New Tech Trends Create Better Property Management Solutions for Homeowners and Tenants

TechSee explores how the housing industry can offer better property management solutions using visual assistance.

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The global housing management industry is thriving and expected to grow from $15.10 billion in 2021 to $28.21 billion in 2028 at a CAGR of 9.3% for the forecast period. There are more than 300,000 property management companies in the US alone. And these companies have their hands full keeping their residential units in top shape. According to industry statistics, 80% of property managers say that maintenance and repair are the most common housing management services provided, and more than 45% express a desire to improve efficiency when providing these property management solutions.

Need for technology in the housing industry

The pandemic has made it crystal clear to housing management that they need the assistance of technology to improve operational efficiencies and streamline maintenance and repair processes. Ensuring that necessary tasks can be completed in a timely manner even when workers cannot come on site as often as in the past is the key to providing positive homeowner or tenant experiences. But the ability to deliver maintenance and repair services with minimal on-site and in-person contact requires the right set of tools.

How To Simplify Maintenance and Repairs with Computer Vision AI and Augmented Reality

Visual assistance is a technology powered by Computer Vision AI and Augmented Reality (AR) that empowers property maintenance representatives to see exactly what the homeowners or tenants see, guiding them over their mobile screens to repair issues without requiring a home visit.

For example, a tenant whose pilot light is out on his boiler can point his smartphone at the assembly valve, and receive interactive step-by-step guidance by an agent or technician to help restart the boiler without waiting in the cold for a technician to visit. Or, a property maintenance provider fielding a call from a homeowner about a malfunctioning security system can use live visual assistance to remotely assess whether a tech dispatch is necessary or if the homeowner can be walked through the fix.

Why Visual Assistance is an ideal solution for property management

House property management teams that have adopted visual assistance as their first line of service for their maintenance and repair needs have realized multiple benefits from the technology.

  • Better homeowner/tenant experience with faster resolution: Visual assistance allows a technician to guide the homeowner or tenant from a remote location for easy fixes, or use AR to provide visual instructions in more complicated cases. When vision is used for a pre-visit inspection, the technician can see the issue before dispatch and come prepared for the job, which raises the FTF rates, and shortens the time spent on site. If the technician needs assistance, he can transmit video and images from the field while consulting with a remote expert, eliminating the need for a repeat visit.
  • Enables self-service with interactive visual guidance and AI: Visual assistance can provide real-time device recognition and AR-based guidance for troubleshooting. For example, a visual assistant can recognize LED lights and error messages on appliances such as boilers, and auto-guide the homeowner or tenant to the resolution, enabling them to be significantly more self-sufficient when it comes to home repairs.

 

 

  • Delivers significant time savings and convenience: Visual assistance can spare homeowners and tenants wasted time and inconvenience of waiting around for technicians or property maintenance representatives. For standard procedures, such as damage inspection before a property exit, homeowners or tenants can be guided through the process of capturing images and videos of the maintenance or repair issue directly from their smartphone camera, without having to contact a company agent.

This allows for the possibility of remote landlord property management, a much more convenient approach when it comes to house management. For example, instead of a property manager traveling to assess an issue with mold or damp, visual assistance allows the homeowner or tenant to capture visuals of any damage via an enhanced self-service process.

 

 

  • Promotes safety and reduces carbon footprint: Visual assistance is a remote-first technology that allows property maintenance companies to avoid as many in-person technician visits as possible. With today’s pandemic where people wish to avoid contact with technicians as much as possible, delivering contactless service to ensure the safety of homeowners, tenants, and housing management employees may be the key to business continuity. In addition, reducing the need to dispatch trucks results in a significant reduction of an organization’s carbon footprint and makes a positive environmental impact.

Property management solutions using visual assistance

Property managers can utilize visual assistance for various kinds of properties and use cases.

Property Type

Property management solutions using Visual Assistance

Rental property management

Remote repairs

Commercial property management

Remotely check site maps using AR holography technology

Realty property management

AR home walkthrough

Residential property management

Digital Twin of the building to alert property managers of problems

Vacation rental property management

AI powered chatbot for commonly asked questions

Social housing property management

Visual inspection of property before an end-of-tenancy exit

TechSee’s Visual Assistance Technology

As customer expectations change, property management organizations that embrace technology will be best positioned to provide excellent customer service. The introduction of Artificial Intelligence and Machine Learning have opened many paths to growth in the industry and are driving digital transformation in housing management companies. According to the Housing Technology Guide to Artificial Intelligence and Machine Learning, artificial intelligence and machine learning have transitioned from new, niche technologies used by only a handful of forward-thinking property maintenance providers to becoming much more widespread within the housing industry.

Remote visual assistance technology enables property management companies and enterprises around the world to deliver better customer assistance, enhance service quality and reduce costs. If you would like to enable homeowners and tenants to be more self-sufficient while enhancing their satisfaction with your First Time Fix rates, reduce carbon emissions from less technician dispatches, promote safety via contactless service, and lower operational costs, contact TechSee for a demo.

Daniela Levi
With years of product marketing experience in the high tech world, Daniela Levi brings enthusiasm for new product GTM strategy, content strategy and the lead nurture process. She is currently leading TechSee's product marketing team.

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