So how exactly can technology in 2018 add value to your property management business?
An overview of the latest game-changing property management software on the market today.
In the last five years, technology has disrupted just about every industry thinkable. From commerce to communication, finance to even fishing, there has seemingly been no industry left untouched by the recent advances of the digital age. The property market is much the same, and the closer we draw to the end of the decade, the increasingly poignant a role technology plays. Property management businesses are finding they can no longer sit back and wait to adapt, but take charge and innovate in order to stay on top. But technology is out there? And how exactly can it be utilised to add value to your property management businesses? We highlight some of the most game-changing software on the market today that can help you increase efficiency in 2018 and beyond.
Trust Accounting Software
In 2018, pretty much every property management business is using trust accounting software. However, this software has evolved, veering towards a centralized cloud-based system that provides increased security for your business and keeps your team updated in real time. Another trend is the increased integration that trust accounting software is offering. It is now commonplace for your trust accounting software to incorporate third-party software solutions that hone in on one particular aspect of property management such as maintenance or inspection. Palace, Property Tree and Property Me are some of the most exemplary solutions on the market today that exhibit both of these key trends.
Letting software such as Viewing Tracker (built by Trademe) and Inspect Real Estate make it easier than ever to schedule, organise and track tenant applications. Tenants register for letting appointments online through a simple form and property managers track applications on their dashboards. InspectRealEstate also features a BDM portal that tracks property leads and losses.
Maintenance is almost unanimously described as the most arduous and time-consuming task property managers deal with. One recent study revealed that 36% of tenants stated maintenance as a primary reason for not renewing their tenancy agreement and it comes as no surprise that there has been a dramatic increase in the interest around maintenance software. Solutions such as Tapi automate the scheduling and invoice processing involved to reduce the amount of time spent on maintenance and provide a platform that allows you to effectively track repairs.
Inspections are the task in which property managers require the most attentiveness and diligence, and to ensure they are carried out to the highest standard, new solutions have been developed to help. Software such as SnapInspect streamlines the inspection process by reducing the amount of time spent on inspection reports and make the practice completely paperless. They provide checklists that help you avoid costly mistakes on the go and SnapInspect even includes video recording functionality for optimum security.
Tenant Checking Software
Effective tenant screening is crucial in preventing an array of potential issues and is often very difficult to implement due to the sensitivity surrounding the subject. The process has been simplified with solutions such as TINZ and Tenancy Portal, platforms that screen potential tenants by looking at over 15 different sources including a prospective tenant's criminal record, credit history and social media. TINZ provides you with all the information you need on prospective tenants with minimal input and summarizes it with the simple metric of a tenant score. Tenancy Portal also doubles up as a digital application platform which can be used to generate the necessary tenancy paperwork.
Tracking software such as StaySafe is being increasingly used by property management companies to monitor the well-being and safety of their employees when they are not in the office. Often, property managers are on the road alone and as a result, it is difficult to ascertain their safety. StaySafe even offers the functionality to notify your office when an employee has been stationary for a certain amount of time and throws in a panic button for good measure!
Using a combination of the software solutions listed above can be transformative for your property management business and provide the catalyst for growth and efficiency. In an industry that revolves around relationships, it is ironically time to embrace the technological means available to help your business focus on just that.
Any new technology out there that we should hear about? Don't hesitate to email us at firstname.lastname@example.org