3 Ways Technology Can Improve Your Property Management

 Real estate management requires an abundance of patience. 

Good property managers learn that flexibility and availability are among the most important attributes for effectively managing a building and its tenants, be they residential or commercial. 

The many responsibilities of maintaining a property present a daily challenge, especially for real estate professionals trying to grow their portfolio and their business while staying on top of the many mundane tasks necessary to maintain a property’s profit margin. 

If you’re struggling to keep up with these responsibilities, or you’re about to begin a new career in real estate, here are some suggestions for leveraging the power of modern technology to hit the ground running. 

Get Organized

This may sound both cliche and obvious, but establishing an effective workflow and schedule is arguably the most important distinction among successful property managers. 

A single lost receipt or invoice can result in many hours of additional work, resulting in time that could have been used to maximize your business instead of just avoiding problems. The same holds true for a tenant voicemail or email asking for a repairperson to fix an issue with their property. 

These problems are costly, and hold back your business from growing. In today’s world, however, technology often offers solutions. Finding the right software for your property management systems can make an enormous difference. 

Choose a software system that can be paperless and Cloud-based. A stellar online system allows the various parts of property management — owner, contractors, tenants and staff — to easily connect with one another, solving problems more efficiently and keeping the business running smoothly. 

Automation Can Help 

Across seemingly every industry, technology has become a key element in leveling up — and staying competitive. 

In real estate, there are many easy but time-consuming tasks that can slow down your team’s ability to add value to the business. 

Some of the most helpful digital tools for real estate managers include the ability for tenants to make rent payments online, as well as an online portal for owners and a paperless accounting system that automatically organizes invoices and receipts. 

The more residents pay online, the less checks and physical bookkeeping — tasks that often slow down your employees and prevent them from focusing on growing the company.

Prioritize Customer Service

If you own a building and have either residential or commercial tenants, then your primary job is keeping them happy. 

Too many property managers do the work of attracting tenants, only to ignore them once they start paying rent. They forget that they’re still in the business of customer service. The longer the tenants stay in your building, the more stable your business becomes.  

For example, it’s not easy to maintain the satisfaction of hundreds of residents with diverse needs, but technology can once make this much easier. With the communication offered by smart phones and WiFi, it’s easier than ever for property managers and maintenance staff to stay on top of problems and offer a stellar experience for their tenants. 

Texting makes communication fast and easy. If you can solve a tenant’s problem within one or two days, you’ll likely create a sense of loyalty — and it’s hard to put a price on that. 

No matter the segment of real estate management, technology can likely streamline your business practices, allowing you to focus on growth and the overall improvement of your company.