In today’s competitive real estate market, property management professionals need to be at the top of their game. With daily tasks ranging from meeting with clients, managing the office and showing properties, the property manager’s list of to-dos is never ending and can be exhausting. Compounding these issues is the presence of outdated and underutilized technology tools. How can property managers increase efficiencies, cater to their customers, and manage stress?
A recently commissioned SurveyMonkey Audience uncovered the success secrets among savvy real estate professionals. The findings reveal that with technology, property managers can modernize and streamline their business by following a simple list of do’s and don’ts.
- embrace mobile
- get modern with software
- cater to millennials
- mind your web presence
- hang on to outdated and unnecessary technology
- use pen and paper or Excel
- avoid social media
Mobile adoption is happening now. According to the data, a third of real estate professionals are extremely reliant on their mobile devices to run their business. An additional 20 percent are likely to increase their reliance in the coming year. The use of mobile devices and software gives property managers the freedom to work anytime and anywhere. This constant connection is essential for the high-touch role property managers play in their business (does managing your staff, incorporating new properties or dealing with vendors ring a bell?).
Technology can combat major inefficiencies in the property management world. Sophisticated, yet easy-to-use software includes all the features needed to run your business (i.e. bookkeeping, accounting, marketing, payments) into one easily accessible solution. The survey data revealed that 38 percent of real estate professionals are adopting property management software solutions as a key component in their strategy toward success.
Nearly 80 Million Gen Y renters will enter the market in the near future (that’s 25 percent of the population). Millennials are looking for technologically savvy services to fit their lifestyle. Take a tip from 39 percent of the survey respondents who are issuing Email/SMS notifications, the 25 percent who are marketing vacancies on social networks and the 14 percent offering online rent payment options: start sharing information in the desired locations of potential Millennial customers.
A modern website is crucial for property managers to gain a competitive edge. Keep listings and photos up-to-date, and easy to navigate. An organized online presence builds trust and leads renters to your properties. The good news is that real estate professionals are already on top of it. 35 percent respondents to the survey said website development or enhancement is the most likely technology change planned for the next year.
Are you still using fax machines? It’s time to adopt technology solutions that can streamline your daily activities. Property managers are already making changes citing old technology and software as the biggest waste of time for their businesses. To be efficient and competitive, get familiar with the technological resources that will help you best run your business with the least amount of added effort.
Are you still bookkeeping and appointment managing on paper or a software like Excel? Are you still printing lease agreements and only accepting paper checks? It’s time to recycle your paper tools and switch to digital solutions. Automated calendars, accounting services and digitally stored leases reduce error and stress. The survey shares that 27 percent of real estate professionals are cutting out pen and paper in their quest to modernize their business.
Do you think social media is just for keeping up with friends and posting selfies? You’re missing out on a huge business opportunity and avenue of communication with your clients. Not sure where to start? Research online for additional tips and tricks on how to drive rentals via social.
Time is precious, don’t waste it. There are ample resources and tools that can help you run a more efficient and competitive property management business, but they’re not going to fall into your lap. Examine your business and seek out modern technology solutions to improve your life, your business and your customer’s lives.
If you keep focus on what’s important — modernization, productivity and efficiency — your business’s profits will soar and your customers will be ecstatic with service they receive.