This year, we’re seeing property teams work tirelessly towards improving their work order processes, tenant satisfaction, and building operations management. All three are inherently intertwined. When property teams struggle with managing work orders and building operations, tenant satisfaction can suffer while waiting for a resolution.
The key for property managers in 2023 is finding a solution to streamline processes to achieve operational excellence. Property teams need to effectively manage work and complete tenant requests in a timely manner if they want to stay ahead of the competition this year.
Here are the most important insights for property managers to know – according to the “Property management trends & technologies for 2023,” report – as they work to streamline their building operations management.
Technology for efficient building operations
It’s becoming increasingly more difficult for property teams to stay on schedule and keep up their pace as they continue to face labor shortage issues. It’s why so many property managers are turning to technology to help streamline building operations.
The majority of property managers surveyed in the report said their investment in commercial real estate (CRE) software over the next year will either stay the same (56%) or increase (41%). Only about 2% of property managers said they would decrease investment in technology.
With most property teams investing in technology this year, those who are not on the same page may want to reconsider. Building operations technology is the type of solution that is not only worth the investment but also helps property teams meet both their short-term and long-term goals.
Top areas of focus for property teams
The report also looked at where CRE property teams are focusing their tech investment, and discovered building operations and equipment maintenance (65%) and tenant experience (56%) are top of mind for many CRE property managers.
It makes sense that teams would focus on building operations/equipment maintenance, as property managers surveyed for the report said that lack of staffing resources is their No. 1 challenge to completing work orders. Building operations tech can help property teams save time and streamline processes, which is essential when working with fewer team resources.
For example, the property manager at 76 Trinity Place/107 Greenwich Street in New York uses a building operations platform that allows his one-person team to streamline up to 50 work orders per month. By using the property management software, he has saved over 12 hours per month, helping him meet goals, keep tenants happy, and freeing him up to focus on other important tasks.
Second, it’s no surprise property managers are looking to leverage tenant experience technology to help meet their goals. Tenant experience and satisfaction will be this year’s great competitive differentiator for the commercial real estate sector. Tenant engagement tools will be essential for success. Not only do they allow teams to quickly communicate with tenants, but these tools can capture insightful data that CRE teams can use to make better business decisions that can improve tenant satisfaction, loyalty, and keep buildings occupied.
Yet, the research shows that only 8% of property managers are using these tools to engage with tenants. That means this technology is perhaps one of the greatest opportunities property teams can leverage in 2023.
Building operations management ripe for automation
Giving property teams the tools they need to complete work faster will be the winning factor in the equation this year. If you’re unsure where to start, look at the list below. These are the top five areas of building operations property managers said are the most time-consuming and/or ripe for automation.
- Certificate of insurance (COI) management
- Tenant issue management (i.e., work orders, incidents)
- Tenant compliance (i.e., triple-net lease, HVAC maintenance)
- Inspections/preventive maintenance tasks
- Energy management/carbon reduction
Do you have the right tools in place to cut manual processes and streamline operations in these areas?
Streamlining building operations management in 2023
The report shows that many property managers are still looking for ways to improve their building operations management. With every aspect of a building so innately dependent on one another, once one area of a building falls short, they all do. That’s why so many property teams are leaning into CRE technology solutions that are streamlining processes to achieve operational excellence.
For more on what property managers can expect to see this year, along with more resources and information on CRE software, tenant satisfaction, prioritizing work in an evolving industry, etc., download the full report, “Property management trends & technologies for 2023.”
