increase in social awareness about combating global warming. With buildings needing greater flexibility and functionality to accommodate remote workers, the shift in demand has moved toward buildings that provide residential housing along with convenient workspace alternatives within the same places. Building design layouts are bound to change and realtors must adapt to new trends. The lack of availability is sure to drive up demand for safe, efficient, and healthy living and working environments.
Real estate investors were already dealing with sustainability concerns in the market, but must now factor in heightened safety capacity for tenants as well. These new considerations are sure to cut into profit margin and give pause to investors.
From a realtor’s perspective, property value and selling points have taken on an entirely new meaning. With some investors unwilling to make the leap to make properties safer and healthier, realtors may be left with once hot commodities that now are not as desirable in the new norm of 2020.
Energy intensive buildings have much smaller windows for profit, a margin that will continue shrinking for the foreseeable future. Due to increasing regulatory pressure and different work practices, which will outlive the COVID crisis, the real estate sector must reinvent itself or risk speeding up the pace of the climate crisis.
IMPACT ON REAL ESTATE SUSTAINABILITY
During two simultaneous global crises, financial operators are now operating under a new set of guidelines and expectations. Climate change and pandemics share a common denominator, which greatly alters the real estate market: they both cause physical instabilities.
The dueling global crises have put the spotlight on a glaring weakness within the real estate sector, that being it’s vulnerability to changing consumer needs, including capacity requirements and profit margins. Residential properties specifically are near the top of all energy users within the sector. Without the ability to limit energy usage, they are not as desirable to developers as they once were. For example, malls are designed to provide a variety of different consumer opportunities in a single location, but are not properly equipped to remain profitable in a world requiring social distancing. These instabilities affect the economy, which in turn affects consumer demand and the real estate sector in general.
THE PANDEMIC AND CLIMATE CHANGE ARE INTERCONNECTED
Rising temperatures and climate-related natural disasters create dangerous conditions where the risk of virus transmission and contraction between humans is bound to increase. Sadly, world disasters are likely to increase in frequency if aggressive measures aren’t taken to slow climate change in the immediate future. The real estate sector has an enormous impact on climate change. Buildings account for approximately one-third of greenhouse gas emissions around the world and account for nearly 40% of the world’s energy consumption. Changing CO2 emissions has become a vital consideration across most industries, but the real estate sector is
currently lacking, which means their impact on the climate change crisis is very real and being felt with greater impact.
ADAPTATION IN THE FACE OF CRISIS
The previously outlined threats to the real estate industry are certainly not lost on realtors and developers. Many are already seeking out alternatives with the goal of achieving long-term consistency amidst future instabilities. Reducing their carbon-footprint and providing socially distanced, pandemic-friendly alternatives are chief amongst them.
In the case of long-term resiliency for the sector, real estate needs to prioritize understanding their weaknesses and creating the ability to overcome them. For real estate developers and investors, decarbonizing their portfolios is an extremely timely initiative that will improve the sustainability of their operations.
This is where the Booking Ninjas PMS for developers will come in extremely handy. By implementing our PMS software, property developers will be able to digitize their assets and services for tenants and building users. Monitoring energy consumption, including CO2 emissions, as well as providing safety and health checks to staff and tenants alike are just a couple of the technologies available to support measuring sustainability and providing health related assistance.
Real estate developers would also be wise to allocate more of their resources toward renewable-energy infrastructure in all new buildings moving forward. Retrofitting buildings when possible is also advisable and recommended. Though this could cut into the immediate profitability of a building, in the long run, the extra investment will improve risk-reduction and increase market opportunities in the future. Developers will enjoy built in protection in the face of future crisis and a leg up on their competition. Realtors will appreciate the added value and should be able to turn that into additional revenue for their developers.
Incorporating environmental, social, and governance-related measures with traditional investing will improve long-term sustainability and profit. History will look kindly upon those whose record indicates adaption to the current state of affairs, as opposed to those who stood pat and didn’t change.
Traditional financial considerations will always play an important part when it comes to investment decisions and returns. However, climate change and COVID-19 have highlighted the significance of human habits in the field. They have placed an onus on the real estate industry to provide safer, healthier and more sustainable ways of developing and doing business.
HOW BOOKING NINJAS CAN HELP REALTORS AND DEVELOPERS ADJUST TO NEW
CUSTOMER AND SOCIETAL DEMANDS
Now that we’ve illustrated the new state of affairs in real estate at the moment, it’s time to take a look at how these challenges can be made easier to overcome. Adaptation and integrating new considerations into realtors’ and developers’ business considerations moving forward has become increasingly relevant. Booking Ninjas is here to increase operations efficiency and provide real-time analytics. But before we delve into the “how,” it is important to understand the “what.”
WHAT IS PROPERTY MANAGEMENT SOFTWARE?
A property management system is a software application for the operation of hospitality businesses such as hotels, hostels, motels, and commercial or residential rental properties. PMS software operates from a centralized computer system designed to organize, schedule and perform the day-to-day functions and transactions. They are the ultimate organizers for any commercial or residential property aiming to be profitable.
