Advancements in technology can now facilitate your property management business, improving your productivity for a wide variety of tasks and processes. Technology can help with both:
- Property-related activities like operating, planning, reporting, budgeting, and accounting system, and
- Tenant-related activities like advertising, screening, move-in, move-out, repairs, and payment of fees and rents.
New and evolving software technology is shaping and helping to manage your relationship with both the landlords and tenants effectively and smoothly.
Renting is a $71 billion business and proper property management is essential to be successful. This growth in demand for property management can be tapped effectively with the help of the right property management software. The right software can help you to automate many tasks and make your life easier.
HomeKasa is the best property management software and it's free. It helps you to manage your tenant lifecycle including move-in & move out checklist, collecting rent, etc. You can also readily produce the documents for accounting, see your profit and loss statement, etc. all from one place.
With advancements in technology, you can now depend on the business automation software to do the repeated tasks automatically, reducing human error. That will save your crucial time to plan and develop new ideas to grow your business. Let's explore how technology can be leveraged to make you more productive.
Property Management System (PMS)##
PMS is an integrated system with both web and mobile solutions for cumbersome and repetitive manual tasks. You can enjoy the following services:
Tenant and leasing services such as lease management, tenant portal, online rent payment, rental application, and tenant screening.
Maintenance services like online maintenance requests, maintenance collaboration, share work orders with contractors, pay contractors, and schedule recurring maintenance.
Accounting services and report generation such as real-time reports, financial reports, tenant and vendor ledgers, income statements, balance sheet rent roll, and share and discuss reports with owners.
Communication services by enabling fast and real-time communication with owners, tenants, contractors, and employees.
Internet of Things (IoT)##
Internet of things is a smart technology employing and connecting devices and networks. It connects people to people and people to devices to share data and information. This data and information enable you to reduce costs and efforts for remotely managing the properties. In addition to this, many tenants are willing to pay more for smart services like smart temperature control, smart locks, and keyless entries, automatic lighting, parking, smart laundry, lawn care, virtual guards, and many more.
Devices like Google Nest control heating and light from a distance. Smart thermostats can control the temperature through an app on the phone. While this makes a tenant's life easy, it also helps landlords and property managers to reduce expenses between tenants, by remotely controlling the rental unit.
IoT enabled continuous monitoring and tracking can help you to deliver the right amount of maintenance service before a tenant even notices a problem. For example, water leak detectors can send notifications to your phone instead of you waiting for the tenant to notice the leak a few days later and then address the problem.
Security is a big issue you can solve with this technology. IoT enabled buildings can reduce security concerns for both tenants and owners. It can predict extreme weather conditions for enabling preparedness in advance as well. Smart lockers, CCTVs, and many such tools are effective for building management.
Smart homes are the future in future smart cities. It can save you a lot of money and time while also attracting more clients to your property.
Data analytical tools##
As the popular saying goes, you can't fix what you can't see. Advancements in software allow you to analyze data, observe issues and patterns. This in turn can be used to make better decisions in your business. It can help you to take full benefit of digital transformation for your business.
Gartner suggests analyzing the data with four key things in mind: What has happened? Why did this happen? What will happen? What should I do? These are important insights that help you understand why something has happened and to stop it from happening in the future.
You can connect with your customer everywhere with HomeKasa software. Your customers can also share their feedback, concerns, complaints, and requirements. Also, tenants can interact with each other to socialize and build a community.
Cloud-based property management tools##
By storing your data securely in the cloud, you can access your data anytime anywhere. With this greater accessibility comes the greater collaboration. You will have highly secured data encrypted data behind multiple layers of security - including authentication gateway, physical security measures, and sophisticated firewalls.
Fully automated and safe property management##
Automate your business with technology and focus on growing your business. Let the software help you to schedule your appointments, calls, and send automated emails / reminders. It will also notify you about new applicants, and helps to track the interactions. Autoresponders can save your time by sending your emails and responses to your clients on time. You can increase your response rate, trust, and goodwill among your clients successfully. Even the showing process can be fully automated. You can also include a post showing a survey for renters to help you get real-time feedback and analytics. Maintenance scheduling can be automated too which would reduce your cost, time, and efforts.
With the rental business projected to reach $71 billion by the American Rental Association (ARA) in 2023, it's high time to leverage technology tools and applications to become more resilient, innovative, effective, and competitive. Technology will help you to grow and scale your business. Adapt to change now to stay ahead of technology-led disruptions in your business - businesses and technology are interwoven and can't go smoothly without each other. HomeKasa is here to help. It's free, get started now.