Property Management Is A High-Tech Game Now, Are You Keeping Up?

The property market has always been a buoyant area that you can make some serious money in. However, it has to be said that when you can make lots of money in a particular area, it also carries a number of risks. Whenever you are looking to invest money in property, you need to look for some sound advice from those in the know. Best real estate investments and buying investment property are two good terms you could use on the internet to see who is trending and who is rating on Google for this type of information. Agribusiness management is also a great place to start your property portfolio if you are relatively new to the property industry. There are a number of places that you can gain advice from if you are new to the property industry. Body corporate or corporate entities are a good place to start looking at their models, to see how other people have made their money. Keeping up with the latest high-tech trends and information systems is also vital when you’re embarking on this type of investment. The world’s economy changes, so must the way we do our business so thorough research is always advisable.

It’s also easy to see how technology has caused huge changes in many industries over the last decade. Technology has impacted travel, community, retail, media and transportation to name but a few. However, many of us think that the real estate industry hasn’t been impacted by technology but they couldn’t be further from the truth. We will take a look at how technology has impacted residential property management companies and let you see whether you as a property management agency or rental property management company are keeping up with these high tech changes.

Cloud

When a property management company goes digital it means that everything ends up in their cloud i.e. all interactions, questions, requests, documentation,  manuals etc. This then means that anybody in the company can access this information regardless of where they are located.  In fact, a lot of the documentation used is now electronic from the offset. The majority of leases are now digitally signed, which saves time and makes things easier to organise as it doesn’t mean you need to meet up in person to sign the lease. 

  • Going digital

It is possible now for a property management company to be completely paperless and go digital. In the past, a property manager would need to head to their filing cabinet if they were ever asked a question related to a contract or lease for example. These days, there is no need to even have a filing cabinet. Storing paper records makes it very difficult to be organised and it also means space is required. This means that in this day in age, in order to keep up with the hi-tech industry, property managers are able to simply scan documentation and dispose of any paper files which means there is no need for filing cabinets.

  1. Smartphones

There is no need for actual offices these days as smartphones have helped to replace them.  Rather than spending time in an office, many property managers are now able to be on hand at the actual property rather than in an office, as they are able to access everything they need using their smartphone. Smartphones also mean tenants are able to contact someone at any time, in the event of an emergency. The hurdle that property managers now face is to remain organised as all communication has gone digital. 

  1. Payments

Many property management companies do not take cash and the majority of tenants pay online.  One of the reasons why property management companies avoid taking cash is that firstly it’s a security risk. The second reason is so that a tenant cannot say that they have paid when in actual fact they haven’t. By using digital transactions, all the details can be kept on a cloud and can be accessed by the property manager as well as the tenant. 

  1. Logging information

By using technology and going digital, a property management company is able to keep information about each property, that they own, on record. All information regards to each property can be kept neatly and safely and in one place online and is therefore easy to access when needed. 

  1. Personalised service

Now that everything has gone high-tech, property managers should be able to complete complex processes quicker. This means that less time is wasted and the correct information is sent those that require it.

There are a number of aspects that you need to consider whenever you are considering property management. It is clear that any industry that we are in today benefits from high-tech innovation, as it keeps your business fresh and makes sure that you are keeping up with your competitors. Most of us now judge a company on their ability to be able to interact with this with ease and also how high tech a company actually is. If you see a company is lagging behind, you often feel that although they may be a good business, you may feel that they are too old fashioned and keeping up with the new way of doing things. There has always been a place for the way we conduct a business in the past, but it is evident that we must now show that your business is interested and keeps up with any trends that are apparent. Even if we don’t necessarily want to import the latest trend and high-tech products into a business, we must be fully aware of them so that we can input them where needed.