Let’s face it: property management is an old industry that was falling behind for a long time.
These days, renters want to be able to communicate with their property managers electronically. And owners want to have tabs on how their property is being maintained and run.
Today, the technology to satisfy that need is more accessible than ever and savvy property managers are embracing it. Here are five of the ways the property management industry is going digital.
1. Convenient Rent Collection
Having an online payment portal makes tracking and organizing payments easier for everyone whether you’re the property owner, a tenant, or the property manager. It gives you full visibility into payment statuses. If a tenant’s payment is late or missed, it’s easy to catch without having to individually check for each rent payment.
In those cases, tenants benefit from a reminder that can be automatically sent out by email. In general though, tenants are far less likely to miss a payment because of its ease of use.
Another advantage of digital rent collection is that it’s secure. Digital rent payment systems are encrypted and designed to protect tenants’ personal data. For owners, it removes the inconvenience of cheques or e-transfers.
A good property manager will already have a system in place for collecting rent digitally. They will be sure to use a trusted platform and take any necessary precautions to ensure maximum security.
2. Easy Property Maintenance Requests
One of the biggest reasons tenants leave is because of a lack of maintenance follow-through. The most expensive maintenance jobs are the ones that come as a result of issues being ignored. And the reason your tenants’ pipe burst in the middle of the night might be because they put off notifying you since there was no clear way of putting in a maintenance request.
The more properties you have, the more frequent maintenance requests you will receive. Modern property management services should have an easy way for tenants to make requests and respond to them promptly. In turn, this minimizes potential damage to your properties. These systems can also ensure that someone from the property maintenance team is assigned the request and it gets taken care of quickly.
3. Streamlined Tenant Screening
One of the biggest responsibilities of property managers is tenant placement and screening. You want to find new tenants who pay on time and take care of their rental while avoiding the rare but real tenants who can’t afford your rentals and vandalize your property. This is best done with a digital tenant screening process.
You should find a property manager who will have tried-and-true ways to filter through applicants and find the best fit as efficiently as possible. They can have systems set up so leads can easily fill out forms online.
From there they have the tools needed for tenants to be screened further with criminal background checks, credit history and even their history with other landlords.
4. Better Marketing
Property managers tap into the endless possibilities of the internet and make your listings more accessible to leads by advertising online. Property management companies take advantage of digital marketing tools like social media, SEO, email and professional website design to attract the best renters to your properties.
This is a great way to save you time and money. Enjoy less vacancies and less headache.
5. Leverage Data To Grow Your Real Estate Investing Business
There are digital platforms that conveniently put the status and performance of all of your properties on one dashboard. You can also see how your competition is performing and how your market is behaving so that you can make better business decisions.
Most impressively, you can see past and current data and trends that help you calculate your next move.
All this data can be stored on a cloud which is a server that holds information you can access from anywhere you have a Wi-Fi signal. These can also be safe places to store tenant data like contact info, move in/out dates etc.
All of this makes property managers’ lives easier and more productive while cutting operation costs for you.
Flex Property Developments provides Ottawa property management services that stays ahead of the curve. We’re proud to offer services that adapt to current trends and offer modern, convenient ways to manage your investment properties.
Find out more about how we can help you manage your rentals in the Ottawa area here.