6 Ways Technology Is Changing Property Management

In our ever-evolving industry, the property management clients’ needs come first and drive the focus of technological advancement. Round-the-clock accessibility that recent technology provides caters to the renters’ needs for convenience without sacrificing customer service. Technology within the residential property management industry helps to increase response time and efficient communication, providing a platform through which requests are answered promptly and essential management tasks are undertaken with little to no hassle.

#6. Easier and faster.

Management software has become an efficient way for property managers and property owners to access powerful tools for effectively managing the rental properties for which they are responsible. Technological developments like property management software make detailed tenant and property information accessible virtually anywhere.

A modern property management company has tons of useful software products available to make managing property more efficient. With being a society always on the go, advanced property management companies, like Lofty are embracing the use of technology for their owner and tenant clients alike. Useful, web-based applications can manage everything from contact forms to live chats, listed available properties, tenant screening and applications… Lease and other agreements can even be signed online—this is helpful if you have to move out of the country for work over a weekend, and need help managing your property. In fact, there are ways to “link” these individual components together to build systems that generate feedback and manage the entire property manager workflow in harmony! Do you have goosebumps!?

Because everything can be linked through the internet, property managers can receive alerts at the same rate of transmission as a text message. Mobile connectivity ensures that clients don’t have to wait long for a response. Faster response time mean reduced friction when something unexpected happens, and allows property managers to handle situations as they happen.

#5. Reduce user error

The right property management system provides effective accounting functions and reports that will replace any double-entry errors, and the old fashioned pen and paper. By automating property management tasks, important information is archived through the redundancy of computer processes. Also, utilizing live error-checking features ensures less mistakes are made, and there will be more time to focus on other projects. Come tax season, accountants love those who can effectively take advantage of quality accounting software.

#4. Added value for tenants

Whether it is a request for maintenance work when the washing machine breaks down, a rent payment is due or to simply review their lease, property management software offers online portals as a means of communication between the tenants and the property management company. This communication hub is accessible anywhere, 24/7, and can give owners a place to get a high-level overview of their property status at any given time. By using the property management software’s online tenant portals correctly, the situation can benefit managers, owners and tenants alike by leveling the playing field and allowing each party the advantage of clear communication.

#3. Convenient payment online

With online rent payment solutions software, property management companies, property managers and property owners no longer have to wait for rent checks to get delivered through time-expensive methods like mail, courier, or delivery services, let alone the frequently awkward and inconvenient hand-delivery! Paying online is easier for both tenants and managers when secure ACH or credit/debit card online rent payments are used. Secure online payment gives tenants the opportunity to easily make their rent payment from work, home or anywhere they have an internet connection. By making payment as convenient as possible for all parties, and as secure as an in-person meeting with a teller, quality, modern property management software solutions allow the excuses to just melt away.

#2. Marketing through Social Media

Social media has become more than just a platform for friends and family to keep in touch about life events. It creates a platform for businesses to maintain constant contact with any subsegment of the planet’s population, maximizing virtual awareness and the target audience’s ability to stay proactive. Social media management software allows a residential property management company to market to multiple engagements using campaigns that deploy in multiple social channels at once. With the ability to announce, promote, engage and share your company’s skills as well as your residential inventory to attract new potential tenants all at once, there are endless opportunities to grow brand awareness and create new business!

#1. Property Protection

Using property management software makes background tenant reports instantaneous for property managers, owners and leasing agents. Instant access to tenant screening reports allows managers and property owners review applicant backgrounds including criminal, credit, and eviction history in order for the property owner to make an educated decision about the potential financial responsibility and behavior of the person or people that seek to reside in said owner’s property. By making applicant screening accessible, property management software allows property managers and owners to select the most qualified tenant who will maintain the rental property, much like their own home, respect the agreed upon lease terms and pay their rent on time.

Developments in technology have paved the way for property managers and property owners who are seeking more efficient processes to streamline their business and boost profits. By incorporating the latest property management software applications into their daily operations, property management companies can evolve to become more efficient and effective, industry-wide. Not only have affordable property management systems been developed to make managing rental properties online easier, but today’s renters are seeking and appreciate the convenience of online services provided by their property management company or landlord.  Technology within this industry has changed and evolved to be convenient, cost-effective, and efficient for property owners and/or property managers to provide extra services to their tenants, organize their data and improve their business processes.

Here at Lofty, we pride ourselves on existing on the leading edge of property management software technology, and we use it daily to enhance our client’s experiences. The purpose of technology is to make tasks easier to perform, and there have been many advances in property management systems to the benefit of the client. By automating a lot of the tasks that can bog down personnel, Lofty is able to pay more attention to our clients’ needs and create a customer service experience unsurpassed in property management! Talk to us today, and see how we can help you live the life you deserve.

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