With the fast-changing pace of the real estate industry, there is a growing concern about the efficiency of property management companies. It is no longer an option, but rather a compulsion for property managers to be efficient in their respective industries. 

With the increasing complexities of managing properties from various asset classes i.e. malls, coliving, student housing etc. there is a widening gap of inefficiencies that prevail in this particular market. This is where property management software comes into the picture. With its popularity on the rise and in recent trends. In this blog, we will be focusing on the economic impact that property management software has had in malls. 

Reduce Operational Cost 

The main aim of any mall management software is to increase the efficiency of operations across all fields. With the digitisation of tasks, there is a level of automation that comes with it. Moreover, with most of the property management software, there is some degree of inefficiency that plagues them. 

With the help of a PMS, you can streamline your operation. It can be for activities pertaining to rent collection, task allocation, complaint management etc. With many malls having multiple tenants and subsequently having many new projects in the pipeline it would only make sense to implement a digitised system to manage the same. 

Increased revenue systems 

With the help of a mall management system, you can monetise aspects of your property that would not be possible otherwise. The main aim of a mall is to encourage purchase and increase footfall on the premises. A mall management system can help with leasing agreements, with many malls having various revenue-sharing models and fixed models. Property management software helps streamline the whole process from its conceptualization to its execution.

At the end of the day, both the property manager and the PMS provider try to attain one goal. They try to provide a memorable experience to the customers. They can attain this by ensuring that the mall is ventilated and that all the assets are in proper working condition. The main goal is to attract customers into the doors and provide them with a memorable experience so they return.

Data-Driven Decisions 

A mall management software runs on data. What this means is that with all the integrations and pre-planned maintenance coupled with the rent collection capacity, It offers the mall operator a great deal of insight into his operation. This data can be further studied and analysed by its various categories.  

Simple data such as temperature sensors, can be easily analysed in real time. However other metrics such as occupancy rate and energy consumption, the data need to be stored on a cloud server for respective analysts to look into. the data can provide insight and provide perspective on how they can enhance the tenant experience. 

What helps mall operators have a sense of peace in their operational ability is their ability to reference a dashboard. They can glance over the daily, weekly or monthly operational metrics to gauge how the mall is doing and if the benchmarks are being met. 

Improved tenant experience

With the help of mall management software, the operators can push notifications to all the tenants which could send out coupons and loyalty points to users who have the mall management application. This facilitates a deeper connection between the mall managers and the customer. 

In the case that the customers have an issue that would like to raise instead of scramming around the mall for the maintenance staff. A simple “ticket” being raised on the customer app would solve their query in an instant and can be remedied using AI chatbots. 

Scalability and Adaptability 

It is very common for tenants to scale their operations across various malls. Which is something that mall management software has been able to account for. Before the use of PMS, this would be a very strenuous and manual process. But now, with a simple procedure multiple units and tenant expansion can be accommodated. 

At times there are some malls that might want particular features to help facilitate their operation even further. Currently, digital twins are taking the real estate market by storm. Such requests are sometimes advantageous to the company, most mall management software offers the capacity to integrate with such features and services.   

( if you would like to read about it further you can find attached a link explaining the same here ) 

Conclusion

Mall management software have the potential to revolutionize the industry as it offers an unprecedented economic benefit to many mall operators in fields of operational efficiency, reduced costs, scalability and adaptability among many other aspects.