5 Ways to Leverage Property Management Technology to Better Serve Residents
3 Min Read
Written by: Parcel Pending
Technology innovations over the past several years have really helped to improve both resident and property managers’ efficiency. Whereas Craigslist was the main way people searched for apartments in the past, nowadays potential tenants are utilizing apps and technology to facilitate their search. In addition, new property management technology is constantly being launched in the multifamily real estate industry by well-established and start-up companies to improve both analytics and process efficiencies for property managers (PMs). Below are five technology tips for property managers to keep in mind to better serve residents. For more ways on how to harness the power of emerging technologies, read our article on innovative property management ideas.
#1 Know how your residents are searching for properties
In recent years, the way people search for a rental property has drastically changed. Today’s renters are much more tech-savvy. In fact, more than 90% of people looking for their next apartment community first search online, with more than 60% of these folks searching on their mobile devices. To address these rent trends, third-party apps, such as Oliver, enable renters to browse and filter listings, while other apps like Rezi enable people to schedule multiple rental property visits.
#2 Organize and optimize your time
There are several property management tools available to help property managers better optimize their time. Using property management software to help improve productivity is a must. Companies like Flat Tomato that have developed apps that help identify the time you spend on distractions, so you can focus on activities that matter. In addition, companies like LaunchBar provide productivity utilities that offer an intuitive and efficient way to search and access any kind of information stored on your computer or on the Web. You’ll have instant access to your applications, documents, contacts, and bookmarks, to your music library, to search engines and more, just by entering short abbreviations of the searched item’s name. In addition to these two great applications, you can also use voice recognition to create text messages, rather than type long ones and take notes on a laptop or tablet for quick, easy access later.
#3 Streamline your communication processes
Portals such as Active Building by RealPage can help keep rental property management efficient through quality communications. These platforms allow property managers to streamline mass communications, such as making all-building announcements, and sending mass emails, texts and phone calls. In addition, property mangers can set up tenant portals to enable online rental payments, utility sign-ups, package tracking, key management, guest authorization, amenity reservations, maintenance requests, and more. Such portals not only make managing property manager responsibilities more efficient, but improve the experience for residents as well.
#4 Implement the right proptech
Increasingly, renters expect their apartment communities to provide new technology that makes their lives easier. As an example, more and more digital-savvy renters are seeking easier rental payments. Companies like Rad Pad are integrating payment solutions and also offering mobile payments. Similarly, other companies like RentPayment reduce the hassle of paper checks and improve the rent payment and collection process by enabling renters to pay their leases to property managers by credit card, debit card or e-check.
Another solution more property managers are starting to incorporate is apartment package lockers. An electronic locker easily secures packages for residents and automates the package management process for property managers. If you are interested in a parcel locker, Parcel Pending can help. Speak to our package management experts to discover how our lockers can boost you resident experience and your bottom line.
#5 Automate your operations
Software systems such as Yardi, Entrata and Realpage can automate and streamline your operations, including accounting, spend management, online payments, revenue management, reporting and more. Realpage also offers access to market intelligence including rents, renewals, retention rates, vacancies and affordability, which will optimize your financial operations.
What technology have you found to be useful to help boost your own efficiency on the job as a PM? Leave Parcel Pending a comment below.