Key Landlord Technologies You Need Now
With OPTECH 2023 only a week away, we’re putting the focus on technology in rental property management and association management.
Landlords and property managers were the last sector to adopt software and other technologies into their business models, but now in 2023, tech is the focus.
And it’s SaaS technology specifically that delivers the best returns for landlords. And that’s vital as rent price growth disappears and we see negative rent prices in 2024. When you’re a single family landlord in California or a mid-market landlord in Texas, technology helps tame the complexity, cost and demands of managing today.
Most Valuable Technologies
1. Payment Systems
Landlords have entered the SaaS solutions market because they wanted efficiencies in collecting rent. Chasing rent and handling cash and checks was too problematic. Automation means tenants can pay anywhere or set up automatic payments.
Stripe Payments is the premier payment provider in real estate with reach into the business payments sector, showing its system has a more stable, secure and sustainable future. It’s a competitive environment, and Stripe has the inside track on remaining viable and competitive.
ManageCasa introduced Stripe at the 2019 Apartmentalize Conference in Denver. Stripe’s excellent payment solution allows landlords and property managers to streamline rent collection, vendor payments, and expense calculations and provide an end-to-end automated experience for customers.
Stripe’s best features:
- simple bank account setup and reconciliation
- multicurrency payments
- automated payments (ACH, debit card, credit card, PayPal, etc.)
- fraud detection
See more on Stripe for landlords.
2. Integrated Accounting
Aside from property maintenance, many mid-market landlords see property management as an accounting function. Managing expenses and cash flow is essential when portfolios exceed a thousand units and financing rates are high.
Indeed, accounting extends into financial and operations optimization. Successful landlords (and HOA’s) build their operations on accounting systems that help allocate funds better, control costs and expenses, produce better real-time reports, help staff reduce errors, and create confidence in the company’s financial records.
ManageCasa’s accounting tools exemplify the new standard of excellence in digital accounting for properties. Take a closer look at how our platform makes accounting one of your top business assets.
3. Tenant Communications
Today, landlords need to optimize the tenant experience at scale. How tenants experience their tenancy is essential to optimizing cash flow, increasing occupancy, and reducing maintenance.
Although there is a lot of wasted time in landlord/tenant/association member communication, the top benefit now is in communicating value, performance, and cooperation. Extending leases, cutting churn and turnover costs, and maintaining asking rent prices are key objectives of tenant/member communications. For landlords and property managers, brand value grows with a positive tenant experience.
Again ManageCasa’s tenant communications and association member communications tools are excellent. Via the ManageCasa app and tenant portal, you can text your tenants directly and communications are kept private and secure within the ManageCasa platform.
Alternative standalone tenant communications tools include SMS messenger, Facebook Messenger, MessageBird, Dialmycalls, Simpletexting, Text-em-all, and Textmagic. The issue with these tools is tenant privacy and a lack of direct integration with your tenant and property accounts.
4. Smart Security
Personal security and property protection are gaining growing priority. Renters feel less secure and landlords who add security to their value proposition stand to attract and retain more tenants. The cloud infrastructure opens a vast network of real-time solutions to help you implement the right security solution for your properties.
Physical security technology comes in the form of high-definition surveillance video software, entry door software, smartlocks, smart lighting systems, and web cams. Cove, SimpliSafe, ADT, and Abode are a few notable home security solutions for single-family rentals. For apartment buildings, Avigilon, Solink, and Stealthmonitoring are a few to investigate.
5. Property Management Maintenance
Maintaining assets is very important in the era of regulations, high labor costs, and complex operations. Operations optimization is the theme of the 2023 OPTECH conference in Las Vegas.
Stand-alone property maintenance software vendors include Gofmx, Upkeep, MaintenanceCare, and Maintainx. Automation allows you to assign work orders, plan preventive maintenance tasks, monitor scheduled maintenance, collaborate in real-time with contractors, and generate maintenance reports.
Maintenance work order automation is essential to any landlords hoping to upscale in 2024.
That’s our latest look at the latest SaaS technology solutions for landlords.
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