BOOKING NINJAS’ HISTORY
PMS solutions have been geared toward the hospitality business for years. Hotels were the first to benefit from property management software in 1980 when they were first created with hotels in mind. Commercial and residential properties benefit in all the ways hotels do from PMS systems, and in some cases, like tenant organization, even more so. With easily adaptable and customizable software, Booking Ninjas has created the best PMS solutions around. Booking Ninjas PMS solutions became a Salesforce partner in 2015. By combining our elite PMS systems with the revolutionary technology of Salesforce and its ‘Einstein Artificial Intelligence’ (AI), we’ve broadened the scope of property management software. As the first and only property management business to be an official Salesforce partner, our PMS has unlimited access to Salesforce and their ‘Einstein AI.’
When it comes to managing properties, nothing is more important than organization. Booking Ninjas’ PMS systems provide efficient, easy-to-use calendars that show all leasing agreements for tenants and specific requirements each has. This is especially helpful in terms of specific health considerations in the face of COVID-19. The seamless transition of data is a necessity for any company planning to partake in professional property management, so having PMS for developers allows integration of a developer’s entire portfolio of properties into a single
system. The same could be said for realtors. Booking Ninjas provides PMS for realtors so they may manage all of their listings from a single source.
BOOKING NINJAS PMS SYSTEMS FOR REALTORS AND DEVELOPERS
Booking Ninjas provides the most comprehensive property management software to realtors and developers. Our exclusive partnership with Salesforce gives us a leg up on the competition in terms of the instant analytics we provide.
Realtors and developers will enjoy an easier and more comprehensive experience by entrusting Booking Ninjas to provide them with quality organizational tools. Our PMS for realtors and developers addresses the entire life cycle of a real estate asset: from project inception to project completion, and from pre-development to property management.
Property information, statistics, emissions data, neighborhood COVID numbers, and more will all be available in one place, for improved organization and maximum efficiency. Realtors will have specifics regarding their properties at their fingertips.
And developers will have the assistance of Salesforce ‘Einstein AI’ and Twilio Flex to analyze data and help make decisions in an easier, timely fashion.
Our PMS software also provides information about housing inventory, referrals, and prospective sales and purchases to realtors. Due to COVID concerns, no longer does a property’s capacity indicated by the number of total units or space. Having our PMS solutions in place allows realtors to instantly use and report to clients on any building’s COVID capacity restrictions and health guidelines instantly. Realtors will benefit drastically from our system’s ability to assist them throughout the customer relationship life cycle.
BOOKING NINJAS HELPS REALTORS ADAPT TO COVID-19 AND GLOBAL WARMING
Realtors have recently begun showing properties again and working on behalf of developers to sell buildings and individual units. However, it is far from business as usual. They must adhere to new safety guidelines, new social distance requirements, and incorporate new paperwork as a precautionary measure. Booking Ninjas can immediately incorporate these new requirements for realtors via their PMS for realtors. Instant accessibility to all necessary paperwork for each
property will save time and promotes a green friendly option. Scheduling of maintenance and cleaning teams is significantly more organized and easy with a PMS solution and reduces the number of calls and emails a realtor needs to make in anticipation of showing a property.
Potential buyers have different needs in the face of a global pandemic and these specific details can all be stored and organized within an easily accessible client database, provided by Booking Ninjas. By using PMS for realtors, the job becomes significantly easier and more adaptable to new norms.
Our PMS solutions act as both a communication and marketing tool. Different people have different levels of health, along with different levels of fear, diligence, and consideration when it comes to COVID concerns. Some clients may prefer virtual tours, video conference calls, and other remote communications, while others may insist upon in person showings and communication. Realtors must be prepared for all and anticipatory in their customer relations.
With Booking Ninjas PMS for realtors, we incorporate many sophisticated communication and marketing tools, all available to maximize customer service, a key element in a realtor’s job description.
Our PMS software also organizes and provides instant access to all the information a realtor will want to know regarding their property’s sustainability and emissions data. Having this information in a single place and analyzed by Salesforce’s ‘Einstein AI’ in real-time is a unique advantage that other competing realtors won’t enjoy.
PMS FOR DEVELOPERS DURING COVID AND GLOBAL WARMING
As we’ve touched on, global warming directly affects the pandemic. They are connected. And commercial properties contribute heavily to CO2 emissions. Incorporating a PMS for developers allows for greater organization and access to emission data, specific energy conscious upgrades, infrastructure and appliances, all within a single system. The advanced Salesforce ‘Einstein AI’ incorporates the latest news, trends, and emission conscious information available to ensure developers have all the factors they need to consider right at their fingertips.
The improved communication capabilities that come with a PMS system are sure to improve the ease of social distancing and other precautions that now must be considered for potential buyers and future residents. When scouting a potential location, developers want to know about what is happening in that community. And nothing is more urgent presently within a community like their battle with the corona-virus. Being able to access this information via your PMS makes
development more efficient and customizations more purposeful. Developers are also responsible for hiring, directing and protecting their construction crews during this pandemic.
Organizing staff liability waivers, signed contracts, employee health data, personal information, and more within a single database will also prove extremely beneficial to any developer. And the ability to revise and change employee documents and organize your staff for maximum safety
and efficiency are all added benefits of our systems. Booking Ninjas’ PMS for developers ensures your ability to protect your client, staff and self, while adhering to the new legal guidelines put in place to ensure safety during this pandemic.
Implementing a Booking Ninjas software solution can be done in a matter of clicks. One of the staples of the company is their top-of-the-line data migration process. You’ll be up and running in no time.