10 Important Technologies for Property Managers
Technology companies have enjoyed strong performance on the NASDAQ exchange this year.
As we know, technology has increased its role in every area of property management from tenant acquisition to accounting and operations. Technology itself becomes a selling point for landlords and renters.
While many believe technology is all about efficient operations, a recent NMHC survey announced at the OPTECH 2023 Technology Conference found the most important role of technology is to attract and engage customers (whether landlords or tenants). Perhaps surprisingly, this comes above leads, operations, services, and revenue growth.
The numbers are impressive and it’s clearly a happening in the multifamily industry. And in the SFR market, it’s no different really, except the benefit for landlords is much higher asking rent. The value is always there.
Easing Those Heavy Workloads
However, streamlining work (operations and admin) remains a significant benefit.
The point that NMHC found in their survey, is the value of technology may be in the hands of marketing which creates the context and focus for targeted customers, to attract and engage (engagement of landlords or tenants is a topic for another post).
What’s good for tenants’ experiences is also good for landlords and property managers.
And how can we possibly ignore all the other impressive product improvements that include digital payments, bank reconciliation, compliant accounting practices, automated background checks, integrated tenant insurance, excellent financial reporting, enhanced communication tools, along with marketing websites and syndicated vacancy listing services?
Is that the landlord experience that creates better experiences for everyone?
You can open a ManageCasa account right now and get full view of these impressive features and services.
Top 10 Technology Features
Our updated top technology list is re-prioritized with “attract and engage” as the important attribute.
1. Web Marketing Services
Maintaining a property management website and conducting online marketing is a big task for many property managers. Few are marketing savvy, nor have the budget and time for web hosting requirements, domain administration, SEO friendliness, and maintaining updated content and company info.
The matter of marketing pages and blogs are important. That relevant content attracts and engages, gets customers focused on key technology attributes desired, and it adds context and value to the customer experience. This is for both tenants and managing landlords.
Landlords might wonder how many marketing and promotion tools are needed within a platform. It’s possible to integrate Facebook ads, syndicated vacancies, Google Ads into a platform. In ManageCasa, you can manage your listings and expose them on the 8 top rental listing sites. Having listings and tours on your website definitely creates a more seamless, uninterrupted experience for renters.
Having a website built into your property management software can simplify the process of marketing, listing vacancies, and communicating with renters and current tenants. Property management marketing is a serious business asset since your goal is to improve your tenant base, keep occupancy rates low, and communicate a strong brand. Learn more about ManageCasa’s client marketing websites.
2. Virtual Real-Time Showings
Virtual rental showings save you time and transportation costs whether you’re a landlord, property manager or Realtor.
These are helpful apps for landlords who are geographically distant from their rental units. This technology also allows you to flex to a renter prospects’ schedule and to respond in real-time to their inquiries and issues. And when high-quality renters need a little flexibility and immediate responsiveness, virtual tools have bottom-line value.
Virtual Rental Unit Showing and onboarding apps. Screenshot courtesy of Tour24.com
3. Add on Property Management Apps
Yes, software apps hosted on the cloud are providing simple, cheap and powerful management tools to extend tenant service and management capabilities. They’re often added on the side to complement property management platforms that don’t offer all the bells and whistles.
There are an abundance of property management apps you might use this year, however many are integrated into property management platforms (ManageCasa). You’ll find some to help you accept digital payments, manage your growing fleet of vehicles, manage your time, do virtual showings and leasing, list your vacancy, make your property smart, improve security and safety, and manage your property assets.
4. Tenant Communications Aids
Communicating efficiently, consistently and professionally has risen to become one of the 4 top priorities for landlords and property managers, for improved responsiveness and service quality.
Considering eviction moratoriums, tenant rent payment difficulties, landlords must be clear and concise in discussions with tenants. And online communications are valuable in that they can be recorded digitally and are proof of contact and regulatory compliance in case of evictions.
Using your property management software’s communication apps, there is no telephone tag, social media embarrassments, and it is direct to tenant’s smartphones.
5. Smart Security Enhancements
Tenant and Landlord Personal Safety Tools. Screenshot courtesy of getbsafe.com
For apartment building and multifamily managers, improving security is important. Tenants’ fear of crime affects their perception of your rental home’s value and desirability. Smart security apps can increase confidence, reduce property damage and keep bad people out of your properties. All good things for your investment bottom line.
Bsafe is one app that landlords and property managers can use for their own personal protection, but can be life-saving for tenants too. Bsafe’s voice-activated app on the smartphone can help notify or alert others to your tenants or their children’s situation.
6. Smart Home Technology
Young renters love smart home technology. Since they’re your customer, it’s wise to consider a few smart home enhancements that will make them feel at home and know that the rent they’re paying is money well spent.
From remote lighting, heating and air conditioning, to home security and in-home communications, renters like having control. The popularity of Google Nest this year is testament to the allure of smarthome tech. For apartment building landlords, the additional control of costs is worth an investigation.
7. Digital Financial Management Tools
Moving both your company and property financials, accounting, reporting and planning to your property management software platform gives you freedom. Now you can automate and integrate your property management company financials with each of your individual property financials to make your accounting simple and more reliable.
You can record, track and view all your key company financials and run insightful reports for you and your clients. ManageCasa makes more of your working financials available in the platform, working with real live data.
8. Tenant Portals
Tenant portals offer numerous benefits. Not only do tenants feel more confident and in control of their rental experience, it discourages irresponsible behavior when their lease, payments and communications are there readily for them to peruse.
If your tenant relations should go sour, you have all the information needed to be successful in rent defaults or eviction proceedings. The tenant portal helps you manage tenants better well since you can exchange documents, accept rent payments and fees, accept maintenance requests and questions, respond quickly, along with keeping sensitive conversations private.
9. Mobile Property Management Tools
There’s no need to feel unproductive when you’re out of the office, especially if you’ve abandoned your physical office space to save money. More landlords and property managers are on the go and they’re more effective because of it. As they travel and manage their accounts via a tablet, laptop or smartphone, they need a simplified property management solution that is secure, easy to use, and gives them instant access to vital apps or information.
10. Online Rent Collection Apps
One of the key property management apps is rent payment apps. This year, digital rent payment apps will reduce rent and fee collection activities, encourage more consistent, automated on-time payments, and reduce the problems of accepting cash and checks. And those tenants who said they paid their rent in cash when they didn’t, will have little legal ground to stand on.
Rent payment solutions such as Stripe are built into modern property management software, so your bookkeeping, accounting, and banking is streamlined.
That’s 10 ways property management technology is helping you save time, money and energy, and helping you grow your business.
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