Shantel
Property management is a crucial aspect of the property industry because it continues to provide a range of benefits to property owners. The primary objective of property management is to ensure that properties are well-maintained, profitable, and meet the needs of tenants and owners alike.
While doing so, property management aims to maximise the value of a property by ensuring it is in compliance with local regulations and well-maintained, leading to higher rental rates, lower vacancy rates, and increased property value over time.
Moreover, property managers are responsible for ensuring tenant satisfaction by promptly addressing any issues, reducing tenant turnover and increasing overall tenant retention which in turn saves the owner of the property time and money as they don’t have to be involved.
It is important to understand that technology is revolutionising the property management industry, impacting the role of leaders in several ways.
One of the significant impacts of technology on property management is the ability to automate routine tasks, such as rent collection, maintenance requests, and communication with tenants which frees up time for property managers to focus on more strategic tasks, such as improving tenant experience, managing relationships with landlords and analysing data to make informed decisions.
However, property management cannot fix all tasks as things like knowing what to do in the eyes of the law in certain situations is extremely important too and you cannot always rely on technology for this.
What is the traditional role of property managers?
The traditional role of property managers is to oversee the day-to-day operations of a property on behalf of the owner which includes doing tenant referencing, collecting rent, handling maintenance and repairs, and ensuring that the property complies with all applicable laws and regulations.
Property managers are also responsible for marketing the property, conducting property inspections, and handling tenant complaints and disputes and will generally act as a middle man between property owners and tenants.
How is technology impacting how property management evolves?
In general and not only in property management, there are all sorts of gadgets and technology making our lives easier or more complicated for those who don’t want to acclimate to new technology.
We’ve got software that can do everything from rent collection to maintenance requests, which has come a long way from the days of handling a lot of paperwork and meeting with tenants physically.
And in more recent times, online marketing has totally changed the game when it comes to advertising properties as we used to have to rely on “For Rent” signs and word of mouth, but now we can showcase properties to people from all over the world with just a few clicks of a mouse.
And if all else fails, we can always resort to virtual tours which means a property manager or letting agent can easily introduce a new tenant to a property without ever meeting them so technology and in particular inline technology has been a game-changer in this sense.
How has technology made the job of property managers easier?
There are many perks of technology for property managers and landlords as the staffing required to manage one property has been reduced as there isn’t the need for people like personal assistants when you’ve got property management software.
This is due to the fact that a property management software can take care of so many tasks and make you feel like you have a clone running around handling everything from screening tenants to tracking expenses.
And when communicating with tenants, who knew communication could be so easy? One of the best property management softwares for the job of communication is the software lofti. This company is able to streamline the process of property management and make sure tenants are easily able to report maintenance requests and submit their important documents with ease.
On top of this, smart home technology makes things even easier for property managers as you can practically guarantee the safety of your rental property and remotely monitor the gas usage and electricity usage without having to enter a home.
As a landlord and property manager, you can therefore get real-time insights into your properties’ performance and use that data to make informed decisions.
What are the challenges leaders face surrounding property management?
While technology can bring many benefits to property management, there are also some challenges and disadvantages that come with it. One major challenge is the initial cost of implementing new technology, which can be a barrier for smaller property management companies or individual landlords.
Additionally, there may be a learning curve for employees and tenants when adapting to new software or devices, especially if there are a lot of updates or changes to softwares over time.
Security is another concern, as sensitive information about properties and tenants can be at risk if technology is not properly secured. Also, distance and a lack of trust could be created between landlords and tenants, leading to a lack of personal connection which could be especially true if communication is solely through automated systems, rather than personal interaction.
So, be sure to pick up the phone every now and again, visit a property for repairs to see a tenant or simply post them a gift to keep things personal. As well as this, property managers and landlords can take a few more steps like choosing technology that is cost-effective, user-friendly, and secure.
It’s also essential to provide thorough training for employees and tenants to ensure a smooth transition to software so no one is left in the dark and to address concerns about the distance and lack of personal connection of software in this sense.
What does the future of property management look like?
The future of property management is expected to be heavily influenced by technology, and this trend is likely to continue in the coming years and as technology advances, it will become easier for property managers to manage their properties more efficiently, providing better experiences for tenants and owners.
First of all, it is predicted there will be a lot more automation as technology is expected to automate many property management tasks, such as rent collection, maintenance requests, and leasing. This will help property managers to streamline their operations and reduce the workload of their staff.
While this is the case a lot of the time already, perhaps even phone calls and legal processes to collect rent arrears will be automated
As well as this, Artificial Intelligence (AI) can analyse data and patterns to provide insights into how properties are being used and what changes could be made to improve them.
It can also assist property managers with tenant screening and leasing decisions, and even predict maintenance needs before they arise in some cases. Preventing the need for checks on property to see if maintenance is required.
Finally, as technology continues to shape the future of property management, the role of property managers is likely to evolve as well. Property managers will have to adapt to stay relevant and competitive and there will likely be a bigger emphasis on tenant experience to maintain a competitive advantage in an industry where so much is done by technology anyway.
