Technology has always played a crucial role in the property management industry, and its importance is only growing. From streamlined communication to improved security, here are six key ways technology is boosting the efficiency of property management.
In the past, leasing properties was a time-consuming manual process that involved filling out lots of paperwork. But today, thanks to software solutions such as digital leasing platforms, landlords can quickly and securely create and sign leases — all without leaving their homes or offices! Modern technologies also allow for tenants to easily submit applications online and landlords to access them from anywhere at any time.
Streamlined Maintenance Requests
Thanks to modern technology such as mobile apps and cloud-based systems, maintenance requests are now handled with ease. Tenants can submit maintenance requests 24/7 by simply logging into an app or website, while landlords can automatically receive notifications when tenants make a request so they can respond in a timely manner.
Data Insights & Reports
Property managers need to be able to track data such as unit occupancy rates and rental income — but this isn’t always easy with paper records. With modern technology like property management software, however, managers are able to gain actionable insights into their rental operations in real-time so they can make better decisions faster.
Enhanced Security & Surveillance
Security is always an important priority for any landlord — which is why modern technologies like automated access entry systems are so useful for controlling who comes in and out of buildings and units. Additionally, advanced surveillance systems help keep both tenants and landlords safe by providing 24/7 monitoring of common areas like hallways or lobbies.
Automated Billing & Payments
Gone are the days of manually entering payment information every month! Nowadays most payments can be taken care of automatically through secure online payment systems or even automatic withdrawal from tenant’s bank accounts. This ensures that rent payments are taken care of on time without having to worry about late fees or manual processing mistakes.
Online Communication & Collaboration Tools
Communication is key when it comes to managing rental properties efficiently — and there’s no better way for landlords and tenants alike than using communication tools such as email, chat, text messaging, video conferencing, and more. Not only does this minimize misunderstandings (especially during social distancing regulations), but it also helps improve collaboration between parties.