10 Important Technologies for Property Managers
Technology companies have enjoyed strong performance on the NASDAQ exchange this year.
As business has become more challenging, with profit margins shrinking, only technology can simplify, optimize and automate. It brings customer service, staff efficiency, and cost reductions that are making the key difference to business owners.
Easing the workload is a significant benefit. And software technology upgrades create a service that meets with your tenants love of simplicity, convenience, safety and comfort. It’s all about tenant lifestyle as you’ll see below.
And it’s good for your staff and property owners. You can also discover new sources of revenue too. What’s not to like about that? The latest technology available can really improve your property management company’s game.
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Can property management technology help improve your own mastery of property management and make 2023/2024 some great years. Consider these improvements:
1. Property Management Apps
Yes, software apps hosted on the cloud are providing simple, cheap and powerful management tools to extend tenant service and management capabilities.
There are an abundance of property management apps you might use this year, however many are integrated into property management platforms (ManageCasa). You’ll find some to help you accept digital payments, manage your growing fleet of vehicles, manage your time, do virtual showings and leasing, list your vacancy, make your property smart, improve security and safety, and manage your property assets.
2. Smart Security Enhancements
For apartment building and multifamily managers, improving security is important. Tenants’ fear of crime affects their perception of your rental home’s value and desirability. Smart security apps can increase confidence, reduce property damage and keep bad people out of your properties. All good things for your investment bottom line.
Bsafe is one app that landlords and property managers can use for their own personal protection, but can be life-saving for tenants too. Bsafe’s voice-activated app on the smartphone can help notify or alert others to your tenants or their children’s situation.
3. Tenant Communications Aids
Communicating efficiently, consistently and professionally has risen to become one of the 4 top priorities for landlords and property managers, for improved responsiveness and service quality.
Considering eviction moratoriums, tenant rent payment difficulties, landlords must be clear and concise in discussions with tenants. And online communications are valuable in that they can be recorded digitally and are proof of contact and regulatory compliance in case of evictions.
Using your property management software’s communication apps, there is no telephone tag, social media embarrassments, and it is direct to tenant’s smartphones.
4. Smart Home Technology
Young renters love smart home technology. Since they’re your customer, it’s wise to consider a few smart home enhancements that will make them feel at home and know that the rent they’re paying is money well spent.
From remote lighting, heating and air conditioning, to home security and in-home communications, renters like having control. The popularity of Google Nest this year is testament to the allure of smarthome tech. For apartment building landlords, the additional control of costs is worth an investigation.
5. Web Marketing Portals
Maintaining a property management website and conducting online marketing is a big task for many property managers. Few are marketing savvy, nor have the budget and time for web hosting requirements, domain administration, SEO friendliness, and maintaining updated content and company info.
Having a website built into your property management software can simplify the process of marketing, listing vacancies, and communicating with renters and current tenants. Property management marketing is a serious business asset since your goal is to improve your tenant base, keep occupancy rates low, and communicate a strong brand to rental property owners. Learn more about ManageCasa’s client marketing websites.
6. Digital Financial Management Tools
Moving your financial accounting, reporting and planning to your property management software platform gives you freedom. Now you can automate and integrate your property management company financials with each of your individual property financials to make your accounting simple and more reliable.
You can record, track and view all your key company financials and run insightful reports for you and your clients.
7. Virtual Real-Time Showings
Virtual rental showings save you time and transportation costs whether you’re a landlord, property manager or Realtor.
These are helpful apps for landlords who are geographically distant from their rental units. This technology also allows you to flex to a renter prospects’ schedule and to respond in real-time to their inquiries and issues. And when high-quality renters need a little flexibility and immediate responsiveness, virtual tools have bottom-line value.
There are real-time landlord virtual tours (e.g. Tour24) where you can engage with prospects, live in real-time, who are physically visiting one of your vacant apartments or houses. However, personal authentication and unit and building security issues must be managed as well. You can also use the popular Zoom meeting app, or you can produce prerecorded virtual tours for online viewing.
8. Tenant Portals
Tenant portals offer numerous benefits. Not only do tenants feel more confident and in control of their rental experience, it discourages irresponsible behavior when their lease, payments and communications are there readily for them to peruse.
If your tenant relations should go sour, you have all the information needed to be successful in rent defaults or eviction proceedings. The tenant portal helps you manage tenants better well since you can exchange documents, accept rent payments and fees, accept maintenance requests and questions, respond quickly, along with keeping sensitive conversations private.
9. Mobile Property Management Tools
There’s no need to feel unproductive when you’re out of the office, especially if you’ve abandoned your physical office space to save money. More landlords and property managers are on the go and they’re more effective because of it. As they travel and manage their accounts via a tablet, laptop or smartphone, they need a simplified property management solution that is secure, easy to use, and gives them instant access to vital apps or information.
10. Online Rent Collection Apps
One of the key property management apps is rent payment apps. This year, digital rent payment apps will reduce rent and fee collection activities, encourage more consistent, automate on-time payment, and reduce the problems of accepting cash and checks. And those tenants who said they paid their rent in cash when they didn’t, will have little legal ground to stand on.
Rent payment solutions such as Stripe are built into modern property management software, so your bookkeeping, accounting, and banking is streamlined.
That’s 10 ways property management technology is helping you save time, money and energy, and helping you grow your business.
Although tech takes some adjustments, the payback is immense. Landlords often complain of being overworked, not earning enough, and not being appreciated. Yet when you elevate your service management, tenants and owners will appreciate what you do more.
Schedule a Demo of ManageCasa Property Management Software now.
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