Technology’s role in the future of property management

Property management as an industry thrives in developing economies like the Philippines with robust real estate markets, stable legal frameworks and regulatory oversight, and an environment ripe for turning assets into thriving investments.

Metro Manila’s decentralization and the rise of emerging cities in the provinces are spurring the industry to life. As the urbanization of provinces accelerates and real estate markets expand to those outside the capital, the demand for professional property management also rises.

Property managers — whose tasks encompass a gamut of services from the oversight and administration of daily property operations to maintaining property quality through consistent upkeep and repairs — are necessary to ensure the efficient utilization and maintenance of real estate assets, especially for property investors.

The property management industry brings structure and expertise to managing residential, commercial, and mixed-use properties, ensuring they meet modern standards of safety, sustainability, and tenant satisfaction. In a developing economy, where resources need to be maximized, effective property management can even considerably enhance the appeal and functionality of real estate, attracting investments and contributing to economic stability and growth.

It is an especially remarkable period for the industry, as the country’s onward march towards economic growth and urban development coincides with transformative breakthroughs in technology. Machine learning (ML) and artificial intelligence (AI), for instance, are at the forefront, offering unprecedented capabilities to predict and manage various aspects of property management.

Advanced property management software today utilizes big data to monitor property performance, finances, and tenant behaviors, enabling managers to identify key performance indicators and address weak areas. Meanwhile, sustainability is another critical trend reshaping the industry, as property managers increasingly focus on reducing the carbon footprint of their assets by optimizing energy consumption, improving waste management, and incorporating renewable energy resources.

In fact, many local governments across the nation are utilizing technology to improve their cities. In April, the Baguio City government said it is implementing a technology-enabled initiative titled “Project MINERVA (Monitoring of Indicators for Efficient Redevelopment and Value Assessment)” to address urban decay and promote smart city development.

“With the project’s ultimate goal of driving predictions and monitoring models for air quality, water quality, urban mobility, and tourism management, we’re able to use technology to advance our goal of becoming a truly smart city by 2027,” Baguio City Mayor Benjamin B. Magalong said.

Other cities are also turning towards the smart city route. There are the emerging hot spots, like Cebu, Davao, Bacolod, and Iloilo. Early this year, smart city developer Iveda launched a $5-million venture to execute several contracts over the next 12 months to bring smart technologies to these cities. The initiative will build on their existing work in the country and roll out AI-enabled technologies to modernize key infrastructure, such as airports, roads and sidewalks, leveraging AI tools to enhance public safety and city management.

There are also others like the City of Victorias in Negros Occidental, for another example, which announced a digital road map for the implementation of a smart city master plan merging technology and government in partnership with data science and artificial intelligence company Aboitiz Data Innovation (ADI).

Technology is revolutionizing the real estate sector as a whole; and property managers, by embracing these technological trends, can stay competitive in an industry that is poised for growth and meet the ever-evolving needs of urban living

Source: Business World

A look at the differences between Airbnb and Vrbo

Vacation rentals come in all layouts and sizes. But if you plan to book one, there’s a good chance you’ll do it on Airbnb or Vrbo. The two platforms are among the most popular options for travelers looking for lodging.

Madeline List, a senior research analyst at Phocuswright who has studied the short-term rental industry, said there is “a lot of cross-listing” so users may find the same rental on multiple platforms.

“So there is definitely some overlap between the two platforms,” she said. However, while they have similarities, there are some differences that may help prospective guests decide which is right for their trip.

What sets Airbnb apart?

For starters, it has more listings. “Airbnb is huge in the space, and it’s certainly dominant,” List said. Airbnb had over 7.7 million listings in its 2024 spring update, as compared with more than 2 million on Vrbo.

The platform boasts greater brand awareness, too. Phocuswright’s U.S. Short-Term Rental Report 2021 – its most recent that measured that metric – found that 78% of short-term rental users surveyed were aware of Airbnb as offering that type of accommodation, while 50% named Vrbo.

(Phocuswright surveyed adult consumers in the U.S. with internet access who had traveled overnight and stayed in a paid short-term rental for leisure within the previous two years, and got 983 qualified responses).

List noted, however, that the numbers may have shifted since and Vrbo has done a “push for more brand recognition.” She added that Airbnb “has also done a lot of really strong work trying to push properties that feel very unique and that feel like very differentiated experiences.”

The company recently launched its Icons category – including the clock room at the Musée d’Orsay and a replica of Carl Fredricksen’s house from Disney and Pixar’s “Up” – and has other listings ranging from houseboats to yurts.

“We believe Airbnb offers more unique places to stay and unforgettable experiences than any other travel platform,” Airbnb’s chief business officer Dave Stephenson said in an email.

“Whatever your travel budget or ideal getaway, whether you’re traveling solo or with a group, there are Airbnb listings with great amenities that can provide you with a magical time almost anywhere in the world.”

What sets Vrbo apart?

Vrbo may have fewer listings, but it had an established presence even before Airbnb existed. Expedia Group acquired the platform in 2015 – then known as VRBO – as part of HomeAway.

