The property industry has historically been slow to adapt to new innovations and adopt new technologies compared with our counterparts in other industries. However, the property technology (PropTech) space has evolved significantly in recent years and the real estate industry has finally begun to really pay attention to the necessity of bridging the gap between technology and real estate in order to keep up with a rapidly shifting landscape. 

In today’s post, we will discuss some of the ways in which automation is changing the property industry and show you how you can use these technologies to set your company up for a successful 2024 and beyond. 

Where Will Real Estate Companies Be Investing in Technology in 2024? 

In terms of technology, trends can change rapidly. However, we expect to see real estate companies investing primarily in four key areas this year: 

AI and Machine Learning for Automation of Back-Office Processes 

Back-office automation tools can help to increase efficiencies, streamline communication, and provide companies with a greater ability to leverage their data and act on it strategically. These software solutions deal with administrative and operational tasks such as enterprise resource planning (ERP), data and document management, accounting, customer relationship management (CRM), and human resources. 

Big Data & Digitalization of Property Data Assets 

This year, companies will be investing in tools that allow them to structure large amounts of data and analyze it thoroughly to produce accurate insights and trends, and even to identify potential risks and points of failure. This strategic use of data allows for more accurate and intelligent decision-making across all areas of a business. 

ClimateTech and GreenTech for Sustainability 

Sustainability remains the key watchword in countless industries, including real estate, in 2024. In recent years, investment in environmental, social, and governance (ESG) concerns in the real estate space has increased significantly and, in many cases, has become the top priority for property businesses. 

So-called ClimateTech and GreenTech solutions provide a centralized and connected platform that allows organizations to aggregate the outputs of each of their assets up to the company level so that they can effectively measure, report, and act on their ESG initiatives.

Internet of Things (IoT) for Predictive Maintenance 

The Internet of Things (IoT) is a mechanism by which objects can communicate with each other, and with us, over the internet. Various devices such as phones, cars, home appliances, and wearable gadgets can be configured to share and use data to make users’ lives more convenient. 

The IoT is responsible for the way that our devices and appliances are slowly becoming more and more interconnected. In the context of the property industry, it refers to a “smart” network of devices and sensors that are constantly sending and receiving information about assets to track their overall state and predict potential failures.

Why Adopt Automation Technologies in 2024? 

The short answer to this question is that automated processes provide faster, more efficient results for your property business. 

As our industry becomes more attuned to the benefits and value that automation tools can deliver, these tools are now becoming more and more widely adopted. In other words, if you want to stay ahead of the curve and remain competitive in this fast-changing marketplace, adopting automation will soon be an essential step in achieving that goal. 

Certain automation tools will also advance more quickly the more they are used. For example, various machine learning technologies become more accurate the more they are used because they have a wider set of data to learn from. In this way, using this technology becomes self-fulfilling: The more you use it, the more useful it will become. 

How to Use Automation to Set Your Company Up for a Successful 2024

Now that you understand the importance of automation for real estate companies in 2024 and beyond, we will share a few best-practice tips to help you make the most of these technologies and enjoy your most successful year ever. 

Automate the Right Processes 

While artificial intelligence (AI) and automation continue to gain interest and are expected to be among the most widely adopted tools in 2024, it is important to automate the right processes. Otherwise, you may be throwing money and technology at the wrong issues. 

Aim to identify and automate processes that align with your business’s strategic goals and most significant pain points. Remember that the goal is not to automate for the sake of automation, but to increase efficiency and free up your staff to focus their attention elsewhere. 

Focus on Administrative Tasks First

Begin by automating routine and time-consuming administrative tasks such as data entry and bank reconciliations. Aim, over time, to eliminate paper documents and Excel spreadsheets. Automating these tasks not only frees up staff time but also reduces or eliminates human errors that can cause big problems later on. 

Get Buy-In From Your Team

As we have mentioned, the real estate industry has historically been slow to adopt new technological solutions. This means that you may initially encounter some resistance from your staff. Take the time to explain the benefits of your chosen technologies, provide support for your staff in learning how to work with them, and get buy-in from the whole team. 

Prioritize Data-Driven Decision-Making

Embrace a data-first approach and use the data available to you to make smart decisions with regard to which processes you automate and how. Leverage analytics tools to gain insights into trends, asset performance, and future forecasts. 

Making informed decisions based on comprehensive data analysis will allow your business to adapt and stay ahead of the curve in a rapidly changing real estate landscape.

Invest in Training

Real estate automation technologies work best when you understand how to work with them and fully integrate them into your business processes. Therefore, ensure that you budget for training for all staff members who will interact with your chosen technologies. This will ensure that you get the maximum benefit from your technologies and are able to utilize them to their full potential. 

Get the Right Support

Introducing automation can be a lengthy and expensive process, but getting the right support can make all the difference. A consultancy firm such as REdirect Consulting has the expertise to guide you through the process from selecting the right technologies through to implementation, go-live, and beyond. Trying to adopt new technologies alone is a false economy and you will save time and money in the long run by allowing the experts to help. 

Learn More and Start Your Automation Technology Journey With REdirect 

If you would like to learn more about anything we have discussed in this post, the friendly and knowledgeable REdirect Consulting team is here to support you. And if you are ready to get started on your automation technology journey, we are ready to assist you through every step of the process. 

Drop us a line and we will be pleased to advise you, answer your questions, and provide a no-obligation estimate.