2020 was a chaotic year, to say the least. Where the pandemic has been destructive, it has also been enlightening, highlighting the need to find alternate business models to remain operational amid crises like those brought about by Covid-19.
Where we really won't be taking away much from the year gone by, we really should hold on to a few lessons we've learned the hard way, and the need to incorporate property management technology is one of them. Here we discuss some of the property management technology and tools that are essential for efficient property management.
Online Property Management Portals
If you or your tenant is out of town but wants to keep a tab on their property, an online portal is a must. It is the perfect alternative to maintaining lengthy paper records stashed in a file, stored in a cupboard. The online portal contains all essential records, including documentation, contracts, financial transactions, end of year reports, inspection reports and more.
An online portal allows for full transparency between the tenant, the property manager and the owner. It also allows the owner to keep a tab on the Return on Investment, collect Profit and Loss Reports and more, all in real-time, allowing the manager/owner to save time and cost.
We all know how tiresome, lengthy and back-breaking, and hectic the task of recruiting a new tenant can be, especially if done manually. Filling out an application, sorting through them, shortlisting them and running credit and background checks can take over a month. However, the same process, when done online, can be done within a few days.
In fact, if property management software can also perform credit and background checks for shortlisted candidates, and you can even send out automated emails to contact all candidates at once instead of reaching out to each. It creates an efficient workflow that makes the tenant hiring process a lot less stressful than it has the potential to be.
In this time and age, everyone craves convenience. Property managers don't want the hassle of having to visit every tenant to collect checks. Nor do tenants want to be tied to town to reschedule their daily activities to coordinate with the landlord for rent collection. In fact, most tenants prefer to make rent payments online as it is faster, smoother and easier.
Analytics are essential for the success of a business venture as it allows people to keep track of their investment and determine profitability. You can keep track of your return on investment and to identify current profitable trends in the industry to help make future investment decisions.
Technological innovation has been at the forefront of industry growth, and improvement and the property management industry is no different. The use of technology allows for efficient handling of a property manager's day-to-day responsibilities and ensures cost-efficiency and maximum profitability for the owner. Make sure to incorporate property management technology in your operating model to ensure operational efficiency and maximum profitability.