IMPACT OF TECHNOLOGY ADVANCEMENTS ON RESIDENTIAL PROPERTY MANAGEMENT: A STUDY OF REDUCTION IN PHYSICAL SPACE

Abstract

In the recent years, technology has been advancing at a pace that has brought about significant changes to our daily lives. Rapid advancements in Information and Communication Technology (ICT) allow people to carry out work more efficiently and effectively, and aids in simplifying communication between people. Technology also builds a competitive advantage for businesses to drive productivity and growth. Many businesses have been leveraging on ICT to aid in their daily business operations. Likewise, many property management companies are using ICT to attain stronger market position. Despite the high volume of administrative tasks and paperwork involved, property management software is able to assist in the completion of most of the work in property management. The main purpose of the paper is to examine the impact of technology advancements on residential property management, Firstly, the impact of technology in reducing of the manpower needed in the management office will be explored. Secondly, a deeper analysis would be carried out to see, specifically, if ICT in property management would have a negative correlation with the demand for physical space of property management offices. An in-depth interview and survey were carried out in Singapore. The results indicated that given the nature of property management involving personal touch, ICT is unlikely to replace property managers. Furthermore, elderlies aged above 30 are found to be less receptive towards the adoption of ICT in property management. Thus, the perception of the increased use of ICT will not lead to a reduction of residential management office space.