Property management calls wearing many hats while at the same time monitoring several moving parts. It’s easy to get bogged down with satisfying the tenants, rent collection, staff retention, and prioritizing maintenance.
But these day-to-day tasks don’t have to be overwhelming. Thanks to IT management software, property management is becoming easier and more efficient. Read on to learn more about the ten technology tips for successful property management.
Establish Omni Channel Communication
It’s challenging for property experts to provide a simple communication channel between them and the tenants. When it comes to communication, tenants have different preferences, making it easy for communication to slip through the cracks.
However, integrating an omnichannel interface will overcome this challenge. Doing so offers several options, such as text, email, and live chat, to communicate with your tenants in real time from a single interface.
Adopting an omnichannel interface simplifies communication and ensures potential and current tenants can easily reach you.
Virtual Reality Tours
Virtual reality is changing real estate through virtual tours. Instead of scheduling a physical visit to the property, save time and money by showcasing the house virtually. Virtual tours highlight the home’s best features, giving potential tenants a better understanding of the property.
Virtual reality allows you to seamlessly manage your tours by linking a calendar to your property management system. Potential tenants can directly check the availability of the tours and book one without contacting anyone.
Blockchain is a game changer in real estate, where landlords and tenants transact through cryptocurrencies like Ethereum and Bitcoin. Leveraging blockchain technology in property management improves security, transparency, and efficiency when managing contracts and titles.
Smart contracts are faster and more secure from fraud and manipulation. Property contracts and agreements are signed digitally between the tenant and landlord without manual intervention. Blockchain technology cuts out intermediaries, minimizes transaction costs, and ensures faster completion of transactions.
Manage Your Listings Seamlessly
The secret of a successful listing is constantly publishing and updating a property’s features and location across customer-facing online platforms. The bottom line is providing accurate information, making it easy for potential tenants to find a listing they love.
Listing management software simplifies the process and allows you to edit, add, approve, delete, and reject data on a property. A central hub for updating and managing listings on different platforms makes property management seamless and efficient.
Market Your Property Digitally
These days, digital marketing is becoming more of a necessity. Social media platforms such as Facebook, Instagram, Pinterest, and Twitter have organic traffic and are usually the most effective way to reach a large audience.
These social media platforms have excellent targeting features, making it easy for your target audience to notice your property ad. With the help of social management tools, you can promote your listings on different social media profiles without creating individual ads for each platform.
One of the main hurdles in property management is storing a large amount of data. Property management software safely processes and stores huge data sizes and synchronizes manual data tasks into your database.
This synchronized solution manages your property listings, lead funnels, sales, and marketing from a central place. As a result, you don’t need to keep switching on different tools to find the appropriate information.
When it comes to property management, technology can simplify the burdensome tasks of rent collection. Whether setting up mobile payments or sending reminders to tenants on due rent, a rent collection system will change how you deal with tenants.
Here are three ways you can maximize technology in rent collection:
- Electronic Funds Transfer (EFT): Instead of receiving checks and waiting for them to clear, EFT offers automatic rent payment with a minimum follow-up.
- Rent reminder: It’s easy to remind your tenants of the due rent through text, email, or a group chat.
- Online rent payment: Enlist the services of a credible online rent system such as PayClix and Spark Rent, which sends out invoices, transfers rent to the landlord’s account, and send out late notices.
A rent collection system ensures the rent is on time and the right amount, making the process run smoothly. This system also shows proof of transaction, and you can access the payment history of any tenant.
Maximize the Use of Drones
Surveillance and inspections are crucial aspects of property management. Drones are more affordable and effective in monitoring property and inspecting hard-to-reach places like rooftops for damages.
Apart from surveillance, drones have also revolutionized property marketing by offering a bird view of the property with beautiful photos and videos to attract potential tenants. They provide you with faster and more accurate marketing insights and capabilities.
A location guide provides potential clients with everything they need to know about the neighborhood. It gives a better idea about the community, and you can do this in two ways:
Apart from the services you’re offering on a property, including a map to help potential tenants find the house using GPS. Maps come in handy when they want to tour the property physically, and there’s no need to call you for instructions.
The best thing about using maps is that potential tenants can zoom in and tour the neighborhood with a satellite view. They’ll also automatically see the distance to local amenities such as malls, transport, schools, and hospitals.
One factor that influences most tenants is the availability of amenities in the neighborhood. Proximity to schools, hospitals, stores, and transportation significantly contributes to a client’s decision-making, so providing a neighborhood guide with your listing is a bonus.
Analytics to Improve Your Business
The real estate industry is dynamic, with emerging trends. With the help of analytics, you can identify trends and create an effective marketing strategy to improve your performance. Staying on top of these trends helps your business to succeed and stay ahead of the competition.
Analytics also helps you identify untapped opportunities you may have previously ignored. Doing this provides your business with unlimited and intelligence-based growth and profitability opportunities.
Property management is undoubtedly more challenging without technology. By implementing these ten technology tips, you will not only make your tasks easier, but you will also succeed in property management.