Arguably, every industry across the board has been affected by the ever-changing advancements in technology. While the real estate space can generally be slow to adopt change, the property management industry has truly embraced the expanding role of technology in recent years. New technology is changing the way property managers do their jobs and run their businesses.
Developments in technology, and specifically cloud-based computing, have paved the way for property managers who seek improved processes to streamline business and boost profits. Taking advantage of these modern technologies is vital if companies want to remain competitive because they often equal significant time and cost savings. When they use the right solutions, property managers are able to provide more value to their clients and tenants, while running their own business more effectively.
Here are some of the main benefits property managers utilizing software tools to manage their properties have experienced:
- Affordability and availability: Property management software has become an affordable and accessible method for all types of managers and owners to integrate powerful tools into their business. Software applications hosted on the cloud are significantly more affordable than similar desktop applications of the past. Affordability and ease of integration means more property managers are able to work software into their operating budgets, allowing them to stay competitive with even larger property management firms.
- Reduced user error: The right solution provides powerful accounting, reporting and other operating functions that replace the need for a pen and paper or tedious double data entry between systems. Business performance can easily be tracked to monitor things like rental payments, work order status, and maintenance requests. By automating tasks, important information is automatically stored, fewer mistakes are made and tasks aren’t missed as often. Property managers have more time to focus on bigger picture items, like building relationships or tackling long-term business plans.
- Streamlined processes: Online software applications have integrated multiple management features so property managers only have to use one program to perform all of their important management tasks. Managers can efficiently and effectively market properties, process applications, screen tenants, sign lease agreements, review property performance, manage work orders, submit tax forms and more – all through one program that is easily accessible from a desktop, laptop or mobile device. The days of searching for important information buried under a stack of papers or hidden in a file cabinet are over.
- Improved rent collection: Online rental payment options give tenants the ability to make rent payments from the comfort of their home, while on vacation, at work, or from anywhere they can connect to the internet or access a smart device. Managers and owners no longer have to wait for rent checks to be delivered in person or via mail. Rental software typically allows tenants to use ACH or their credit/debit card to pay rent online, making the entire process easier on both tenants and property managers.
- Property protection: Access to background checks and credit reports is easier for property managers than ever before through the ability to instantly order tenant screening reports online. Instant access to tenant screening reports allows property managers to review an applicant’s credit, criminal and eviction history in more detail to make an informed decision about a potential tenant’s financial responsibility and behavior. These detailed reports help property managers select the most qualified tenants who will maintain the property, respect lease terms and pay rent on time.
Technology within the property management industry has evolved to be cost-effective, convenient, efficient and almost a necessity for managers to organize data, improve business processes and build relationships with tenants. Not only have systems developed to make the property management process easier, but today’s renters expect and appreciate the convenience of online services provided by their property manager. Managing and communicating with your tenants through their preferred method will help you reach them more effectively and lead to stronger landlord-tenant relationships.
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