In recent years, businesses have gone digital, and people rely on mobile devices for daily activities. By contrast, the rental real estate market has been slow to keep up. Many modern property managers and owners still use antiquated record-keeping solutions, tracking tenant relationships through Excel spreadsheets.
That no longer has to be the case. With property management software solutions, building owners and property managers can create digital platforms to communicate with tenants and maintain records. Tenants are quick to engage with this technology since they already use cloud-based platforms in other parts of their lives.
If you have not already switched to digital for your building, here are a few of the improvements you can expect to see.
Enhanced Response Time
As a building owner or property manager, you are responsible for addressing the needs of your tenants. When you rely on antiquated methods like written requests or phone calls, it is easy for issues to slip through the cracks. Using cloud-based property management systems virtually eliminates this problem and reduces your response time dramatically.
If you use cloud solutions for your tenants, they can place requests digitally. You will be able to access these requests via the mobile device you already use. This ensures that you see requests immediately, giving you the power to respond to needs dynamically. By some estimates, going digital can boost your property’s maintenance productivity by 20 percent.
The impact is multifaceted. A mobile application reduces the tedious paperwork associated with most requests, and it gives owners and managers the ability to respond in real-time. Not only do property managers have the power to respond faster, but they can also respond better. Digital requests are easier to track, allowing the management team to communicate with repair technicians for fast service and efficient fixes.
These applications are powerful enough to filter requests, allowing them to be sorted by date, priority, and location. This helps technicians finish all jobs while also pairing tasks more efficiently. If there are multiple requests for the same type of work, those can all be completed on the same day. If a tenant comes up with a new concern on the spot, the request can be added to the list and addressed before the technician leaves the property.
The relationship between owners and tenants can often feel impersonal and strained. This is inevitable when managers rely on tedious methods of letters and phone tag to keep in contact with tenants. Keeping tenants happy is the only way to keep units occupied, and you can easily improve this relationship by widening the options for communication through property management software.
Digital solutions for your property reduce the time and energy it takes to maintain two-way communication with tenants. Tenants, owners, and property managers probably already use mobile technology daily. Therefore, migrating property communication to this platform will be natural and feel apparent.
As an owner or property manager, you now have a much faster and more effective means of communicating with your tenants. You can deliver community announcements to everyone in real-time, including updates on construction projects, maintenance issues, facility shutdowns, safety alerts, and more. You can also leverage a mobile platform to single out specific tenants when necessary, alerting them to package arrivals and lease renewals.
Communication is a two-way street, which is why cloud-based property management systems allow tenants to connect with property managers as well directly. Tenants can use these platforms to book community resources, make maintenance requests, and pay their rent. The speed of this communication reduces frustration for tenants and makes them feel like they are valued members of a community and not just names on a lease.
Add Value to Your Property
Rental properties are always an investment for owners. They require time, money, and effort to be profitable. Maintaining profitability is critical both for you and your tenants. If you are not making money, then you do not have the resources to keep the property open and accessible.
There are different ways to add value to your property. Some owners and their property managers look to add new features like community programs, new shared facilities, and more. Others may look into building projects, additions, and renovations. These techniques can work, but they cost a lot of money.
Going digital with your property management is an easy way to add value without a huge price tag. These systems are increasingly affordable, which means that owners and property managers of all types can probably fit one into their operating budgets.
The value comes from the improved interactions with tenants and streamlined operating procedures. Tenants feel more satisfaction with improved communication, which makes them more likely to stay and recommend the property to others. By saving time and increasing efficiency with collecting rent and managing maintenance, owners and property managers can increase their productivity and achieve more.
Gain Tenant Insight
Property management software solutions do more than let you get to know your tenants personally. This software enables you to know your tenants analytically. One advantage of going digital is that this software collects tenant data and allows you to sort and analyze that data to make better decisions for your property moving forward.
This is a process called analytics, and it has been widely used in business contexts for years. In property management, analytics can tell you who is renting from you. This information can be used to tailor your property to the needs of tenants. For example, you can use that data to decide when to invest in community programs instead of starting a renovation project.
The data also helps owners with marketing, outreach, and pricing. These decisions have a significant impact on you and your tenants. Therefore, these decisions should always be made based on the data. With a mobile platform, you will finally have access to this data.
The Bottom Line on Mobile Technology for Property Management
There are plenty of advantages when you choose property management software for your property. With a cloud-based system, you have more access to the information you need to manage the property efficiently. Moreover, the improved lines of communication create a stronger sense of community, thereby ensuring that the appeal of your property endures for years to come.