7 Ways Technology is Completely Overhauling Property Management
A new breed of technology companies is challenging the business model of the traditional real estate agent and changing the way properties are bought, sold and managed. It has been a decade since online classifieds transformed the way consumers list and search for properties. This disruption to the traditional real estate industry is likely to significantly compress agent commission, resulting in a substantial saving of time and money for consumers.
1. Going Paperless
By now, you’re probably aware that there are plenty of software tools out there for pretty much any type of business or office set up. That’s why techies are always encouraging businesses to go online, and literally forget dealing with actual paper files. Well, of course it all sounds good and rosy until you come to critically think of it. It’s becoming better, but anyone who has dealt with property knows that there can be a ton of paper involved. Going paperless in real estate involves two broad issues: the paper coming in and then what you do with the paper once you have it.
2. Moving to the Cloud
Many Property Management companies are rapidly transitioning their business operations online to make their business more scalable, more secure and more reliable. In the simplest terms, the “cloud” means you’re storing and accessing data and programs over the Internet, instead of your computer’s hard drive. Cloud computing covers any application that users can access through their Web browsers, desktops or mobile apps, while actual business software and user data are stored on remote servers.
3. Maintenance Logging
Each property management customer will benefit from software that streamlines maintenance operations. Micro Main helps you accomplish this with automated work orders, preventive maintenance scheduling, asset tracking, inventory and cost control and multiple reports.
4. Tenants Ledger
Property management is extremely tedious because there are so many things you must keep track of with just one property alone. As your company grows we understand how overwhelming it can become to keep track of multiple properties. As the years go by time is becoming more and more valuable and it seems as though there is never enough time in the day to get everything done.
5. Smartphone vs. Brick & Mortar
The real estate industry is fast becoming influenced by rapid technological advancements. Technology is a significant source of disruption and opportunity particularly in buildings and modern infrastructure. Buildings are changing; they are no longer just bricks and mortar. While it's not new for technology to form part of the inner workings of a building, sophisticated and advanced technologies are now being integrated into underlying designs and building management systems that underpin most modern building structures. These building management systems are no longer fully segregated from conventional IT networks, such as servers, customer relationship management or online payment systems. Buildings are becoming more mobile, flexible and connected - in effect becoming 'smart'.
6. Faster Rental Information Flow
Ensuring your property is ready to go from the front curb, throughout the unit, and to the back fence is what should be expected by “rent-ready.” Property management in Fort Worth TX knows that showing a property before it is completely ready can actually extend your vacancy period. Finalize all clean-up and repairs before you start advertising or showing your property.
7. Integration Technology
Use of wireless handheld devices and cellular phones facilitate frequent communication that doesn't require professionals to spend all hours of the day (and night) in the office. Remote monitoring means that property management professionals can stay attuned to building operations from anywhere at any time. In theory, technology can also help these same professionals spend less time in the office and more time in front of clients.