Property Management
As the rental industry slowly begins to open back up after months of lockdown due to COVID-19, property owners and managers wonder what the new standard will look like. One thing is for sure: technology will play a big role in how you manage your properties moving forward. Technology has emerged as a powerful tool in this time of crisis. It is most important to stay ahead of the curve and adopt new technologies to help you manage your properties more efficiently.
Property management technology is a broad term that covers any software or system used to manage rental properties. This can include everything from accounting and bookkeeping software to online listing platforms and mobile apps for tenants. With the pandemic outbreak, there has been a renewed focus on property management technology and how it can help keep tenants and landlords in the right place.
Tech-enabled property management has been on the rise. The pandemic has only accelerated this trend as landlords and property managers seek ways to minimize contact and reduce costs. Processing rent payments online, automating maintenance requests, and using contactless entry systems are just a few ways that property management technology can help make your rental properties safer and more efficient.
The statistics on how the COVID-19 pandemic has impacted the property management industry are staggering. 2020 was a tough one for the real estate industry, and property management was no exception, as the pandemic forced many businesses to shut their doors. The impact of the pandemic has been far-reaching, and the property management industry is still feeling the effects.
Here are some property management statistics:
The COVID-19 pandemic has forced businesses worldwide to adapt to survive. The property management industry is no different. In fact, the pandemic has accelerated some of the trends already occurring within the industry.
Here are four of the most significant property management technology trends that we expect to see in a post-COVID world:
In the past, landlords and property managers would screen tenants manually by running credit checks and contacting references. You would have relied on in-person meetings and paper applications to screen tenants. This process is time-consuming and often inaccurate because it’s difficult to verify tenants' information.
This can help property managers keep track of maintenance requests, rental payments, and lease renewals. Therefore, many property management software platforms now offer contactless features that allow tenants to submit maintenance requests without having to interact with a property manager in person.
Traditionally, rental settlements have been done in person. There are electronic rental settlement platforms available that can help you save time and money. These platforms can automate the entire process, from collecting applicant information to running background checks.
This can be used to predict when maintenance issues are likely to occur. This information can help property managers save time and money by scheduling maintenance before problems arise. Predictive maintenance is a type of AI that uses data to predict when equipment is likely to fail.
The COVID pandemic has forced many businesses to re-evaluate their operations and find new ways to adapt. The traditional way of move-ins is no longer feasible in the post-pandemic world. Property management companies are now using technology to create a seamless move-in experience for their tenants.
As the pandemic continues to upend traditional business models and force organizations to reevaluate their operations, one thing has become clear: PMS software and data will play an increasingly important role in how to work going forward. To ensure your property is up-to-date with the latest trends, you will be able to provide a safe and comfortable environment for your tenants. This is where property management technology and software come into play. The software allows you to manage all aspects of your property from a single platform.
By automating repetitive tasks, you can focus on more important matters while maintaining high control. Data will also be increasingly important in the post-COVID world. To make informed decisions about your property, you need to have access to accurate and up-to-date data. This data can help you understand trends and patterns that may not be immediately apparent. By leveraging data, you can make your property more efficient and effective.
In the wake of the pandemic, many industries have been impacted. Therefore, the property management industry is ripe with innovation and opportunity that will ensure an effective and seamless experience for clients. In order to stay ahead of the curve, it is most important for property managers to be aware of the latest trends in technology and embrace those that will help their business model.
If you are looking for ways to improve your property management business, try a demo of our product today. At ExactEstate, our software is designed to help you streamline your operations and improve your bottom line. We provide quality data that you can use to make informed decisions about your property. Contact us today to learn more about how we can help you grow your business.