Embracing Technology in the World of Property Management
Technology is constantly evolving and you can use this to your advantage in many different ways in the realm of property management. Resisting this change could cause you to fall behind your competitors and lose prospective tenants who see the benefits and convenience of using technology. Hiring a Property Management Company like Real Property Management Select that places an emphasis on technology optimizes your investment in a number of ways, a few of which are listed below.
Online Client Portals
Having an online portal for tenants and owners greatly helps with a number of things, including document sharing, online payments, maintenance requests, and communication. It can be easy to misplace paper documents but when everything is neatly organized online there is no worrying about searching for a document and realizing you no longer have it to reference. Access to a personal portal allows for people to review their documents any time they need to. Allowing a tenant to have access to their lease or an owner access to their monthly statements at all times is crucial as it provides independence and flexibility for everyone. This is helpful so that your clients are not at the mercy of your busy schedule.
In addition to this, tenants may be able to pay rent and other bills online while also being able to see a live ledger. This could show their balance and charges or payments made on their account. The option to pay online could appeal to a broad spectrum of people and lifestyles. Also, owners may be able to view statements as mentioned prior, download and review property inspections, or make contributions to their account for bills. This is beneficial for time sensitive maintenance issues, for example, that may need immediate funds rather than waiting for a check to come in the mail. This allows for repairs to get done promptly and can prevent more damage that may occur to a property when you leave a broken item unfixed for prolonged amounts of time.
Furthermore, these maintenance issues can be submitted online via a tenant portal which allows for the management company to receive the requests instantly and address them swiftly. Requests made via a tenant portal can make solving an issue more efficient. This is because tenants are able to provide the exact issue, its location, photos of the issue, the make and model number of any affected appliance, and the priority of the item. When sending work orders to vendors this information helps greatly as the more information you provide the better idea they will have, which reduces the time and need for more communication about the issue. On top of offering a tenant portal, having an after-hour’s emergency maintenance line is crucial for your tenant’s safety and the integrity of your home. This allows for urgent issues to be handled more immediately than answering a voicemail the next day.
Communication is crucial, and having a portal where everything is consolidated into one place is extremely helpful. Not only does having a portal allow you to reach out to clients individually, it also allows for group or community messages for all to see. This is especially beneficial when there is a nationwide event, such as the current pandemic, and you need to let all of your residents know that your offices will be closed until further notice. The ability to instantly notify all of your clients at once can come in handy for a variety of things including unpredictable worldwide shut downs as well as yearly planned out holidays.
As demonstrated, owner and tenant portals play a huge role in the quality and convenience of managing a property for everyone involved. These examples are just a few reasons why embracing technology can help you excel at renting out and managing a property as well as staying multiple steps ahead of your competitors.
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