Technology is changing everything, even Property Management Services
Technology is constantly changing the way many businesses operates. It is even changing the way property management services operate. See how here!
Managing your investment properties can be draining and time-consuming.
This is why property management services exist.
They provide you with professionals who have the knowledge and experience to efficiently manage your property.
Property Management Services are More Efficient Than Ever
Technology has had an effect on nearly every business sector. And property management is no exception.
In fact, there are several ways that technology and its software have positively impacted those working in property management.
1. Marketing through social media
Through social media, a property management company can announce, promote, engage and share their skills as well as what they have available all at the same time.
With social media management software that’s now available, residential property management services can market to a bunch of platforms that go out to multiple social channels.
Social media is a great way to attract new potential tenants.
2. Safety and profitability through more effective screening
New property management software allows for more safety through advanced screening for tenants.
In just a mere matter of seconds, a property management company can get a score on a potential tenant. The score is based on credit, criminal history, rental history, evictions and sex-offender information.
Plus, this same technology can re-score applicants to determine if they qualify for a higher priced unit. Or, on the other side of that coin, if declined applicants qualify for lower-priced units.
3. Faster processing of invoices.
New technology tools allow property managers to track expenses against budget. They also ensure that the needed approvals are obtained before ordering services.
At their most effective, these systems can be tied to risk management processes to check that suppliers and vendors are in compliance with all licensing and regulatory requirements.
Improved speed when processing invoices results in reduced staff and time, as well as the average number of days to pay vendors.
All of this means more savings for you.
4. Better management of revenue
With revenue management software, property management services have the ability to set pricing based on both current and projected future market conditions.
It’s essentially a systematic and automated approach to setting rents.
As of now, there are differing pro and con opinions on this issue in the industry.
But as revenue management software continues to get more sophisticated, it appears that it will be a helpful tool for property managers.
5. Increased value for tenants
Property management software offers online portals as a means of communication between tenants and property management services.
It’s a communication hub that can be reached anywhere at any time. So if the dishwasher breaks or a rent check is due, the online portal is readily available.
And it gives owners an overview of their property status at any given time.
The software’s online tenant portals benefit managers, owners and tenants alike.
Using them correctly helps to level the playing field and allow everyone the advantage of clear communication.
Do you have examples of how technology has helped you in property management? Tell us about it.