PropTech in the Pandemic Age - Grace Hill

PropTech in the Pandemic Age

Posted on September 23, 2020 by Grace Hill

Man working on tablet exploring property technology

PropTech in the Pandemic Age

How to use the downturn to your advantage

 

For commercial real estate companies, the pain of the pandemic directly impacts your properties

The world has changed considerably, seemingly overnight. For commercial real estate companies, the pain of the pandemic directly impacts your properties. You’ve seen tenants shut down offices in favor of work-from-home solutions, scale back or discontinue operations, and sometimes go out of business entirely.  

This environment can lead to distress and trepidation about what’s coming next, but it can also be a time to reimagine your business as you plan for the future. When the economy comes back strong, will you be ready to take full advantage of the efficiencies that PropTech (property technology) has to offer?

Policies and procedures are the foundation for best practices throughout your business. 

Now is the time to build efficiency into your policy management system. Why focus there? Policies and procedures are the foundation for best practices throughout your business. Old-fashioned paper and three-ring binders don’t scale well and can lead to a poor tenant experience. Your tenants are at the mercy of your team’s policy interpretation. And while they mean well, employees may be running your business in ways that are detrimental to your best-laid plans. They may not know which policies are most current, or they may not be able to access them during an emergency or when they are away from the office. Contrast that with a modern PropTech solution that is always current, easily-accessible, and delivered to your employees on their phone, tablet or laptop.

Tenants appreciate knowledgeable employees who provide an excellent customer experience; the result is reduced turnover and increased NOI.

Digital PropTech solutions provide a single repository for all policies and procedures that is easier to maintain than binders and paper. Have an update? Push it out in real time to your entire team. A centralized, searchable repository that can be accessed from any device keeps your team members prepared, informed, knowledgeable — and ready to handle any tenant request. Tenants appreciate knowledgeable employees who provide an excellent customer experience; the result is reduced turnover and increased NOI.

Well-trained employees tend to be more engaged and less likely to leave

Another way to streamline your business is to add a Learning Management System (LMS) that works with the policy foundation you’ve built to reinforce employee knowledge. Well-trained employees tend to be more engaged and less likely to leave, so your investment in training pays back in reduced disruption to your business and longer-tenured employees who provide the continuity and expertise that motivates tenants to stay. 

While you can’t predict the future, you can prepare for it now. Wise investments in technology can prepare you for growth that exceeds your current capacity and position your portfolio to benefit from the next economic expansion. To learn more about commercial real estate solutions that make sense now, visit GraceHill.com/commercial-solutions/ or call 866-GRACE-HILL.

Grace Hill’s marketing content team aims to create informative resources that help multifamily and commercial industry professionals elevate their performance. From blog posts and ebooks to infographics, checklists and webinars, the Grace Hill team has a singular focus: creating meaningful and engaging content that resonates with real estate professionals across the industry.  However, what makes Grace Hill so unique is the range of collective experience and collaborative spirit of its marketing content team. A group of talented writers with expertise in the real estate industry, overall management effectiveness, marketing strategy, and operational efficiency, the team provides new ideas to take performance to the next level. As a thought leader, Grace Hill's content team constantly pushes the envelope, experimenting with new resources and tools to keep industry professionals ahead of the curve.  Whether you're a seasoned pro or just starting out in the real estate industry, the content team at Grace Hill is creating resources to help you succeed. Learn more about Grace Hill on LinkedIn.

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