Property technology is all the rage today in property management. There’s no end to the whizzy wigs you can implement if you’re committed to technology for the sake of technology.
You could literally make your owners go broke implementing all the technology from providers who say they’ll improve your revenue and NOI. That’s why it’s so important for single-family residential property managers to know the basics that truly matter to their residents and owners.
The following list isn’t meant to be comprehensive but it does cover the basic technology that property managers must have to effectively operate their communities in today’s tech-first climate.
Self-Guided Tours
Self-guided tours is a newer technology, but it reflects a core consumer behavior that many property managers are ignoring today. Prospects today shop the same way they do at a retail store. They don’t want anyone to bother them.
They want to find the product, buy the product and be on their way. Prospective renters are no different. They want to look at the home, sign the lease and move in. They don’t want a leasing agent hovering over them while the test the faucets, toilet and appliances.
For single-family properties, this is about as easy as it gets. An electronic lock box that provides the renter with a unique code to obtain a key is really all that is necessary.
Online Portals
Now, we go back another decade and remind everybody how important the online portal is to the business. If your renters and owners can’t login to an online portal to conduct business with you, you’ve probably been managing properties since the 1980s and didn’t bother to upgrade.
Centennial property managers must offer an online portal for their residents and owners so they can see their accounts in real time.
Online Service Requests
That brings us to online service requests, the most often used part of an online portal. Your residents should be able to submit a service request online or through an app. This creates efficiencies for the manager, the owner and the resident that saves time and money.
Online Lease and Rent Payment
I don’t know anybody who wants to actually file paper documents any longer, unless absolutely necessary or required by law. That’s especially true of documents containing personal identifiable information. All leases should be signed electronically and stored electronically in a secure digital home.
And your residents should be able to pay for their homes without dropping off a check in some mail slot that is less secure than sending it via carrier pigeon. Let them pay via ACH and even credit card. Yes, credit card, even though it’s not advisable to go into credit card debt on rent.
Instant Online Screening
Don’t make your prospects wait to find out if they qualify to lease your home. That’s simply ridiculous today. They should be able to apply online and get an answer within minutes so they can start the leasing process.
This also protects you from fair housing violations. If they qualify, they get the home if they’re the first to apply. It’s really that simple.
This is by no means a comprehensive list of technologies that you must have in place. But these are the foundation pieces every property manager should have. Read my other blog on cutting edge technologies every property manager should consider for a more tech-forward view.
