Over the past decade, technological advances have completely revolutionized the property management industry. Property managers who understand the importance of utilizing these breakthroughs are sometimes able to manage their businesses more effectively and obtain much better results. That said, there is no replacement for human to human interaction.
Technology makes some processes more efficient and less costly for everyone involved – tenants, managers, and property owners. So what are these advances that we speak of? How about smart phone apps that help to regulate the temperature of your on-site pool? Or what about maintenance request scheduling software that makes it easier to stay in touch with owners and tenants? Property managers are continuing to grow and evolve to meet the changing needs of their clients.
Some New Technologies Used in Property Management Include (appfolio.com).
- Online payment options for rent and deposits.
- Mobile lease applications that are secure and fast.
- Digital maintenance requests and follow-up services.
- Rapid communication and alert systems in case of emergencies.
- Integrated social media and property management applications.
- Secure cloud technology for financial transactions.
- Mobile property inspection and walk-through technology.
Adapting to New Technology
Recent research into the property management industry has shown that some companies are not doing a good job of introducing new technologies to their employees. Developing the proper training programs for workers will ensure that they are able to easily make the transition to using new software and equipment. This will then allow for an advantage over other property managers that do not integrate the newest technologies in to their business.
Resistance to Change
It is safe to say that some of your employees may resist change, or even question why you need new technology at all. It is important to help these naysayers to understand that technology is constantly evolving. Failing to update software and hardware is the equivalent of saying that you are not interested in staying ahead of the competition. Teams that are able to quickly adapt to and exploit new technology will gain a competitive advantage in the property management industry.
Why Technology Matters
Prospective tenants already do their banking, school assignments, job applications and communicate with family members on their laptops and smart phones. The more new technologies that a company offers on these devices the more likely they are to engage with you. Don’t forget though, there is no substitute for dealing with your property manager in person, and making a true connection.