VRBO rebranded to Vrbo in 2019, before the company retired HomeAway in the U.S. the following year. “Vrbo pioneered the vacation rental category nearly 30 years ago and has remained dedicated to providing travelers with consistent and reliable vacation rentals,” Melanie Fish, vice president of Global PR for Expedia Group Brands, said in an email.

“It’s not about spaceships or a celebrity’s garage – just real, fully functioning homes meant to be lived in and enjoyed together with family and friends.” While Airbnb customers can rent a room in someone else’s home, Vrbo offers only private rentals. That way, Fish said, “guests always get the whole place to themselves and never share the space with a host.”

Vrbo guests can also participate in Expedia Group’s One Key rewards program, allowing them to earn OneKey- Cash they can use on the site, or Expedia. com and Hotels.com. The platform also shows total prices including fees by default (hidden charges have been a source of frustration for many travelers).

Airbnb users must use a toggle to turn on the total price display. Vrbo has also received 2,934 Better Business Bureau complaints in the past three years, while Airbnb has received 7,580.

Does Airbnb or Vrbo cost more?

Hosts set listing prices, List said, and those can vary. “It might be slightly different across sites for all sorts of technical reasons, like the types of commissions and fees they pay to the different booking sites or the types of dynamic pricing tools or fee structures that they’re able to set on the back end,” she noted.

If one platform allows them to add a certain fee and another doesn’t have that capability, the host may adjust the pricing to compensate. “The best way to save money on booking fees is by booking directly with (a rental) operator, but for various reasons that either might not be an option in certain destinations – not everyone has a direct booking site – or it might not be something people feel comfortable with because there’s certainly more purchase security when you book through these centralized sites like Airbnb and Vrbo,” List added.

Despite their differences, they have plenty in common, too (both offer 24/7 customer support, for instance). “The (user experience) certainly has a lot of similarities to it,” List said. 

Source: USA Today

The rise of reverse social engineering scams

By now, most of you have read the story of one 32-year-old woman who was scammed recently of almost half a million pesos after falling prey to the guise of gift certificates seemingly coming from legitimate phone calls from one of her banks. It was a painful read, with red flags everywhere, and it makes for a compelling case study on how reverse social engineering scams are now on the rise.

Reverse social engineering is a type of psychological manipulation tactic where scammers impersonate trusted authorities or entities in an attempt to lull victims into compromising situations. Rather than trying to trick someone directly, reverse social engineering flips the script — playing on people's psychological tendency to comply with perceived authorities.

Expect two things in this case: first, they will sound real, and they will have correct information about you (and your card and mobile plan details, to name a few). Most importantly, they can copy the real-life scenario of how these things transpire, i.e., when the fraud department calls you or when the IT support reaches out.

It will all feel real and all the more that you have to raise your guard. Statements such as "please watch out for fraud triggers as you will be getting those, and I would just need the verification code to bypass the system" are nothing but to have the OTP sent so they can take full control of your credit card, for example. That SMS coming from the bank is obviously not a fraud trigger but an urgent reminder for you to validate if you are indeed making the same transaction. If not, run away.

For years, stories of elderly victims being scammed out of their life savings by fraudsters using devious social engineering tactics have been far too common. I wrote about this previously on how exploiting the trusting nature and sometimes diminished mental capacities of the elderly is deplorable enough.

However, a new wave of sophisticated reverse social engineering scams hits even closer to home — preying on young, tech-savvy millennials instead. In other words, the scam design and its storytelling become intricate enough to get your interest and attention, with the accompanying financial and emotional consequences.

Learning and unlearning at the same time

While training and awareness about the tricks and psychological manipulation tactics used in reverse social engineering scams can help mitigate risks, cybersecurity experts agree there are no easy solutions. These scams capitalize on the innate human desire to be viewed as cooperative and address seemingly urgent issues from authorities.

In addition, these intricately designed scams reveal how even our best efforts to arm ourselves against deception may not be enough. That is why it is always important and very practical to keep reminding ourselves, our loved ones and our friends of the following best practices to avoid being victims of such scams:

1. Be vigilant. Know that you have to be extremely wary of anyone asking for personal or financial information, even if they claim to be from a legitimate authority. Verify their identity through other official channels and exercise human two-factor authentication.

The point here is not to believe what you hear in the first instance.

2. Do not take further action. This includes actions such as never installing software, remote access tools, or opening attachments from unsolicited emails or calls, even if they seem to be from your own company's IT department. Moreover, it demands multiple layers of verification and approval for any unusual requests related to accounts, payments, or accessing secure systems.

3. Trust your instincts. The minute you hear and feel a red flag, immediately err on the side of caution. Raise your guard and believe that, yes, you will not receive that voucher promised to you as a reward for your continued use of the bank's credit card. Neither will you get the P70,000 Sodexo gift certificate after creating your digital wallet account.

4. To organizations and employees, ensure that cybersecurity training is provided, highlighting the latest social engineering tactics and how to identify red flags.

More importantly, it is advisable to foster an environment where people don't fear repercussions for questioning suspicious requests to help deter social engineering successes.

Remember, this type of scam is intricate and detailed enough for you to believe the legitimacy of the call. These people have been trained and are continuously practicing and mimicking what goes on in real life to make it appear that they are who you think they are. Now you know otherwise.

Source: Manila Times