SECURING THE FUTURE OF REAL ESTATE WITH COMPREHENSIVE PROPERTY MANAGEMENT SOLUTIONS.
One key finding of the 2019 KPMG Global PropTech Survey was that 58% of real estate companies have a functioning digital strategy, with only about 29% of these companies covering the whole enterprise. Although this is considered an improvement compared to the past years, uptake of technology by the real estate and hospitality industry has been terribly slow. Most prominent among the reasons given for low uptake of digitalization were:
a. An unclear return on investment,
b. Low prioritization of digitalization,
c. Lack of a designated anchor personnel
d. Lack of appropriates in-house talent.
The hospitality sub-sector led by hotels is one of the hardest hit by the COVID 19 pandemic, with over 7.7 million jobs lost in the US in April. To guarantee the survival of the hospitality industry, therefore, something’s got to give.
In line with our core values of Trust, equality, Innovation & success, this article is packaged to empower property managers, business owners, hoteliers, and non-profit organizations with facts and figures about the advantages of digitalization and encourage them to make informed right decisions that will help preserve and promote their businesses. Now let us consider the reasons for low uptake.
1. RETURN ON INVESTMENT FROM USING A COMPREHENSIVE PROPERTY MANAGEMENT SOLUTION
When calculating the ROI from investment on a Property management tool, it is necessary to consider how the tool improves revenue and sales, how it reduces losses incurred due to manual entries and how it improves customer experience. For a hotel, for instance, a great PMS will help you reduce the number of man-hours spent on managing bookings from different sites, check-ins, check out, OTAs, guest purchases, inventories, etc. It will also manage all sales channels and your customer reviews on these channels. This is done by integrating all these in one easy to use software, and it saves money spent on maintaining several different software.
Installation of a modern Property management software is less expensive than it used to be as it requires a less initial investment. This is because it requires less sophisticated hardware, and installation is a lot simpler, especially when using cloud computing.
The Cloud is an internet-based virtual storage space where data can be stored. It has several advantages because It is on-demand survival, so there is no need for interaction with the service providers, it can be assessed on various platforms and devices like tablets, phones and it is easily scalable to fit the size, needs and budget of your organization.
Another advantage of cloud computing is that it gives the opportunity for distributing a Software as a service (SaaS), which eliminates expenditure on maintenance, licensing, and installation. It usually operates on a pay-as-you-go model and update is usually automatic.
In the long run, the financial benefits of a comprehensive PMS are enormous because they improve staff efficiency, reduce operational costs across the organization, and improve visibility.
One leading SaaS provider is Salesforce. From the field of cloud computing to Artificial intelligence (AI), Salesforce provides the best experience for its users because of its speed, ease of use, integration friendliness, and automatic upgrades, which keeps the user up to date with no extra fuss. Booking Ninjas is the premier Property Management System on Salesforce, and this guarantees our ability to manage your needs efficiently.
2. THE NEED TO PRIORITIZE DIGITIZATION AND USE OF A COMPREHENSIVE PROPERTY MANAGEMENT SOFTWARE (PMS)
The nature of the workspace has changed. With the recent widespread lockdowns experienced worldwide and the need to stay at home and work from home, digitization is the way to go for any business. For any real estate business, including Property rental companies, there are several advantages of adopting digital technologies in operations and activities. Your presence on the internet via several platforms like social media networks, blogs, etc. improves your visibility to the customer and potential customers. However, a comprehensive PMS improves your visibility in not only general but also strategically positions you to be visible to the right customer and then helps you to focus your energies more efficiently using Customer relation management (CRM). In addition to this, it helps you with Human resources and team management.
Imagine an awesome AI assistant that can do the following for you:
1. Analyze your customers and marketing tactics:
a. Anticipate your customer preferences by analyzing their habits, also propose the best time and mode of communication with a customer as well as send recommendations to reps on the best method of customer engagement.
b. Predict how many leads a marketing tactic will generate, helping you channel energy and resources to a campaign that will generate more sales
c. generate optimal price points for your products and services and save you time on manually pricing each item
2. Manage the productivity of your workforce:
a. Send daily briefings to your team before work, so everyone understands their tasks and expected deliverables for the day.
b. Prioritize the most important emails in your inbox
c. Take note of new leads so that everyone on the team is well informed of new leads.
d. Keep track of previous communications with a particular client such that subsequent discussions build on already set foundations.
3. Manage your Human resources and finances
a. Review resumes building most likely candidates for an open position
b. Help balance works to ensure a blend of tough and fun projects
c. Suggest how many employees are needed by analyzing historical data
d. Manage discounts and discount rates as well as incentives for the customers
Apart from the aforementioned, which the Einstein Analytics AI assistant on our Booking Ninjas application can help you do on our, we also give you working options for your employees, making your work more flexible with the opportunities of teleworking and online meetings.
3. WHO DRIVES DIGITALIZATION IN THE BIGGEST PROPERTY MANAGEMENT COMPANIES?
The answer to this is quite simple. The Chief Information Officer (CIO), also known as the Chief digital information officer (CDIO) or Information technology (IT) director, drives the process in collaboration with the Chief Marketing Officer (CMO). Now for a small business where all these positions are either fluid or nonexistent, who then anchors the process of digitalization?
It can also be very simple. You can drive your digitalization process. Being a small company that may not be able to afford this positions, the process can be outsourced to a vendor with experienced professionals who will partner with you to identify the critically needed services and incorporate it in an easy to use software that the end users can be trained on. We already talked about the advantages of SaaS, which have the advantage of running within your budget.
To sustain digitization, however, it is necessary to have a person who leads the digital transformation for the organization, a person who is in a leadership role.
One concern with the software as a service system is the data security concern. Data security is key, and a comprehensive PMS must have respect for all guiding principles of the General Data Protection Regulation.
The Booking Ninjas application is built to ensure cybersecurity for our customers. It has the access control feature, which can regulate the levels of access to different users depending on the needs of the organization.
4. FILLING THE SKILL GAP
A review of the top 10 hotel management software and others used by property rental companies show that the main skill needed for the use of SaaS is understanding the functionality of the product. To ensure the customer learns to use the app, it is necessary to give a trial period that is tailored to the needs of the customer and organize training that can better prepare the use……..
In conclusion, all the reasons for low uptake of digitalization by the real estate sector and indeed the hospitality and rental agencies can be overcome using our all-inclusive, and easy to use Property management software, Booking Ninjas. A study done on innovative technology shows that it is one that combines a smart real estate core component of being user-centered, sustainable, and smart, a Marketing and Business tool, and Information disseminating systems. These are our value proposition to you which we have mastered will deliver efficiently as shown by several positive testimonials from our satisfied customers