Similar to what has been happening in several sectors, the Internet of Things, the "lazy economy" and changing lifestyles have driven the 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 and smarter ways to make their lives easier.
The traditional work environment is gradually becoming obsolete and evolving into the millennial lifestyle, with less human interaction and more fingertip control. Landlords communicating with tenants 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 be things 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 also help occupiers to attract new-generation talents who value convenience, 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 cafe. In Thailand, leading residential developers such as Sansiri and Ananda are adopting this trend to provide the best services to their residents.
The CBRE Global Tenant Survey found 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.
As well, 78% of respondents to the 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 spaces.
"We have been challenged by clients to improve building services that include introducing new initiatives and technology that creates experiences for people who live or work in a building," said Wiroon So-in, head of Bangkok property management with CBRE Thailand.
"Many building managers have started communicating directly with individual tenants or co-owners via a mobile application or push messages to announce events, news, special promotions from stores inside or nearby the building, or sending reminders, which has never happened before in conventional property management services."
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 the house" as conventionally understood.
Rathawat Kuvijitrsuwan is Head of Research and Consulting at CBRE Thailand. He can be reached at bangkok@cbre.co.th
