As businesses settle in to 2021, rollout of widespread vaccination programmes has sparked conversations about an end to full-time remote working and a return to the office with various hybrid work arrangements being considered. For real estate asset management companies and property management companies alike, now is the time to plan ahead and look at means of optimising the management of commercial tenancies and the underlying tenant relationships for this new era of work.
While vaccines have spurred a renewed optimism in the business community, they will take time to roll out and distribute, so the current environment of restricted interaction may be with us for some time. Innovative and adapted solutions will be central to a safe return to the office.
Staying close to tenants in the time of physical distancing
How can real estate asset managers remain close to their clients and on the pulse of their needs in this time of physical distancing? How can the property and real estate sectors adapt to providing customer-centric services while upholding distancing best practices? Technology is playing an enormous role in transforming this traditionally hands-on sector into a digital-led one.
Leveraging proptech to increase efficiency
Infrastructure managers should look to automate both how they invoice clients and how they pay their own suppliers. Procurement and Logistics will be under increased scrutiny as all businesses seek to minimise overheads and get back on their feet. There are a multitude of cost-effective options for digitising your finance function, which not only offer savings but also promise a greater degree of transparency across your operations.
With an online system, it’s easy to see where cost overruns are happening and project costs arising with greater accuracy, as well as ensuring payments are coming in on time. With profit margins in 2021 and beyond likely to be tight, an investment in technology now can result in significant savings down the road.
It is however crucial to maintain a personal touch when moving these services online. Commercial tenants will want to feel reassured and well looked after as they return to their offices. Maintaining regular contact, answering their questions promptly, and providing comprehensive onboarding to any new tools will be crucial to their success and to tenant satisfaction.
The opportunities offered by proptech are colossal and the sector really must embrace this innovation in order to anticipate, meet and exceed evolving consumer demands in this new era of work. In a post-pandemic world, businesses will be defined by their agility and success will hinge on the ability to balance the tech transformation with top quality client service.