Property Management Technology: Essential Digital Tools for Streamlining Your Business

Today's modern property management business needs strong support, and a big part of that comes from technology. Because there's so much technological change, and some of it is so rapid, it's essential to focus on which tools will be the most helpful. Additionally, you want to look at how you can expand the technology you choose for the long term so you don't have to change it as often.

Digital tools are an important component of property management technology, allowing your company to be more efficient and do more with less. These tools are designed to help you and your employees accomplish more, but they're also great options for owners and tenants, too. That way, everyone benefits from what these digital options can provide.

You don't have to settle for old-fashioned processes that take a long time, are confusing, or don't give your clients the abilities they want or expect from their management company. This includes paying rent online, sending maintenance requests, and more. Here's what to know about the best digital tools for your property management company's needs.

Technology's Growing Impact on Property Management

Technology has completely revolutionized the property management industry. It used to be that everything was done by hand, but that's no longer the case. Over the years, big changes have made their way into the industry, with digital programs adapting and evolving quickly. Now, many of the processes that come with operating a management company are automated.

Not only does that make many of the tasks faster, but it also provides additional security and peace of mind for tenants and owners. Residents in the properties you manage can get what they need faster and communicate more easily, while property owners can travel or live in other areas while knowing their properties are being cared for and managed correctly.

Adopting digital tools to grow your business creates significant benefits for everyone you work with, including tenants, owners, and employees. Not every company feels comfortable with digital tools, though, because many are used to doing things a certain way. Change can be difficult and stressful at times.

However, you don't want to get left behind by your competition. If you refuse to use digital tools and your competitors are using them, you could find that property owners don't want to work with you any longer and that tenants will be looking to rent from other management companies in your area. You don't want to lose out in these ways when there are simple changes you can make.

The entire property management industry is changing due to technology, from online lease signings and maintenance requests to virtual walk-throughs and 24/7 opportunities to contact someone in an emergency. This impact will only continue to grow, and getting involved now can help your property management business thrive.

Challenges and Technology Solutions for Property Management

Property managers face a lot of challenges. With digital tools, such as property management maintenance software, you can reduce your company's struggles and find faster and more comprehensive solutions to industry challenges. Your tenants and property owners will be expecting these solutions, and being successful in the future depends on not letting them down.

Fortunately, there are many different digital options for property management today. You don't need to use them all, and some of them overlap in many areas. The most important consideration when choosing a technological solution is that it works for you, your employees, your property owners, and your tenants. Then, everyone gets a benefit from the option you select.

Property Managers Need Essential Digital Tools

With so many digital tools for property management companies, how can you decide which ones are right for your needs? Here are a few popular and widely used options, categorized based on functionality. In the end, though, only you can choose which of these tools will give your particular management company the help and support it needs.

Listing Available Apartments 

• Zillow
• Redfin
• Apartment List
• hotpads
• Automated Showings and Tours

Automated Showings and Tours 

• Rently
• NodalView
• ShowingHero
• Inspections

Inspections

• Tap Inspect
• zInspector

Tenant Management

• Rentpal
• DocuSign

All-In-One Options

• DoorLoop
• AppFolio
• Rentec Direct

These are some of the biggest names for digital property management, but there are others. The goal is to choose the one that helps you do everything you need as efficiently as possible and that also provides good quality and value for your tenants and property owners. 

Working with a property management consultant can help you identify any weaknesses or pain points where you need additional advice and guidance. Then, you'll have more data to make an informed choice about the right software or other digital tool solution for your company's management needs.

Management Software Can Streamline Operations

Property management software plays a vital role in increasing efficiency and automating tasks. The more your employees can automate routine things that need to be done, the more they can focus on areas where automation can't replace the human touch. 

For example, property management maintenance software can make it easy and convenient for tenants to let you know there's a problem, but you still need someone to physically go to the property location and correct the issue. Then, you can use the software to follow up after the repair is made to ensure it was fixed correctly and there aren't any other issues.

You can use automation to send standard reply emails and texts, provide reminders for late rent or other concerns, and address many of the processes that occur every day in your company. Of course, you still need to make sure unique questions get responses from a person, the phone gets answered, and follow-up opportunities are handled the right way. It's not possible to automate everything.

Using Technology to Improve the Tenant Experience

You want tenants to be satisfied with their interactions with your company. By using property management technology, you can improve tenant satisfaction and communication. That helps tenants see that they can rely on you and gives them security and peace of mind, making them more likely to keep renting from you instead of moving at the end of their lease term.

Several tools can enhance experiences for your tenants, including software that offers maintenance requests, lease signing, and move-in/move-out checklists. You can also use communication apps to interact with tenants, as that can be more convenient for busy tenants who might not always be able to take a phone call or check their email when they're on the go.

Reporting and Financial Management Tools

Accurate financial budgeting, tracking, and reporting are extremely important in property management businesses. Tools to handle these issues include basics like documents and spreadsheets from Microsoft and other companies, all the way through more comprehensive business budgeting software like QuickBooks or Xero.

You may also want to work with a property management consultant to explore the specifics of your business and any areas where your budgeting isn't the way you want it to be. If you're tracking your expenses, but some are getting overlooked, it's also very important to make changes so you don't misunderstand your company's financial situation.

Leverage Smart Home Technology for Additional Benefits

When you incorporate smart home technology into property management, you can impress tenants looking for this kind of technological option. Not only does it add convenience for those tenants, but it also helps you monitor and understand what's taking place with the property and any associated expenses for it.

While smart devices can improve tenant convenience, they're also for property security. Motion-sensor lights, doorbell cameras, keypad locks, and other smart home features provide tenants with the peace of mind they're looking for and can help them truly relax in their new space, feeling like they're safe and secure in their home.

Technology's Future in the Property Management Industry

Trends are constantly changing, and that's leading to a lot of great advancements in property management and its technological options. Emerging trends include additional smart home features and property management software that allows tenants and owners to do even more from their computers and phones while automating more processes for management companies.

The future of your business practices is going to be affected by technology, and you want to be sure that you're getting the largest and most positive impact possible. By fully embracing what technology offers, you can be more prepared for a rapidly changing future and focus on all the value you can gain (and give to tenants and property owners) through technological advancement.

Capitalize on Property Management Technology Today

When you make the most of technology for your property management company's success, you can stay ahead of your competition and give owners and tenants more of what they're looking for. Both property managers and business owners should embrace digital tool options for streamlining their operations to show the true value they can provide to clients for the long term.

Ready to get the support and information you need from a trusted property management consultant today? Schedule a free consultation and find out how to make technology and insight work for your company, your tenants, and your property owners. That can create a winning opportunity and a more cohesive experience for everyone involved.