The Role of Technology in Modern Property Management

Modern property management is a far cry from times when everything from advertising and screening tenants to preparing leases, collecting rent, and tracking financial performance required much time, energy, and paperwork. Sophisticated software solutions are available today to make the task of a landlord like you or a property manager simple, efficient, and cost-effective. 

From accounting, communicating, and managing tenant requests to scheduling and decision-making, technological advancements are transforming rental property management in multiple ways. Let’s explore these in detail. 

1. Precise Pricing 

If you set a rental price that is too low, your profit margin will suffer. If you price the property too high, many potential tenants might not approach, leading to a long-term vacancy. However, AI-backed property management technology can help you set the correct rental rate based on the type of property, location, and other factors. 

2. Smarter Property Showing 

Without technology, you must host open houses multiple times to attract tenants. Not only is this time-consuming and costly, but finding a suitable tenant this way can be a significant challenge. You might also need help contacting the maximum number of renters possible. However, a software tool can allow potential tenants to explore the property online, check real photographs, or take a 3D tour without your intervention. 

Property management trends like showing houses through AR and VR can also help interested people have an immersive experience when exploring the property and its surroundings, which can also boost conversions. 

3. Efficient Screening 

Technological innovation in property management makes it easy for you to screen applicants by Fair Housing Laws while keeping their information private. You can review numerous applications quickly, screen everyone based on the same parameters, conduct adequate background checks, and make offers. This way, you won’t have to deal with long vacancy periods either. 

4. Easy Preparation of Lease 

Once you zero in on a tenant, preparing a lease agreement is an easy and quick affair when you use technology for property management. Software solutions eliminate the need for you or the tenant to fill in multiple forms or meet face-to-face when signing the agreement. All the terms and clauses can be sourced from a particular database, so you don’t need to check the general ones, at least for multiple tenants. And signatures can be obtained electronically. 

5. Streamlined Maintenance 

Using modern property management software means you can quickly receive, handle, and track everything related to maintenance. Whether smoke detectors constantly beeping in a property or the kitchen pipes leak suddenly, the tenant can inform you or the property manager via video call. Or they can submit a request online along with photographs as proofs, so you don’t need to go over physically or pick up calls during odd hours. It is super convenient for tenants, too. 

Once you assess the problem, you can send a suitable contractor or vendor to resolve or repair it. After resolution, property management technology can also update the status of the maintenance work. 

6. Simple Rent Collection

Tenants used to mail checks to the landlord at the end of every month, which the latter cashed at a suitable time and date. However, checks often got delayed or misplaced in transit. Inadequate funds in the renter’s account also sometimes caused checks to bounce. With technological innovation in property management, such problems are a thing of the past. 

Tenants can now pay the rent online via digital wallets, bank transfers, mobile applications, etc. This flexibility helps you attract as well as retain tenants. Moreover, with a property management tool, you can automate invoice generation and even send payment reminders if required. 

7. Effortless Inspection 

Periodic inspection is a crucial aspect of the rental business. One of the latest property management trends is using software to quickly collate all the information about a property’s status and condition and produce insightful reports for future analysis. You can use predefined inspection templates to simplify the task and save precious time. 

8. Proper Scheduling 

Calendar scheduling is another tech-powered feature that makes modern property management efficient. With this, you can mark, check, and display the availability of different properties, bookings, guest status, rent reminders, appointments with tenants, and more. You will be on top of everything, and time management will become more efficient. 

9. Data-Powered Real-Time Reporting 

Using technology for property management enables you, as a landlord, to view and analyze all essential data points in real time, whether related to the conversion rate of your ads, occupancy rate, rent collected, or maintenance costs. With the right software, you can gain better visibility into your rental business, identify gaps, if any, and make more informed decisions in the future. 

If you have a property manager handling everything, you will be in a better position to discuss any concerns with them or even negotiate the terms of their service. 

Go for a Tech-First Property Management Company

By now, you do not doubt technology's transformative role in modernizing property management. It can help you streamline your rental business, increase operational efficiencies, improve tenant satisfaction and costs, save time, and boost the bottom line. 

So, when looking for a modern property management company, choose one that uses the latest technological innovations. 

Guardian Property Management is the perfect pick if you are looking for a reputed, dependable, and experienced firm in the Greater Twin Cities area. 

Discuss your specific requirements with us. Call 651-287-2011 or send an email to info@guardianprop.com.