If you’re an innovative real estate investor, you’re always looking for the best technology that will help with efficiency, automation, data collection, and results.
As local property managers in Southwest Florida, we’re all about the tech we use to do a better job of leasing, managing, and maintaining your investment properties. Real estate and property management is absolutely a relationship business. And thanks to our investment in technology, we’re able to spend more time on those relationships and less time managing the minor tasks that our systems can do better.
Let’s talk about the importance of embracing technology in property management, and how you can be sure you’re working with partners who recognize its value.
Why Technology Matters in Property Management
The property management industry has not always been considered an early adopter of technology. In fact, we were once seen as slow to innovate. That’s changed, however, and we’re now undergoing a significant transformation, thanks in large part to the extensive technology that’s available. Property managers are far more willing to use the technology that’s coming into our market, and that’s helping us do our jobs better and more efficiently.
From cloud-based management systems to AI-powered analytics, technological advancements are making it easier for investors to find property management partners who understand the importance of forward-thinking industry shifts.
Why does it matter?
- Technology Increases Efficiency. Automating daily and recurring tasks, such as rent collection, maintenance requests, and renewal tracking, can save us a considerable amount of time and effort. This allows us to focus on finding ways to help you expand your investment portfolio. It frees us up to improve tenant services and focus on relationships and opportunities.
- Technology Provides for Improved Tenant Experiences. Modern tenants expect convenience and ease when it comes to renting a home. They want to pay rent online and make their maintenance requests without actually having to speak to anyone. Digital platforms can provide them with easy ways to pay rent, report issues, and communicate with property managers. A positive tenant experience can lead to higher retention rates and more favorable reviews, attracting more quality tenants and higher rental values.
- Enhanced Decision Making for Property Owners. Data analytics and artificial intelligence (AI) can offer insights that were previously difficult or time-consuming to obtain. Analyzing market trends, tenant behavior, and property performance can help you make informed decisions about pricing, renovations, or expansions. There is such a vast amount of data coming in that it would be impossible for a human to sort through it all. AI can help, delivering exactly the insights we need to help you make smarter decisions.
- Technology Mitigates the Risk of Rental Properties. Technology can also play a crucial role in risk management. For instance, IoT sensors can detect potential issues in properties and buildings such as water leaks or electrical faults before they escalate, saving you from costly repairs and insurance claims.
There are dozens of good reasons to invest in high-quality technology. We understand them, and we make sure that our tech-driven property management always keeps our personal relationships and customized management plans a priority.
The Technology We’re Embracing as Southwest Florida Property Managers
As property management experts, leveraging the latest tech tools can transform our residential management strategies from good to exceptional. Here’s what we’re excited about right now, when we’re talking about technology investments.
- Data that Delivers Accurate Rental Property Pricing
Pricing is one of the most important parts of the leasing process, and it requires a lot more than scanning the internet for the average rental price in a given neighborhood. Instead, good data is necessary in order to ensure your price is competitive, accurate, and profitable.
The data we need is easily found with the programs and property management software we have. Property management technology allows us to price your property more accurately, and that leads to higher earnings for you.
Your investment’s rental value has a major impact on how long it’s vacant and what types of residents you attract during the leasing period. It plays a role in the marketing process and it impacts how much you raise the rent during renewal times. We know we have to get it right.
- Marketing with the Benefit of Better Tech
Technology has especially been advantageous to property managers like us when we talk about marketing and showings.
To market your home effectively, a property manager can share your well-crafted listing, which should have dozens of photos and maybe even video, on hundreds of rental sites thanks to software that syndicates a single listing. Posting a rental ad on each site individually is labor-intensive and time-consuming. Our technology eliminates that pain and saves our leasing agents and managers a lot of time and effort.
Not only can we share your listing across more platforms to get it in front of more potential residents, we can also gather important data that helps us to do a better job of ultimately leasing the property. Our tech allows us to track who is clicking on your listing, how much time they’re spending there, and whether they get in touch or schedule a showing after seeing it. We can track the entire journey of a prospective tenant, from the first click to the completion of an application.
Self-showings are also a very popular way to move more quickly through the leasing process. We can facilitate a showing that’s convenient to prospective tenants, saving ourselves time and ensuring convenience and ease for the people who are interested in your property. Lockbox technology and smart locks allow you to safely allow people access to your property. This option helps with scheduling and also delivers a unique service to residents who prefer to see properties on their own.
- Modern Tenants Expect Online Rental Payments
Online portals have been around for a while, and just about every property management company will have them. They’ve been evolving so that more can be done online. This is a benefit to owners, tenants, and property managers.
Your best tenants will expect to pay rent online. This is so much better than collecting paper checks. We’ve discovered that online rental payments actually reduce the number of late payments that come in. That’s because tenants can schedule reminders, make plans for automatic payments, and store banking or credit card information, making payments as easy as a quick swipe. The technology we use has evolved to deliver a well-documented rent collection process.
All of this automation also means we can pay owners earlier in the month and provide a detailed and accurate statement of income and expenses associated with the property. You don’t have to wait for a statement to be mailed to you; it’s available in real time on your portal. Check the financial performance of your property or your entire portfolio at any time.
Good technology allows us to automate all of our accounting, providing the type of transparency you need when you’re tracking income and expenses or filing taxes.
- Documenting Rental Property Maintenance and Repairs
Technology has enabled us to be more responsive and preventative when it comes to maintenance. We’re able to document the condition of your home before a tenant moves in with photos, videos, and notes, which are easily uploaded from the property itself. This information is then easy to access when the tenant moves out and it’s time to do a move-out inspection.
Tenants can report routine maintenance issues and make repair requests online. This helps us document the work that’s needed on your property, and it keeps us accountable to the repairs that are needed. You’ll also have the information you need to make decisions.
Having a maintenance history like this available to you can save you money on unnecessary repairs or help you make better decisions about when to replace something rather than repair it again. It also works to keep your residents happy; they’d much rather request maintenance online at their own convenience.
How Real Estate Investors Can Start Embracing Technology
If you’re not yet working with a property manager in Southwest Florida, this is an excellent reason to begin doing so. Leveraging the technology that’s provided by your management partner will save you money, time, and other resources.
Maybe you’re committed to managing your own properties or you’re not entirely comfortable with your tech know-how.
It’s easy to get started. Here are some of our tips.
- Start Small
If you’re new to incorporating technology into your property management strategy, start small. Introduce one or two solutions that address your most pressing challenges, and expand as you become more comfortable.
- Focus on Integration
Look for technology solutions that can integrate with your existing systems. Seamless integration can reduce learning curves and streamline operations further. You have to use what works, and not everything works for every investor.
- Stay Informed
Keep an eye on emerging technologies and trends in real estate. Attending industry conferences, participating in online forums, and following thought leaders on social media can help you stay ahead of the game.
For the innovative investor, embracing technology in property management isn’t just about keeping up with the times; it’s about setting your properties apart in a competitive market.
We’re here to help you leverage the best property management technology that’s available. If you’d like to hear more, please contact us at Realty Group of Southwest Florida.
