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Naz F, Kumar A, Upadhyay A, Chokshi H, Trinkūnas V, Magda R. PROPERTY MANAGEMENT ENABLED BY ARTIFICIAL INTELLIGENCE POST COVID-19: AN EXPLORATORY REVIEW AND FUTURE PROPOSITIONS. INTERNATIONAL JOURNAL OF STRATEGIC PROPERTY MANAGEMENT 2022. [DOI: 10.3846/ijspm.2022.16923] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [Abstract] [Track Full Text] [Subscribe] [Scholar Register] [Indexed: 11/13/2022]
Abstract
The Covid-19 pandemic outbreak across the globe has disrupted human life and industry. The pandemic has affected every sector, with the real estate sector facing particular challenges. During the pandemic, property management became a crucial task and property managers were challenged to control risks and disruptions faced by their organizations. Recent innovative technologies, including artificial intelligence (AI), have supported many sectors through sudden disruptions; this study was performed to examine the role of AI in the real estate and property management (PM) sectors. For this purpose, a systematic literature review was conducted using structural topic modeling and bibliometric analysis. Using appropriate keywords, the researchers found 175 articles on AI and PM research from 1980 to 2021 in the SCOPUS database. A bibliometric analysis was performed to identify research trends. Structural topic modelling (STM) identified ten emerging thematic topics in AI and PM. A comprehensive framework is proposed, and future research directions discussed.
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Affiliation(s)
- Farheen Naz
- Hungarian University of Agriculture and Life Sciences, Godollo, Hungary
| | - Anil Kumar
- Guildhall School of Business and Law, London Metropolitan University, London, UK
| | | | - Hemakshi Chokshi
- Guildhall School of Business and Law, London Metropolitan University, London, UK
| | - Vaidotas Trinkūnas
- Department of Construction Management and Real Estate, Vilnius Gediminas Technical University, Vilnius, Lithuania
| | - Robert Magda
- Hungarian University of Agriculture and Life Sciences, Godollo, Hungary; North-West University, Vanderbijlpark, South Africa
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Kaur T, Solomon P. A study on automated property management in commercial real estate: a case of India. PROPERTY MANAGEMENT 2021. [DOI: 10.1108/pm-05-2021-0031] [Citation(s) in RCA: 1] [Impact Index Per Article: 0.3] [Reference Citation Analysis] [Abstract] [Track Full Text] [Subscribe] [Scholar Register] [Indexed: 11/17/2022]
Abstract
Purpose
Property management in commercial real estate (CRE) is an important operational function that needs to be managed because it brings large cost implications to the organization. As India aspires to become a developed real estate market, analysis of the growing importance of automating property services and technology acceptance by stakeholders are two key concerns that need to be explicitly addressed. This study aims to examine the extent of property technology (PropTech) adoption in India and propose a technology-enabled stakeholder management model in Indian CRE.
Design/methodology/approach
The research is qualitative in nature and follows the grounded theory approach. Research data were collected by conducting a series of semi-structured interviews with 18 property management professionals from different prominent Indian companies using PropTech.
Findings
The findings suggested the nine most typical automated property management functions in Indian CRE. The result of this research is the automated property services model for stakeholder management in CRE. The model demonstrates the value of implementing technology in property services in India.
Practical implications
The study provides useful insights into how artificial intelligence (AI) in property management can be applied to address property-related challenges, various stakeholder needs and improve property performance in accordance with energy efficiency policies.
Originality/value
This paper attempts to add to the limited body of literature on technology in the property management domain. The model demonstrates how automated property services meet the needs of different stakeholders in CRE and provides remote working procedures within the COVID-19 pandemic context.
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Abstract
Purpose“Ill-maintenance of common areas” in multi-owner residential properties is described as the “tragedy of anti-commons problem”. The problem can be addressed by outsourcing the management of the property to a company possessing quality property management (PMGT) certification. The PMGT certification is normally hailed as an effective means of reassuring occupiers and prospective property buyers of the good level of quality of the property management to be expected. This study investigated whether PMGT certification carries with it a price premium for residential properties.Design/methodology/approachA fixed-effects modelling approach was employed in relation to a large residential properties dataset in Hong Kong, in the period 2009–2018.FindingsThe results indicate, on average, that the PMGT certification commands a price premium of between 3.3 and 3.9%. This premium can be called, the “tragedy of anti-commons premium (TAC premium)”. The results further suggest that significant price premium differences relate to the four different types of certifications studied. The price of a residential unit managed by a property management company (PMC) with Q-mark certification is about 3.4% higher than a unit managed by a non-certified PMC, ceteris paribus. Likewise, corresponding price premiums for units certified related to ISO9001 and HKMAQA certifications are 3.5 and 2.4%, respectively.Originality/valueTo the best of author's knowledge, this is the first attempt to investigate if there is any relationship between the property price premium attributed to “tragedy of anti-commons” and PMGT certification.
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