Reviews and recommendations are unbiased and products are independently selected. Postmedia may earn an affiliate commission from purchases made through links on this page.
The past 30 years have seen a multitude of upheavals including the global financial meltdown of the early 2010s, the dot.com bubble burst at the turn of the century, and the savings and loan crisis during the preceding decade. Each disruptive era was accompanied by a high level of technology innovation, including the world wide web, smartphones, the Internet of Things and artificial intelligence (AI).
As the current tumultuous year closes, Yardi® asked property managers and owners across Canada for insight into the role innovative technology will play going forward in the real estate industry. A summary of their responses follows.
Digitizing property management
Much of the recent tech infusion within Canadian real estate has enabled tenants to interact online with property managers in activities ranging from scheduling tours and signing leases to submitting payments and maintenance requests. This shift toward digitization was driven by social distancing requirements but the industry now regards remote capabilities as standard business offerings. Organizations that automate and centralize tenant and staff transactions into one source of the truth not only differentiate themselves from the competition but can identify trends and issues early on, a capability that improves the customer experience while keeping operating costs down.
Managing more data
The entire sector witnessed years’ worth of digital transformation in a matter of months. This quickening resulted in a heightened ability to collect, analyze and report on mass amounts of data. That capability in turn produced a need for efficient reporting options such as dashboards powered by AI to quickly distill and visualize data.
However, enhanced data collection also bred a reliance on disparate technology systems, leaving many owners and operators with an overwhelming amount of siloed data and disconnected operations. Some property owners responded by adopting platforms that house all operational and financial data in a single connected platform. Leveraging this technology made it easier for employees and management to mine previously “hidden” data. Full insight over a portfolio’s operations allows teams to identify trends that guide better planning decisions. Access to meaningful data is critical for successful property management and these new tools are changing how teams achieve their goals.
Evolving ITs role
Real estate professionals reported that during the pandemic they worked more closely with their IT teams to evaluate available software solutions and ensure providers were capable of meeting the organization’s needs. Their responsibilities included identifying synergies across departments to simplify business operations. Stronger collaboration between business, IT and accounting teams will become the norm for selecting tech partners in 2022 and beyond.
Strengthening property management teams
Making a positive impact with such technology requires proper use by staff members, driving an emphasis on training among many of our respondents. Some property managers eased the tech onboarding process by designating subject matter experts as “go to” resources for their peers. User-friendliness and true software integration are just as important since a growing number of services are being delivered by new technology.
Most respondents agreed that new employees should be fluent in modern property management platforms. Critical thinking is also highly valued, as automation is decreasing the need for manual data entry while expanding the need for data interpretation. This shift towards a touchless experience is elevating the Canadian real estate sector and there will be an influx of young professionals showing interest in the industry. The adoption of virtual learning systems will be key in offering professional development and maintaining workplace culture, crucial components in attracting and retaining those newcomers.
Preparing for the future
Historically, Canada’s real estate industry has been slow to adopt new tech solutions, but strategic growth is predicted for next year as tenants and managers increasingly rely on digital tools that facilitate seamless interactions. Organizations with technology that consolidates portfolio, lease and other information into a single database and provides users with instant, secure and remote access, will help not only weather the current crisis but also position them to operate even more efficiently and responsively in 2022 and beyond.
Yardi® develops and supports industry-leading investment and property management software for all types and sizes of real estate companies. Established in 1984, Yardi serves clients worldwide. For more information on Yardi is Energized for Tomorrow, visit yardi.com.
Canada’s Real Estate Bubble Is So Big Even The Mother of All Crashes Can’t Fix It – Better Dwelling
Lack of listings pushes Alberta real estate into a sellers' market – Calgary Herald
Amid the success of the real estate market is a sore spot that could drive up prices more than expected, and that’s low inventory in the coming year, according to one national realty firm.
While the pinch of low supply is most acute in larger centres like Toronto and Vancouver, Alberta is also “feeling the inventory pinch,” says Rachel Rehkopf, spokesperson for Zoocasa Realty Inc. in Toronto.
She points to December total sales rising by 27 per cent in Alberta while new listings remained stagnant.
That “pushed the entire province into sellers’ market conditions.”
The province sits at 2.5 months of residential inventory. That essentially means if no new homes came to market over the next two and a half months, and current demand for housing continues, Alberta would have no more homes for sale.
It’s a scenario that’s unlikely to happen, of course, and the overall supply-demand picture is better in Alberta than other parts of the country, she adds.
In Ontario, for example, supply is 0.6 months while the metric is 1.7 months in British Columbia.
Yet Alberta’s supply is significantly lower than last year when it had four months of supply, she says.
Calgary is the tighter of the two large markets in the province with only 1.5 months of supply, while Edmonton actually added new listings in December, growing by about 10 per cent, year over year. Still, sales in Edmonton outpaced new listings, resulting in a 14 per cent decrease in inventory.
Overall, high demand in both cities paired with continuing low supply will likely drive prices higher in the year ahead, she notes.
Welcome to Real Estate Friday! – theberkshireedge.com
Here’s what we have for you this week in The Edge Real Estate section:
- Property of the Week – Janet Kain of TKG Real Estate offers the opportunity to live in a stunning home, lovingly cared for and perfectly located for year-round enjoyment of the Berkshires.
- Transformations – Designer Jennifer Owen and her clients imagined a calming space to relax while listening to the Boston Symphony Orchestra Live from Tanglewood on the radio!
- Weekly real estate transactions for Berkshire County, Northern Litchfield County and, now, Columbia County
- Market Perspective – Updated this week: The 2021 year-end real estate report from the Berkshire Board of REALTORS. What does it tell us?
- The Self-Taught Gardener – How does Joan Didion’s approach to life and to her art inform our Self-Taught Gardener on how to garden?
- Gardener’s Checklist – The holidays are over and the winter doldrums have set in. What’s a gardener to do to lift his spirits in these dark days?
Here’s why whales don’t drown when they gulp down food underwater — ScienceDaily – newsconcerns
TRAIKOS: The NHL apparently wants McDavid and the Oilers to miss the playoffs – Toronto Sun
Why has BC stopped doing contact tracing for coronavirus? – Dawson Creek Mirror
Silver investment demand jumped 12% in 2019
Europe kicks off vaccination programs | All media content | DW | 27.12.2020 – Deutsche Welle
Iran anticipates renewed protests amid social media shutdown
Business19 hours ago
Canada Dec retail sales seen down as COVID restrictions bite
Sports21 hours ago
Canadiens' Allen to miss eight weeks with lower-body injury – TSN
Economy15 hours ago
Launching Zero Waste Economic Transformation Lab – guelph.ca
News19 hours ago
Canada rushes to crush more canola despite crop crunch
Health8 hours ago
FDA expands use of remdesivir to patients with high risk of hospitalization
News23 hours ago
Blend of optimism and caution highlights Canada's COVID-19 forecast – CTV News
Economy19 hours ago
Timing of Bank of Canada’s rates lift-off on knife’s edge; Jan. 26 hike possible: Reuters poll
Sports19 hours ago
Tennis-‘I’m not God! Can’t win every match’ – Osaka proud despite early exit