Face to face interaction is a staple element of the property management industry. Removing the human element is nearly impossible and just not ideal for any business. Although, we do live in the twenty-first century where technology is an inevitable part of our lives and for good reason. The technologies we use regularly are available because they typically streamline our interests and activities. When digitization with the computer revolution was embraced at the turn of the century, the public never anticipated the drastic impact that technology would have.
Smartphones, applications, and social media may be leading the trends of technology but accessory products specialized to industry needs aren’t just changing the game but changing the environment as well. Specific to real estate and property management, the fruits of technology’s labor are boundless. It may take some adjusting but incorporating user-friendly technologies has been one of the best strategies to maximize business, client, and renter
High-Value Activity Increases Yields
As noted before, the human element of property management is an indispensable business practice. However, not every type of interaction results in efficient, productive yields. The industry has managed to identify those interactions in which time and energy could be maximized with the inclusion of more independent technologies.
A major asset for property managers has been the adoption of smart locks. Smart locks allow for showings to be reserved and completed by the interested party’s schedule. There are security measures that can be taken to ensure the security of the property but the level of security and backgrounding is at the discretion of the management company. While some may argue that showings are foundational to the industry’s standards and growth, property managers all relay the relatively unreliable and time-consuming nature of showings due to no shows, driving time, and more. Overcoming this barrier to development, many businesses have integrated smart locks by hybridizing their showings practices with manager-guided or independent property tours.
By allowing managers and staff to focus on high-value interactions as opposed to showings, they are able to maximize business hours to achieve client and renter needs related to the rental properties.
Smart Tech Accessibility
It is a standard for a majority of individuals to own and operate a smartphone. For the few that don’t own a smartphone, online access is usually available in their home. With millennials (28 – 29 years old) occupying the largest population within the renting community, it is practically a necessity for property management software to adapt to these user population’s needs accordingly.
Providing resources that will also fit into the millennial schedule will inevitably provide better resources and increased accessibility. Traditional means do not need to be replaced but providing digital alternatives to simplify leaseholder activities can be the difference between a potential renter and a signed lease. This can be realized with online rent submission, paperless service requests, property concerns, digital release for background checks, and more.
Appreciating the unlimited affiliation of digitization in personal endeavors and translating those interests into the business world not only expedites outdated processes but actually improves management relations with leaseholders and renting homeowners. Now that “smart” technology dominates over less user-friendly alternatives in the American household, the shift toward digital resources in property management is a necessity, not auxiliary.
Identifying your Renting Population
Whether the adjustment is made from fax to digital or from paper ad postings to varied online home applications, adjustments will need to be made. And we also recognize that there is no perfect practice or way of doing things but adapting to the digital market we live in is a necessary part of real estate in order to provide the best access to tenant services, management services, and prospective client offerings.