The last decade or so has seen a huge leap forward in technology, infiltrating virtually every area of our personal and professional lives. While some sectors like entertainment naturally lend themselves to technology, there are a few areas that have been slow to embrace the trend. One such area is property management services, which has typically been slow to take advantage of the many technological advances currently available.
Managing a property brings a host of potential issues; dealing with disruptive tenants, on-going property maintenance and the constant stream of phone calls and questions can be overwhelming to the inexperienced property owner. To this end, many owners hire a property manager to shoulder most responsibilities. While this can be a smart move for many owners, there is still much room for improvement; technology can streamline the process even further. Certain property management services can be fully automated, such as collecting rent payments or scheduling routine maintenance. Potential renters can see photos or videos of vacant spaces, and view property descriptions such as monthly rent; if needed, an email or phone number can be provided to answer any other questions renters may have. Instead of a paper application, an electronic version can be used, with applicants providing all necessary information for credit checks or background searches. Naturally, there are a few instances that still need a personal touch. For example, a diplomatic, face-to-face meeting may be needed for the always-punctual tenant who has recently fallen on hard times. Additionally, some tenants prefer a phone call or in-person visit from property owners. For all other situations, technology can be a suitable substitute that offers potentially better, more efficient results. Many owners view their commercial and residential properties as investments, and are keen to derive the most financial gain. When outsourcing property management services, or even if handling issues in-house, it’s a savvy move to automate as many processes as possible, while still retaining control and remaining alert to any potential crises. It can be a savvy business move, reducing overhead costs while still maintaining efficient service.
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AuthorHello, my name is Roger Dennison and I'm a successful commercial real estate broker, with more than 20 years in the field. Archives
January 2023
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