As we enter the 2020s, technology continues to play a larger role in all of our lives. In real estate and property management, technology is quickly evolving to benefit both property managers as well as consumers. As the technology continues to evolve, it is important to leverage it to continue to increase efficiency and grow profits.
Here are five real estate technology trends property managers should consider incorporating into their businesses.
In the old days, all client contracts and leases were kept as paper hardcopies in files. Any time there was a question about a lease, the property manager would have to go into their file cabinet, find the file, find the issue in question, taking an ample amount of time in the process. By pivoting to digital files, contracts can be stored on a computer or in the cloud and are a few simple keystrokes away. It’s a far more efficient way to manage your accounts. Contracts can even be signed digitally, which fits in perfectly with the desire for instant gratification in today’s society.
Like real estate contracts, payments are shifting to digital as well. Approximately 30 percent of Americans do not make any cash purchases in a given week, and nearly 80 percent of renters would rather pay rent with a credit or debit card online or by smartphone. Accepting electronic payments frees up time that would be wasted by property managers on clerical work — bank deposits, etc. It also reduces the security risk of having large amounts of currency on hand. On the tenant side, paying rent electronically is not only more convenient, but it can also help ensure that payments are made on time. It also creates a digital record of payments that can be easily accessed and tracked.
Creating A Digital Maintenance Log
If you manage a large number of properties, it is nearly impossible to recall every maintenance issue or repair that’s made in a specific property. By creating a digital, cloud-based maintenance log for each property in your portfolio, it will be easy to recall the details of maintenance being done, who performed the job, and any notes on issues. Having this kind of information at your fingertips will also increase efficiency in the property management process.
Embracing Smartphones and Instant Data
From calls to digital contracts to digital maintenance requests, a traditional office is no longer needed by many property managers. Many facets of a real estate or property management business can be handled from a smartphone app, both from the tenant’s and property manager’s perspective. A property management business truly can exist in the palm of your hand!
With Keyrenter’s proprietary software, not only can you manage each property that you own, but future tenants can view available rentals, specific details about the properties, and even pinpoint their location with just a few taps on their phones. With this data readily available online, it allows a property manager to expedite the rental process.
Virtual/Augmented Reality and Drones
It’s not even necessary to view a property in person any longer. Through advances in virtual and augmented reality, property managers can show potential tenants their properties via digital tours. Multiple potential tenants could be theoretically taking tours at the same time, and contact the property manager when they’re ready to take the next steps in the rental process.
While previously cost-prohibitive, photography from drones is another bit of modern technology that can assist property managers in renting a property. Drones can provide-high quality imagery of not only the properties but also of the surrounding areas.
Are you technologically savvy enough to pursue your own property management business? Click here to receive your free franchise report from Keyrenter!