Technology Adoption in Property Management
These years ahead could be make or break for a lot of property management companies, big or small. Profit margins have shrunk and everyone has to do more with less.
That makes now the perfect time to take heed of property management trends. Are you expecting more clients, rising revenues, less work and cost reductions in 2019? How about happy tenants and property owners?
One recent report suggested that property managers who won’t transform their companies into a digital business, will be gone very soon.
The Outlook Couldn’t Be Brighter – With the Right Tools
Your business outlook may depend on whether your company is transforming into a digital business. Why? Because this year, customer value is delivered digitally. It’s a mobile, app delivered, interactive, real time era in property management. And it’s moving faster.
Smart business owners are taking advantage of the transition to digital to dominate market share, build their brand, and create value in every transaction. It’s a gift to you really, not a threat.
Yes, they’re taking advantage of companies slow to make this transition. They attract (or swipe away) clients, grow profit, and build their brand as the most impressive. Your attrition is their gain.
This change involves more than just cloud software adoption or data migration. It really is an improvement in how you’ll be doing business. And you’ll be responding to the worst challenges and barriers you’ve suffered through.
The headlines grow. Landlords, Property managers, contractors, and investors need to keep up
When Benefits Outweigh Fears
Adopting digital solutions optimizes almost every area of your property management business.
And if you’re one of those managers who outruns costs by growing revenue faster, going digital may be the only way you can continue doing that. Traditional practices are under intense cost pressure against shrinking revenues in 2019. You’ll need to be smarter this year.
And digital companies are taking over. Some are using inexpensive subscription software such as ManageCasa to do it. The smaller your company, the easier it is. Transitioning could be a smooth paved path.
Go Digital to Serve Your Customer Better
This same tech transformation hit the marketing world years ago creating massive transformations in how marketing is done. Now it’s property managers turn.
Getting educated here on the ManageCasa blog is a nice start. We’ll get you motivated and starting testing out better solutions. You’ll get that broader perspective to give you confidence. When you’re ready to talk software and hardware with experts, you’ll feel more comfortable and in control.
What’s the Payoff with All this Technology Stuff?
The end result is a successful, surviving business. There’s less maintenance, improved operations efficiency, lower vacancy rates, higher lease renewals, on time rental payment, improved financial management and more.
Key Benefits of New Technology:
We’ve covered this in other posts, but please recount all these excellent benefits:
- improved accounting practices
- inexpensive software that your staff will enjoy using
- fast, even real-time response to problems with contractors, tenants and landlords
- more value delivered to tenants who believe technology as an amenity as their right
- tenant-friendly management style
- lower tenant turnover and tenant related time expense
- higher lease renewal rate
- lease properties faster
- less micromanagement, stress and fewer tickets
- happier, informed and more confident property owners
- extends your value proposition into every part of property management
- enables and justifies higher rents
- lets you scale up your property management business
- lets you find new niche business opportunities
- makes your business more attractive to landlords and investors
- attracts better property management staff
- better management of contractors
Why Are Landlords and Property Managers Going Digital?
A recent survey of landlords, public housing and hoa managers revealed that efficiency was their number 1 reason cited. Although work process efficiency is important, much more has to be achieved. This includes growth, better CRM, keeping pace with the industry, innovation, better ROI, transparency and more.
You have plenty of challenges in property management and there are plenty of trends to watch. The two big questions we need to ask are: what do tenants want and what do you need to serve them digitally?
1. What do Tenants Want?
A survey conducted by the Chartered Institute of Housing showed that many landlords aren’t sure of what tenants are ready for and want. We know what they want in general. Yet, we’re talking about your tenants in your cities who are unique.
It seems landlords/property managers don’t know enough about their tenants, which then makes deciding on the right technology a little difficult.
Screenshot courtesy of Chartered Institute of Housing – June 2018 Report
Screenshot courtesy of Chartered Institute of Housing – June 2018 Report
Tenant surveys conducted via property management software, can help ascertain tenant’s tech usage, awareness, and willingness.
2. What Do Landlords and Property Managers Need?
Most aren’t sure where they stand technology-wise. What software is needed, how will it fit with current business processes, and what about unthinkable disasters?
To know for sure, you’d need to find a technology consultant, research the proptech tools available, and assess the cost. You can read blogs and contact property management software professionals to discuss what’s really needed in your situation.
You may have adopted something already and you’re wondering whether you should drop it, and find a new software product that adapts to your business.
The implementation phase, or migration to a new product is a challenge, but customers always get through it with flying colors. Once you’re over your inertia and working in your account, you’ll see how pleasant is.
Good Software is a Great Start!
Start a FREE Trial Today!
Should you try out a property management software solution? Will you learn anything? Yes, you’ll discover where your challenges are and will be, and you’ll discover an array of questions you need to ask.
Get the ball rolling because your business is worth it. Take some time to do a FREE trial of the software. It’s free and all you need is your time. You’ll be making better decisions regarding the software that’s going to drive improvement of your property management processes.
Property management software is a core, well thought out solution that works. It delivers all the benefits listed above, so testing it out is time well spent.
Hard or soft transition, there are people to help you with this journey. Once you see what’s possible, you’ll recognize the revenue potential and how you can resolve your worst property management issues today.
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