Powered by MOMENTUM MEDIA
realestatebusiness logo

Breaking news and updates daily. Subscribe to our Newsletter!

Home of the REB Top 100 Agents
Breaking news and updates daily. Subscribe to our newsletter

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

‘The issue of not enough time will not be resolved without AI’

By Grace Ormsby
23 April 2021 | 1 minute read
Sadhana Smiles reb

With 43 per cent of property managers considering a lack of time as the root of their stress, more needs to be done to implement tech into repetitive tasks, according to a leading industry figure.

A new report from the CEO of Real Estate Industry Partners (REIP), Sadhana Smiles, has highlighted that property managers are spending most of their time on maintenance (58 per cent), inspections (50 per cent), calls to owners (33 per cent) and leasing (30 per cent).

In a follow-up question to survey participants, maintenance (65 per cent), lease renewals (35 per cent) and emails (29 per cent) are most commonly the most outstanding tasks facing property managers.

Advertisement
Advertisement

The Healthy Workplace Report considered the responses as being “a reflection of legacy systems that have no AI built in to take on administrative tasks”.

It’s led Ms Smiles to consider that property management systems in use by PMs need to have a much bigger focus on building in AI to take on the repetitive tasks of the sector, such as arrears, rent reviews, lease renewals and reporting of maintenance via apps for both tenants and owners.

“The issue of not enough time will not be resolved without AI,” she continued.

The CEO went on to flag the reality is that many software systems do not provide appropriate intelligence built in, “nor can we keep paying for ‘plug-ins’”.

She’s advocating for property managers and businesses “to put the proptech industry on notice”.

“Stop expecting us to continue paying a fee for a piece of software that only resolves one issue,” she stated.

“For the amount of money being invested into proptech, my expectation is that they will provide me an option that is one source of truth for all of my property management requirements.”

She has argued that with margins already under pressure, “there will come a time when we simply will not be able to afford to pay for all these add-ons to effectively run our business”.

Even in spite of the need for property management pushback, Ms Smiles said she is “excited about the world we are moving into where the technology together with AI is able to do a lot of the heavy lifting for us”.

From her perspective, “this empowers our property managers to focus on delivering memorable experiences our clients will want others to experience”, and will prevent the burnout that is resulting in high staff turnover.

“Most importantly, property managers will start to do impactful and meaningful work,” Ms Smiles concluded.

‘The issue of not enough time will not be resolved without AI’
Sadhana Smiles reb
lawyersweekly logo

ABOUT THE AUTHOR


Grace Ormsby

Grace Ormsby

Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.

Rankings
rankings
JUST RELEASED
May 09, 2022

REB Top 50 Women in Real Estate 2022

REB is thrilled to present the Top 50 Women in Real Estate 2022 ranking, which sets t ... LEARN MORE

rankings
JUST RELEASED
May 04, 2022

REB Top 100 Agents 2022

Now in its second decade, the REB Top 100 Agents 2022 rankings are the most revered s ... LEARN MORE

rankings
JUST RELEASED
May 02, 2022

REB Top 50 Agents NSW 2022

Even a pandemic has not put the brakes on the unstoppable property market in NSW, whi ... LEARN MORE

rankings
JUST RELEASED
April 27, 2022

REB Top 50 Agents VIC 2022

The COVID-19 crisis has not deterred the property market in Victoria, which has been ... LEARN MORE

rankings
JUST RELEASED
April 25, 2022

REB Top 50 Agents QLD 2022

As the property market continues to roar in Brisbane and Queensland, the REB Top 50 A ... LEARN MORE

Coming up

rankings rankings
Do you have an industry update?

top suburbs

12 month growth
Box Hill
127.02%
Mollymook
82.85%
Brightwaters
79.93%
Cleve
78.13%
Bawley Point
76.2%
Murrays Beach
75.57%
Terranora
70%
Crescent Head
69.38%
Park Ridge South
68.32%
Mollymook Beach
67.09%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to Newsletter

Ensure you never miss an issue of the Real Estate Business Bulletin.
Enter your email to receive the latest real estate advice and tools to help you sell.