In the last 30 years, technology has permeated nearly every aspect of industry and business. Entire companies have sprung up that would not have been able to exist without the internet. The market of mobile phones is entirely new, but incredibly lucrative. The digital age has caused irreversible changes to how many industries do business, including those in property management.
While property management has always been a fairly hands-on field, recent technological advancements have made management far more efficient. Prospective tenants and property managers are now able to interact in a completely different manner and the market is far more competitive. Included here are a few ways technology has changed the property management industry in recent years.
Perhaps the most time-saving feature of technology is the access it gives individuals. Rent payments are now able to be paid and refunded online, without any hassle in person. This means younger renters, who likely do not utilize checks, are able to pay their rent quickly online. Property managers no longer have to spend time collecting rent from individual tenants. A simple banking transfer can be completed in seconds and rent will be paid.
Additionally, property managers can save time dealing with the hassle of late rent. While some companies still utilize paper checks, others are able to set up electronic transfers of funds, allowing rent to be direct-deposited once a month. No hassle for renters or managers!
Another neat feature, that saves time in property management, is the ability to provide apartment tours online. Filling empty residences can often take up huge amounts of time, as the manager has to show the apartment to multiple people, many who may not be interested from the get-go. If all prospective tenants have the opportunity to go through a video tour of the residence before visiting in person, the number of in-person tours will be cut back on.
In addition to online tours, property managers can now reach people thousands of miles away, vastly widening their prospective tenant pool. Gone are the days where you had to visit a place and find an apartment in person, now you are able to view the apartment online, sign your paperwork electronically, allowing you to have a home waiting for you when you relocate.
24 Hour Contact
An added benefit to many renters is the ease of access to property managers at any time of day. Cell phones have made it possible to contact your landlord at a moment’s notice, creating an easy solution to any problem. Property managers may choose to delegate who is on-call at what time of day, making a 24 hour access line a reality.