There’s an app for that… The good and bad of technology in commercial property management

At a time when technological advances are permeating ever more into everyday life, managing commercial property can seem to be simplified. Tools are available to ease the process for investors, landlords, managers and tenants. However, to what extent do apps, software or innovations replace the need for human knowledge and experience?

Searching

Internet use has revolutionised how prospective tenants search for property. Online search functions mean that tenants have more control over when and where they search. However, some feel that the tide has turned. With such wide-reaching access to information can come confusion and a feeling of saturation. This is where working with an experienced commercial agent such as Curchod & Co makes the difference. Through this relationship, tenants and properties can be matched with much more accuracy than a search function can manage.

Data

Used responsibly, data can inform commercial decisions in an extremely positive way. By tracking trends within a given area, companies can identify the right location for them. Similarly, investors can identify property types and locations that may offer the best returns. Organisations can use analysis to identify the environment that will help to foster creativity and innovation within their workforce. Similarly, landlords can use this same data to ensure that their properties are attractive to prospective long-term tenants. The key, though, is in combining the analysis of data and trends with personal expertise. By working with an experienced property manager like Curchod & Co, up to date trends are identified and translated, making the information much more digestible for tenants and landlords alike.

Profiling

Online and social media based property marketing is a major, and now established, part of advertising commercial space. Developing technologies take us beyond listings, though. Consider the next development of the 360º panoramic image, virtual tour or street view. Using augmented or virtual reality, the future of property visits could be in the virtual sphere. With no requirement to physically visit multiple locations, landlords can expect a higher number of potential tenants visiting their property. The downside of this technology is its accessibility and expense. This is something that will change in time. Consider the future possibility of visiting one management office, for example, one of Curchod & Co’s regional locations, and using VR technology to visit multiple locations.

Administration

Property management software is employed by individuals and organisations large and small. It is available in a huge variety of guises, with a myriad of features and capabilities. From billing to transactions, scheduling to administration, processes can be simplified and regularised within an organisation. However, in the world of lease agreement and relationship management, the potential issue always lies in the individuality of every case. Expertise gained by years of industry experience and local knowledge is irreplaceable by technology. This is why the most experienced and successful portfolio owners and investors work with Curchod & Co as a trusted commercial agent.

Maintenance

Looking to the not-too-distant future, drones could be a way to make sure that a commercial building inspection is undertaken quickly and effectively, without having to negotiate busy schedules. Maintenance companies can inspect roofing, equipment, and building structure, all without having to book a physical appointment. These technologies make management agents like Curchod & Co ideally placed to balance wide-reaching and cost-effective maintenance contracts.

The Future?

With big data, drone technology and the virtual reality revolution all changing the face of business, where does this leave the individual? At Curchod & Co, we believe the individual remains in the centre of it all. We embrace technology and all that it has to offer now and into the future. Our people, though, hold the experience, knowledge and talent to optimise for our clients all that technology can bring to our industry.

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