These days, technology has become integrated into almost every aspect of our lives, from how we socialize to the way we shop and, of course, how we do business. Savvy property managers recognize the important role that technology plays in optimizing their operations. Let’s take a closer look at a few areas where forward-thinking property managers are focusing their efforts and their investments for optimal results.
Years ago, if a property manager needed to access a document, they had to head over to the file cabinet in the corner of the office and dig it out by hand. Maintaining physical copies of paperwork, however, is not only challenging but it’s also a risky practice. If that signed lease went missing and suddenly you found yourself in front of a judge in a civil case, you’d be out of luck. What if there was a flood or fire in your office? Would you be able to recover if all of your paperwork was lost? With today’s technology, property managers can upload, organize, store and access everything they need digitally.
Portals are a powerful tool for keeping the lines of communication open and providing secure, convenient options to both tenants as well as owners. Tenants can utilize online portals to pay their rent, access their lease, track maintenance requests and more. Meanwhile, owner portals provide landlords with instant visibility over the health of their properties. They can use these tools to run financial reports, check lease statuses, review maintenance history and more. For property managers, this means fewer phone calls and less hand-holding.
As technology continues to advance, more and more tasks and workflows can be transferred from human to machine. Property managers can use software to automate a wide variety of daily activities that once required manual input. For instance, rather than having someone from accounting reach out about a late payment, an automated action can be set so that a notification is sent at a specified date without the need for an agent’s involvement. This can enable smaller property management companies to accomplish more with fewer resources, leveling the playing field from a competitive standpoint.
Collecting and analyzing data can help business leaders identify areas of both weakness as well as opportunity. The insights gleaned from data can drive better decisions and facilitate more accurate forecasting and planning. For property managers, data analytics can help better meet the needs of tenants and owners. Technology, like property management software, can track everything from financial numbers to vacancy levels. More importantly, it can turn that raw data into valuable, easy-to-digest information that can be leveraged and applied in a practical way.
If you weren’t doing virtual property showings in 2019, chances are you’re doing them now – thanks in large part to the COVID-19 pandemic. But while this tech upgrade may have originally been intended as temporary workaround, most property managers agree that it’s here to stay. The ability to show a property virtually saves a tremendous amount of time and is convenient, both for the property manager as well as prospective tenants. This also removes geographical barriers, enabling a wider pool of candidates from all over to view and consider your rental property.
Technology is evolving at a rapid pace. Property managers who want to remain competitive must be willing to embrace these changes and use them to their fullest advantage. Not sure where to begin? All of the things listed above can be facilitated by property management software. Click here to schedule a demo of INFO-Tracker and see the power of technology in action today.