Next-Generation Property Management
Similar to what’s been happening in every sector, the Internet of Things, Lazy Economy, and changing lifestyles have driven evolution of property management into more than just maintenance, security and housekeeping duties. While those three core functions have become the norm that must be satisfied, both occupiers and landlords are demanding more to make their lives easier and smarter.
The traditional work environment is gradually becoming obsolete and evolving into the “Millennial” lifestyle with less human interaction and more fingertip controls. Landlords communicating with occupiers through signs in elevators, and occupiers having to call the receptionist to book a meeting room or go down to beg for a service from the condominium juristic person will all be a thing of the past as PropTech plays a bigger role in today’s real estate market.
In property management, PropTech will not only enhance traditional building operations and services but will also help occupiers to attract new generation talents, improve occupiers’ wellness and work efficiency and ultimately increase the property’s value. For residential buildings, residents can book a Pilates room, report issues and request services, track parcel delivery or order coffee from a nearby café. Leading residential developers like Sansiri and Ananda are adopting this new trend to provide the best services to their residents.
The CBRE Global Tenant Survey has found that, while over 70% of tenants still think the core services of elevator maintenance, cleaning and correcting buildings’ faults are the most important aspects of property management, there’s a strong and growing desire for wellness, energy usage management, building technology for security and digital solutions. While seventy-eight percent of the occupiers in Asia Pacific, as reported in CBRE Asia Pacific Occupier Survey 2018, plan to increase their investment in workplace technology in the next two years. This is what led CBRE to introduce Host, an integrated mobile property management platform designed to create a more efficient workflow in office space and enhance convenience in residential space.
“We have been challenged by clients to improve building services that include introducing new initiatives and new technology that creates a new experience for people who live or work in a building. Many building managers have started communicating directly to individual tenants or co-owners via a mobile application or by push messages to announce events, news, special promotions from stores inside or nearby the building or even send reminders which has never happened before in conventional property management services,” said Mr. Wiroon So-in, Head of Bangkok Property Management, CBRE Thailand.
As the world becomes more connected, integrated and “lazy”, a tap on a smartphone will allow users to understand and control the environment they are in, manage their work-life balance and provide concierge-quality services to their living rooms. Property management will no longer be just the back-of-house as conventionally understood.
An article written by Rathawat Kuvijitrsuwan, Head of Research & Consulting, CBRE Thailand for Bangkok Post dated 2 October 2019.