It’s impossible to say just what the future will bring in terms of property management. 2020 proved that unpredictable world events can disrupt even the best-laid plans. However, understanding the trends in tech and policies across the real estate management industry can help managers remain adaptable.
Here, we’ll explore the key developments defining modern property management. These developments center on tech and improving the renter experience for clear communication and accessibility. The results can mean flexible, thorough property management capable of handling any crisis.
Here’s what you should know.
Property Management Tech for the New Year
Nothing quite changes with the speed and power of technology. In the property management sector, old tools and techniques are being replaced at a rapid pace with digital platforms and virtual options. The pandemic only served to quicken this transition.
Perhaps the most prominent of the trending tech changes has been the creation and implementation of virtual tours in showcasing and listing a property. The pandemic made it difficult and risky to show properties in the usual way. With virtual systems, no one needs to fear contracting a deadly disease while looking for a new place to live, and property managers are seizing upon the accessibility and usefulness off this feature.
34% of renters are now looking for virtual tours as a prominent part of their rental search criteria, a trend that is unlikely to go away anytime soon. Adding such a feature to your own listings can demonstrate your adaptability and professionalism, two things that can help draw in quality tenants to any property.
In addition to virtual tours, the following are powerful technologies making waves in property management:
Digital Rent Payment Portals: In the contactless world required by the pandemic, virtual systems for paying rent are invaluable for tenants. Allow them to log on from the comfort and safety of home to digitally pay and do away with outdated check depositing.
Cloud Data Systems: Online systems that store all your property management data over the cloud have revolutionized the industry. With these services, you and your property owners can have seamless real-time insight into the properties you manage from anywhere.
Mobile Accessibility: Mobile functionality for all kinds of property management systems is constantly increasing. With modern smartphones, you can do everything from creating 360 degree virtual tours to managing your property data.
These technologies and more are changing the way property managers interact with their properties and the corresponding metrics. Tech allows for greater transparency and therefore better decision making for every stage of a properties lifecycle. In turn, the renter experience can be revitalized as well.
Enhancing Renter Satisfaction
As a property manager, your ability to provide excellent service will define your tenants’ experiences. Enhancing these experiences can be especially difficult, however, amid all the concerns of a pandemic economy.
Fortunately, these concerns also present an opportunity. The market is changing. More people are working from home than ever while many are moving away from high-density areas. This gives property managers a lot to work with in terms of creating perks and advertising properties in new ways.
For example, home workout equipment and great internet are vital components of the post-pandemic experience. Property managers can offer these things to incentivize renters no matter the location.
For properties in less populated areas, the way you frame your advertising and the technology you offer renters as a perk can be huge draws, as well. This is a time for exploration and innovation. Successful property managers will experiment with their offerings and services to keep vacancies at a minimum.
Here are a few additional tips for taking the renter experience to the next level and maximizing asset value:
Preemptively reach out to tenants with an openness to listen to their difficulties. This can help you prepare for payment disruptions and craft solutions in advance.
Organize charity participation for your properties around holidays to inspire community and tenant engagement.
Be mindful of the new work-from-home norm. Reach out to tenants to get their feedback on improving this experience.
Maximize your automation and insight potential with the right technologies.
Make the most of your property’s features and incentives in light of shifting needs.
By focusing on an enhanced renter experience, you can better navigate the challenges that come with renting in the modern era. These tips will help you maximize the value of any property asset through decreased tenant turnover and low vacancy rates.
Make use of technology and focus on providing an accommodating renter experience. As a result, you’ll have an easier time managing the new reality and see better outcomes in turn.
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