Property managers don’t get enough press. Without them, real estate values would plummet into the chaos of unpaid rents, poor building maintenance, and low occupancy rates.
Luckily, technology is finally giving property managers the tools they need to succeed. Here’s a list of tech every property manager needs in order to remain competitive.
Electronic Rent Payments
If you’re still collecting paper rent checks, you’re wasting valuable company time. Millennials represent the largest demographic of renters in the U.S.
These tech-savvy renters won’t have trouble converting to an online payment system. Accepting online payments also opens the door for automation.
You can track occupancy and revenues much easier than with manual payments. Tenants can opt into a recurring payment making the collection process more streamlined than ever before.
Residential buildings are switching to keypad entry out of convenience for tenants who commonly lose keys. The Gen Z market is fast-growing and includes a wide range of renters who’ll expect the latest tech in a building.
Spoiled by touchscreen everything, Gen Z renters will request nothing short of keypad entry in order to gain access to the building. With commercial property management, this trend is slower as building security is usually a bigger priority than ease of access.
Having keypad entry on both apartment doors and building entry doors help set your property apart from your competitors. It’s relatively easy to reset computerized keypad codes compared to changing locks on doors when security issues come up.
Around 80 percent of people in the world now own a smartphone. It’ll be hard to satisfy the social media urges of prospective renters without a power station close by.
But having charging stations in your rental office is just the start. You’ll need a plan in place to include permanent stations in each unit.
This is tricky given how much charging ports change on devices, but if you focus on technology that allows ports to be swapped out easily updates won’t be a problem.
Another great way to attract Millenials and Gen Z renters is by offering free wifi. Free wifi can easily be added to the rent to offset your growing tech overhead.
But the perk will attract renters interested in having access to modern conveniences that usually apply to commercial buildings and properties like hotels. it transforms the perception of your property into something more luxurious and accommodating even if you can’t afford to make the property look more high end.
All Hail Property Managers
Property managers beware. Your job helps stabilize local real estate markets.
This is a major responsibility that can’t be left to ten different apps or software in your building. Your main priority should be automation so you’re not managing technology instead of tenants.
Find a comprehensive tool that offers more than one perk so you’re not switching between apps just to get a few tasks done during the day. For more information and tips, visit our blog for updates.