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Property management is a vital and thriving industry that’s integral to the success of our real estate market, but do you know how to really excel in the industry? Given the scope of the field today, technology has become one of the most valuable tools at your disposal.
These four simple tools can go a long way toward evaluating the market and serving your tenants, so that you can make your properties as profitable as possible.
Electronic Payments – A Must Have
If your tenants are still being made to pay rent with a check, you’re making things more difficult on all of you. So, while as many as 80% of property managers were using some digital tools for payments and communications before the pandemic, for many they were still secondary, and tenants were often charged extra to pay via a management portal. It’s time to ditch the added costs and make these portals your primary avenue for payment, not a subsidiary tool.
Clarifying Calculators – Know Your Market
Another high-value tool for property managers in today’s marketplace are various calculators used to determine market conditions, pricing, and related concerns. For example, using a capitalization rate calculator can help you ensure that you’re investing in the right units or pricing rentals correctly relative to other expenses.
Even if you’re an independent property manager who isn’t an investor, you’ll be responsible for a lot of day-to-day financial planning and oversight and, given how much investors trust their property managers, can use a cap rate calculator to better advise them on this topic.
Security Deposits – Keep Returns Rolling
There are a lot of factors landlords consider when choosing a property management company, as well as countless tasks that fall under the management heading, which is why returning security deposits is unlikely to land at the top of the list. That being said, there can actually be legal ramifications for failing to return security deposits promptly, and it’s a leading cause of dissatisfaction among outgoing tenants – and technology can help address this issue.
New platforms that process security deposit returns can largely automate this process and prevent you from facing consequences due to delayed returns. Automating this process for speed and efficiency can also bolster your reputation in the community, attracting new tenants.
Digital Tours – A Pandemic Innovation
In recent years, it’s become increasingly common for tenants to take remote property tours, or at least enjoy a fairly comprehensive walk-through online, but during the pandemic this became a necessary tool. With the growth of tech-enabled property management, though, people now enjoy virtual tours, self-scheduled tours, and other digital-first tools. These are great for tenants who are moving from out of town and can relieve some responsibility from busy property managers.
Property managers have their own styles and skills, just like other professionals, but they’re increasingly becoming tech-driven, emphasizing the importance of visual skills. Though there will always be a vital human element to the field, mastering the technology should be a top priority for those who want to be successful.