Technology is becoming more integrated into our lives and affects the way we socialize, shop, and work. Rental property managers need to embrace tech upgrades more than ever if they want to be competitive. It’s time to leverage technology to become more efficient, responsive, economical, and ready for the future.
Is your property management business leveraging technology to its full potential? Are you making the most of what you have and investing in the right tech upgrades? Read on to see how your business measures up in these nine areas.
1. Document Management
In the past, all property management documents were on paper stored in a filing cabinet. Keeping physical copies of everything was difficult to keep organized and the system was prone to mistakes. Now property management can be completely paperless as documents can be uploaded and organized with powerful software.
Digital documents are easy to share with tenants, owners, coworkers, and other parties. An individual document can be linked to all areas where it is useful making relevant documents easy to find. This tech upgrade can even allow documents to be tagged with keywords to make them searchable.
2. Smart Thermostats
Rental property managers are getting a better grip on the HVAC systems of their properties by installing smart thermostats. In an unoccupied home this smart home tech upgrade can keep the temperature above freezing to prevent damage. In the summer it can prevent the AC from being set while the unit sits empty.
Smart thermostats have a quick return on investment. They are relatively inexpensive as far as tech upgrades go, they reduce the cost of utilities, and they appeal to tenants. Smart home technology can be a nice selling point to a prospective renter.
3. Tenant Portals
Tenant portals are gaining in popularity and it’s easy to see why. This savvy tech upgrade stores all tenant communications, payments, and more in one convenient location. Rental property managers can quickly access all information pertaining to a tenant by accessing the portal.
A tenant portal can be a convenient tool for tenants too. Individuals can log in at any time to perform tasks such as pay rent, set up automatic payments, view statements, and submit or track maintenance requests. You can save a significant amount of time on tenant phone calls by setting up tenant portals that allow renters to complete these tasks online.
4. Owner Portals
Owner portals allow landlords the ability to see the health of their properties at any time. Granting owners access to reports can save rental property managers a lot of time by eliminating the need to generate and send regular updates manually. Owner portals can cut down on owner phone calls too.
Owners can use portals to access statements, rent payments, property maintenance history, financial information, and lease expirations. Owner portals allow rental property managers to be more transparent building trust. Let your owners rest assured that you are looking out for their business.
5. Virtual Showings
Virtual showings took off out of a necessity created by the Covid19 pandemic. This tech upgrade may have been intended as a temporary fix but it looks like virtual showings are here to stay. Many prospective tenants like having the option of viewing properties virtually. In one study 53% of renters said that they would still want to view units virtually after the pandemic.
The ability to show a rental property virtually allows people to pre-screen units and get a better feel for the property without leaving home. Virtual showings are a nice option for people who are moving into an area some distance away. In some cases prospective tenants would have had to rely on photos alone increasing the odds that they ended up in a unit that is unsuitable for them.
6. Digital Document Signing
Rental property managers can have properties scattered across large geographic locations. Furthermore the people they interact with in a professional capacity can be even further dispersed. Digital document signing can eliminate the need for long distance travel for the sake of a signature.
The right software can make it easy to send contracts and agreements, obtain digital signatures, and store those documents in a digital format. This is a quick and convenient option for both parties. This tech upgrade can even allow you to request that people sign for receipt of your digital communications.
7. Automation
Comprehensive property management software gives rental property managers the ability to set automatic actions. This tech upgrade allows you to set the conditions that need to be met in order for a predetermined action to occur. Improve collections with automated late payment notifications or have move outs trigger a maintenance ticket to get units ready for the next tenant.
8. Smart Lighting
Smart home technology can help property managers attract tenants and fill vacancies faster. Smart lighting is an inexpensive upgrade that both residents and owners can enjoy. Inside the home smart light switches and smart light bulbs can help tenants and property managers keep utility costs down.
Outdoors property managers can utilize smart lighting to conveniently schedule lights to turn on and off at the appropriate time. This tech upgrade can automatically adjust for the seasons and keep properties and tenants safe. Additionally turning the lights on and off inside as well as outside can keep unoccupied rental properties more secure by deterring thieves.
9. Data Analytics
Big data is here to stay and just about every industry stands to gain from data analytics. Collecting and analyzing data allows for more strategic decision making. Savvy rental property managers know that making use of analytics software makes them better able to meet the needs of tenants and owners.
Most software collects some data such as financial figures, vacancy levels, maintenance tracking, and tenant feedback. To turn raw data into valuable insights you will require tech upgrades that can sort data and organize it into meaningful and digestible information. Data analytics can determine patterns, weigh costs against revenue, improve customer service, and pinpoint areas for improvement.
Technology is making huge strides and it’s time that property managers get on board and leverage new tech upgrades to their advantage. Start thinking outside of the box. Invest in the technology that tenants want and software that will make your business better and easier to manage.
