Technology is greatly shaping how property managers operate with properties and tenants. There are many benefits to implementing new and advanced technology into property management practices.
Faster Resolution
With the addition of technology, all residents are more likely to report issues and make inquiries conveniently from their own smartphones and computers. This can help resolve any issues over the phone or if that’s not possible, a smart maintenance system that allows a resident to call or text 24/7 can help document all of the issues at hand so they can be addressed the following day.
Information Updates that are Streamlined
Previously, printed-out spreadsheets could have been a smart approach to navigating financial budgets, maintenance requests, and other property management tasks. However, they aren’t as effective anymore in a changing work environment. Cloud-based platforms and mobile apps are the strongest tools nowadays to oversee multiple properties remotely, accessing real-time data, and enabling proactive decision-making, specifically regarding maintenance and repairs.
In-Depth Property Monitoring
Property management can incorporate security tools like video surveillance, smart security systems, and other mobile applications. These tools can provide real-time access to contractors or repair crews with smart locks or other security devices. Remote managers can even gain access to tenant data when needed.
Time-Efficient Paperwork Management
Property managers are working with a lot of administrative documents like rental agreements, contracts, and maintenance and contract agreements. Document management software will help all kinds of property managers get through paperwork quickly and efficiently. Also, as this paperwork will most likely be online, there are different cybersecurity practices for safe document management.
Data-Driven Analytics & Insights
Data-driven analytics are altering property management. Now property managers can help with predicting patterns in equipment performance, tenant experience, and market trends. This allows them to make competitive pricing decisions and understand changing demand dynamics.
Energy Efficiency and Sustainability
Energy efficiency and sustainability are driving significant changes in property management. Technologies like smart thermostats, LED lighting, and HAC systems reduce energy consumption and operational expenses. When implementing these different technologies, properties can be lower in cost, quality tenants will be attracted to it which means there will be higher retention rates.
Enhanced Resident Experience
One of the most important things for landlords and HOAs is that residents are happy with their property. By implementing technology into practice through mobile apps, online portals, digital and contactless processes, omnichannel communication, and upgraded services, residents can feel more at ease within their property.
At Thayer & Associates, we adopt technology into all of our processes. Learn more about how you can enlist our property management services today.