Leveraging technology for property management

Property management may seem like a tedious task, but today’s digital world offers you a competitive edge: technology 

The role of a property manager has evolved considerably, paralleled by advancements in technology. Gone are the days when managing a property was simply about collecting rent and attending to maintenance issues. Have you ever thought of how technology can be your wingman in property management? Let’s take a closer look.

What is Property Management?

Property management is the behind-the-scenes work that keeps a real estate investment profitable and well-run. It's not just about collecting rent and fixing leaky taps. It covers everything from choosing the right tenants to following the law and managing finances. 

How Do I Become a Property Manager?

Becoming a property manager is a bit like training to become a jack-of-all-trades in the real estate world. You'll need to familiarise yourself with the property market, but you also need skills in people management, basic accounting, and legal know-how. Formal qualifications in real estate or business management are a big plus.

Perhaps most importantly, you'll need a knack for problem-solving and strong communication skills. Getting hands-on experience, either through internships or assistant roles, can be your stepping stone into this dynamic field.

What Do Property Managers Earn?

There is no right answer. Property managers’ earnings depend on several factors, like the location of the property, the number of units managed, and their level of experience. Generally, a percentage of the monthly rent is a common payment model.

Consider, too, that the better you are at ensuring properties run smoothly and profitably, the more you're likely to earn.

How Do You Manage Properties?

Managing properties involves juggling several tasks: finding and vetting tenants, handling repairs, keeping track of finances, and staying up-to-date with laws. You'll need a good system in place, often leveraging property management software, to keep everything organised and running smoothly. 

What Are the Benefits of Technology for Property Management?

One of the primary benefits is automated rent collection. Utilising property management software for automated rent collection offers a streamlined financial workflow. This not only ensures punctual payments but also significantly reduces administrative efforts, minimising the potential for human error.

Additional benefits of technology for property management include: 

Real-Time Property Inspections

The introduction of mobile applications for real-time property inspections enables immediate issue identification and task delegation. This rapid response system not only expedites maintenance but also contributes to long-term property preservation, thereby potentially enhancing market value.

Efficient Tenant Screening

Digital screening tools revolutionise the vetting process, delivering comprehensive tenant profiles in a fraction of the time. By consolidating rental histories, criminal records, and credit scores, these platforms facilitate informed and efficient tenant selection.

Online Maintenance Portals

The availability of online maintenance portals offers a convenient platform for tenants to report issues, facilitating rapid issue resolution. This immediacy not only prevents small issues from becoming major problems but also fosters positive tenant-landlord relationships, a key factor in tenant retention.

Seamless Financial Tracking

The integration of advanced property management software with existing accounting systems permits real-time financial tracking and reporting. This feature simplifies the often-tedious reconciliation process, allowing managerial resources to be redirected towards strategic activities

Types of Property Management Technology

One of the most comprehensive solutions, property management software, such as PayProp, allows landlords to collect rental payments stress-free. PayProp keeps both landlords and tenants informed regarding rental payment processes.

Additional property management technology includes: 

• Virtual Tour Software. Virtual tour software like Matterport can provide prospective tenants with immersive property experiences without requiring a physical visit. This is particularly beneficial for properties that attract international or long-distance tenants.
  
  
• Digital Lease Signing Platforms. Gone are the days when a physical signature was needed to seal the deal. Platforms like DocuSign offer secure and legally binding digital signatures, allowing for remote lease signing and faster tenant onboarding.
  
  
• Tenant Screening Services. Digital tenant screening services provide an expedited yet thorough background check. These platforms, such as TPN, consolidate various data points, from credit scores to criminal records.
  
  
• Payment Gateways. The integration of payment gateways like Square within property management systems can simplify the rent collection process. These platforms offer a secure, fast, and easily trackable method of managing transactions.
  
  
• Maintenance Management Tools. Dedicated maintenance management platforms, such as RedRabbit, enable streamlined reporting, scheduling, and tracking of repair tasks. 
  
  
• Cloud-Based Document Storage. Utilising cloud storage solutions like Google Drive or Dropbox for storing leases, invoices, and maintenance records provides easy access and secure backup. 
  
  
• Energy Management Systems. For properties with a focus on sustainability, energy management systems can monitor and optimise energy usage, reducing costs and environmental impact. 

How to Adopt Technology for Property Management

Before diving into the adoption of any technology, an initial assessment of current processes and systems is crucial. Identify pain points and areas that require improvement, which will inform your technology selection.

Consider Your Budget 

Establish a budget that aligns with your objectives. Keep in mind that while some solutions may have higher upfront costs, their long-term benefits in streamlining operations may justify the investment.

Evaluate Vendors

Research and evaluate different technology vendors, focusing not just on features but also on ease of use, customer support, and scalability. Reading reviews and asking for references can offer valuable insights.

Involve Your Team

Incorporate feedback from team members who will be using the technology daily. Their input can be invaluable in choosing a system that everyone can navigate comfortably, thereby ensuring higher adoption rates.

Pilot The Technology

Before a full-scale rollout, consider piloting the chosen technology with a smaller team or on a subset of properties. Monitor effectiveness, gather feedback, and make any necessary adjustments.

Conduct Training

Once a technology solution is selected, invest in comprehensive training programs to ensure your team is well-equipped to make the most of the new tools. Vendor-provided tutorials, webinars, and one-on-one training sessions can be highly beneficial.

Integrate and Migrate Data

Coordinate the integration of the new technology with any existing systems. In many cases, data migration will be a significant step, and it's crucial to ensure the secure and accurate transfer of all relevant data.

Monitor Regularly

After the technology is in place, continual monitoring of its effectiveness is essential. Keep an eye out for software updates and new features that can provide additional benefits. Don’t hesitate to adjust strategies and configurations as needed.

Seek Professional Advice

If the adoption process becomes complex, consider seeking the counsel of IT consultants who specialise in property management technology. Their expertise can help you avoid common pitfalls and maximise your return on investment.

Managing properties involves a myriad of responsibilities, but with the right technology and expertise, it becomes a more streamlined and effective process. At Seeff, we offer you the best of both worlds.

Our landlord services utilise cutting-edge tools like automated rent collection through PayProp and rigorous tenant vetting via TPN. We cover your day-to-day responsibilities, from lease agreements and inspection reports to advertising and tenant relationships.

Explore Seeff's landlord services today to optimise your property management strategy and make the most of your investment.