Property management – also known as landlording – has become a huge $73 billion a year industry, and it is arguably the biggest element in your investment portfolio. However, the value of your asset directly correlates with how well you manage it. To help you do just that, several tech companies have created platforms and apps to help ease the lives of landlords and management firms.
Already, 88 percent of residential property managers are using dedicated cloud service property management software. Some have even gone as far as creating their own systems using Google Doc and Docusign. The next generation of real estate moguls are, for example, using smart investment tools to find the right land contract buyer | sell my land, to acquire property.
In other words, the real estate industry is changing and property management is changing along it. Here are three ways in which technology is rapidly changing how investors like you – whether big or small – are managing their properties.
Technology offers property managers the agility and complete overview of their properties with the benefit of not having to be on site. Online recordkeeping, tenant portals and several touch points through digital channels have increased connectivity between tenants, property managers, real estate agents and investors. Technology also offers increased freedom and less stress for parties involved.
Potential real estate investors can find debt relief with Debt Academy for example, invest in the latest tech for heightened awareness, and be poised for increased responsiveness. This also translates to better communication, allowing your tenants to connect with your property manager to handle their various needs. With effective customer service tools and digital proxies in place, your manager can quickly, efficiently and with reduced effort serve your tenants; translating into optimal growth of your investment and overall success.
Using technology also allows you more control and focused overseeing that will help expand your administrative capacity in terms of clarity. The internet and software give you a heightened view of how healthy your property is meaning that you can take proactive measures to facilitate smooth operations for decreased issues and risks. Technology plays a critical role in the successful and proper property management effort because it will help increase the vantage point, while expanding your bandwidth as a property manager, which translates to prescriptive and preemptive planning.
Reduced Cost Of Services
Apart from a more connected and effective administration, technology also allows you to reduce costs associated with services, increasing efficacy. Adding technological resources and tools to the management toolkit allows the property manager and the owner lower overall costs as well as decreased expenditure in time. For instance, by automating your digital points, tenants have channels to communicate as you reduce the cost of customer services.”
In effect, the lower costs also mean that investors and real estate operators realize reduced costs from the management stage. Increasing technological implementation in your processes means that you also increase the effectiveness of your services. This is done at the same time as you decrease your operation costs and the fees associated with the manager, agent and tenant.
Of all the costs associated with being a property owner, the biggest one is vacancy. This is because every time one of your tenants moves out, you’ll spend quite a bit of money. This means that keeping good tenants is the heart of successfully investing in the long-term in real estate, and using technology can help you keep tenants happy.
Happy tenants are very important; they are your customers. Moreover, the way you keep them happy is by being responsive and keeping your property in good shape.