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6 Technology's Unspoken Influence on Property Management

28 May 2020 95 views

Technology has been a revelation to businesses worldwide with its capability to increase productivity, cut the cost of running a business, minimizes the time of service delivery, ensure spontaneous date transfer, and communicate globally 24/7. Real estate investors have benefitted from the use of technology in many ways, which include relieving the potential tenants of the stress of shopping for apartments to rent.  

Although the property management industries were slow to adopt the influential technology, as time wore on, they learned about how technologies can help to properly handle the overwhelming day-to-day tasks that have prevented them from having a micro view when it comes to investment development. 

The arrival of smartphones and faster networks with wider bandwidths has made not only the internet a business tool, but also a utility that has given the real estate investors easy access to their property portfolios, the tenants occupying them, and the property managers, that’s if the investor decides not to operate hands-on management.   

In the technological world of today, having known the influence of technological advancements, property managers are leveraging various forms of technologies to work more effectively, bid more values to the tenants, and streamline their overwhelming day-to-day operations.    

With the abundance of technology tools in the market, the opportunity to automate property management tasks is substantial and appealing to the property managers that are still making do with the costly, outdated, and ineffective processes and methods to complete their jobs. These ignorant managers can learn from the ‘big fishes’ about how effective these technological advancements are to property management, particularly in providing excellent services to the clients/tenants. 

Technology gives the cutting-edge to a company, and the small industries are implored to adopt these technological advancements to compete with the more prominent companies. These are the following ways technology has influenced the management of a real estate investment:

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1. Building an Appealing Reputation 

A big reputation is one of the things that set a big firm apart from the small firms. It was earlier stated in this article that small firms will find it difficult to compete with the big firms if they fail to evolve from the technologically limited organization they boast. Reputation doesn’t come for cheap, but the right technology can give you that for a relatively low cost, time, and stress. 

Now, property managers can move around with their smartphones in their pocket, and from which they can attend to daily operations, thereby building a growing list of opinions which will serve as a reputation. Reputation gives you some level of credibility and allows potential residents of your property to trust in the services they would be getting, all stemming from the opinion people have given. In contrast, you have your smartphone in your pocket. 

More so, an online reputation has so much changed the way people think of an industry. People do well to verify and cross-verify the information about any company before they work with them. Technology has also helped people to spot fake reviews among the original ones, and this is how much technology has added to the investment.

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2. Increased owners’ and tenants’ expectations

The world is growing, so are the people living in it. Property management companies are bound to receive a higher level of expectations from both tenants and owners. Clients are sophisticated as to what should be expected from the technologies used by a particular management firm. 

This knowledge piles more pressure on the management company to deliver standardized services for relatively low prices and no added cost aside from those that may be imposed by the technological system itself. 

Speaking of the property owners, judging by their knowledge of the industry and the technology of handling the property, they also expect some level of improved inputs from the property and asset management service providers. 

The property owner expects the management firms to have a quicker resolution of tenants’ complaints and requests to retrieve necessary building important information through the property websites, and they are also expected to provide 24/7 availability, which gives excellent customer service. Expectations of the clients have swayed most property and asset management service providers into rendering better services, much to the delight of their clients.

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3. A Higher Quality Of Service Delivery

As a property owner looking to have the best value for money, employing the services of a reputable and worthy property manager will be on the cards, and some investigations will be made to ensure they can provide the needed value. As with the property management firms, they equip themselves with the available technological advancements to meet the expectations of the property owners and the tenants. 

Wireless technology, innovative manufacturers, and software providers work round the clock to make property management a lot easier by providing them with a lot of tools to work with. These tools enhance the speed and quality of service they render in effectively managing a real estate property, therefore generating tremendous value for both the property owner and the residents. 

Software systems like the CMMS system make sure the preventive maintenance of the property is never overlooked. Some tools are used in collecting data from intelligent property systems for the purpose of identifying malfunctions and pinpoint insufficiencies with the assets. This means that the services that the property management firms can produce are far better in quality and scope than what was rendered in over a decade back.

New everyday technology has got most property management companies heavily investing in sophisticated web-based systems, which is very useful in running the residents by the Sarbanes-Oxley act of 2002.

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4. Professionals Are No Longer Tethered To Their Desks

Technology has done so well that property managers do not need to get glued to their desks for as long as they have their wireless smartphones in their pockets, and from which they can monitor the progress of the building operations, tenants’ complaints, and requests from anywhere at any time.

Technology has been so instrumental in several ways without changing the relationship business a real estate investment is deemed to be. In fact, the technology looks to bolster the relationship between tenants, owner-tenants relationship, property manager-owner relationship, as well as the relationship between the property manager and the residents. 

In the case of property owners with multiple property portfolios and wish to go for hands-on management, technology makes it easy to oversee the portfolios over the internet and while you are on the move. This is a top advantage that should be maximized.

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5. Reduced Cost Of Running The Investment

The use of technology ultimately reduces the cost of running an investment. The cost of moving from door to door to collect rent payments, moving around the real estate investments to check for wears or tears of the building, the cost of monitoring contractors in person to see if they do their jobs the way they are supposed to, and so on. These are costs that save some money for the property owners for more critical issues to attend to. 

Just over a wireless smartphone, the tenants can lodge their complaints and requests, and from which they can be attended to. This ultimately makes things easy for the property managers to provide a safe, pleasant, and efficient working environment for the tenants.

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6. Creating A Resident Experience

Residents always want someplace they can feel at home, and so, they must be given every reason to ditch their present abode for the one you are managing. They can be compelled to choose between sticking with your property if they can see what they want. 

The renters are the property manager’s biggest asset and can be convinced by first studying their experience and then investing in a relationship with them. Your healthy online reputation can do a whole lot in making things easier for you, and that is because it is not only about managing property but about the experience you can render to the potential tenants. 

The experience is crucial to striking the right property manager-tenant relationship. Still, technology just makes it a lot easier in racking up these experiences and making the much-needed relationship strong and healthy. 

Conclusion

The rapid growth of the internet, social media, and the advancement of technology have genuinely changed the way businesses are done. The property owners, tenants, and the estate agents are well educated.

Good, experienced, and reliable estate agents who employ technologies with all the above benefits are very much in demand in the real estate investment market. This is because they are deemed to give precisely what is expected to properly preserve the value of the property and keep cash inflow healthy. 

Property owners may decide to use technology to do their research, but the survey has shown that most property owners would prefer to engage real individuals to pick the one who fits the bill. The use of technology comes with a lot of much-needed benefits to not only the property managers but for the property owner and residents, too.  

Why Booking Ninjas is right for you

The Booking Ninjas system combines a property management system (PMS) and a customer relationship management (CRM) system to give our users the ability to have a complete experience in one platform. Such a system can only be successful if built on the appropriately powerful platform fit for it.

With that in mind, we can genuinely assure you of the best digital management experience available. We plan to move in ways that guarantee our vision, which is to be the leading provider of guest targeted digital solutions in the hospitality industry. The only to get there is to provide long-term beneficial digital solutions to all our users.