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With the world quickly being modernized, landlords and property managers who don't utilize modern property management devices and tools are working at a disadvantage. There are plenty of options that can be beneficial to a rental business— free or paid. It's important that you know your options and what they can accomplish for your investment.
Property Management Tools You Can Use
Property Management Software
You'll find several software options online that you or your property managers can use. Some are free, some selected features you can only use through a subscription, and others require a one-time fee. You can research which software has the features that will fit your management style. The things that the tools can do for you include but are not limited to:
- Lease agreement generation
- Application processing
- Tenant screening
- Rent collection
- Maintenance management
- Property accounting
- Property management operations tracking
Some of the best property management software you can use are AppFolio, Buildium, Rent Manager, DoorLoop, TenantCloud, Rentec Direct, and Rentvine, although there are others you can look into to find the right property management software for your rental business.
Smart Home Technology
Property management industry trends keep shifting with all the technology that is quickly emerging. Some are relatively cheap and you can install such smart home devices in each rental unit for tech-savvy tenants, while others can benefit your rental business overall as it helps you retain tenants. Some of the tech you can use include:
Smart Lights: Some smart lights offer scheduling features that allow you to automate which and when the lights will turn on and off, which can reduce energy consumption. It also removes another task to do on your list.
Smart Security Systems: Smart locks are trending in property management since they can be more secure than physical keys. Certain products can let you generate PIN codes that are only valid for the duration of the stay, not to mention the security that biometric locks provide.
Smart Thermostats: Just like smart lights, a smart thermostat can also help you manage your energy more efficiently. With automated controls in smart homes, energy efficiency is more achievable and property management can be done remotely.
AI Assistant: Landlords can access available virtual assistants like Google AI, Alexa, and Siri to make property management easier. Through voice commands, you can optimize energy usage or increase daily operation efficiency since they don't have to move a muscle for particular property management activities.
Virtual and Augmented Reality
AR/VR technology is becoming an up-and-coming property management tech trend. Virtual tours are already common among online property listings in the real estate market, so it's not far-fetched for the future of property management to include AR/VR headsets to show rental listings. Being among the first to do it in your market will catch the attention of prospective tenants.
Online Rental Market
Online rental marketplaces have been around for some time, and property managers have been taking advantage of these platforms for just as long. Real estate rental properties can be listed online along with photos and descriptions that can appeal to tenant preferences. Some platforms even offer data analytics for property performance, help you optimize listings for potential tenants, and guide you into making informed decisions.
Mobile Apps
With platforms and channels being readily available online, you can expect that there are real estate-related mobile apps that serve the same purpose. This lets property owners and property managers perform duties remotely—responding to maintenance concerns or automating online rent payments, effectively achieving operational efficiency with management and tenant satisfaction since they have the option to pay rent online.
Tenant Portals
Most companies already have tenant portals of their own. Provident Property Management, for instance, has a digital platform for tenants, owners, and vendors. This is among the advanced technologies that have been catching on in the past few years, seeing as it helps tenants submit maintenance requests, landlords manage day-to-day operations, monitor rental income, and their property portfolios, and vendors connect with prospective clients.
Predictive Maintenance
This feature offers predictive insights for landlords and property managers, such as notifying them about maintenance management and potential equipment failures, which allows for smart decision-making. This can decrease operational costs for multiple systems, as well as ensure regulatory compliance by keeping everything in working order.
Do I Have to Be Tech-Savvy to Use These Tools?
Not necessarily. Some property management technologies and platforms you can use are generally user-friendly. You can automate the collection of rent with just a few clicks, coordinate property maintenance schedules, and streamline lease management. With the real estate industry undergoing significant transformation, learning about technologies can benefit you in the long run.
Is Property Management Technology Safe to Use?
Most of the available property management technologies you can access are safe since they have baked-in security features, but it doesn't hurt to look at user reviews to be safe. There are several in-house technologies you can use when you hire property managers, but you may also opt for third-party real estate platforms.
Are Such Technologies Common in the Property Management Industry?
Yes, it is becoming increasingly common in real estate. The property management industry is just one of the many sectors that benefit from the fast-paced emergence of advanced tech, and property managers know well enough that catching up with the future of property management can prove to be beneficial in the long run, especially when using predictive analytics or augmented reality in the rental market.
How You Can Protect Yourself From Security Breaches
Like any other technology, property management platforms can be susceptible to bad actors like hackers. This can be troubling since this is where property managers store private data like tenant records and payment details. Here's how you can use property management tech safely:
- Use unique passwords
- Use multi-factor authentication
- Only download software from credible sources
- Encrypt and back up sensitive property and tenant data
- Use trusted platforms for online payments
- Regularly update your property management software and apps for fixes
- Undergo cybersecurity training
- Hire security experts with experience in managing properties
Let Property Managers Handle It For You
Between analyzing data-driven insights, handling the leasing process, responding to maintenance requests, and other landlord-related tasks, your job can still be quite overwhelming even with the assistance of property management technology. Depending on your property type, you might even have to oversee multiple tenants.
Property owners can rely on the help of companies like Provident Property Management. We already have in-house online portals where things like rent payments, maintenance requests, and other tasks that contribute to tenant satisfaction can be monitored. Discover what a property management company can do for you and contact us at your convenience.
