In Australia, approximately 25% of households rent from a private landlord and 4% rent from a state housing authority, according to the latest reports by the Australian Bureau of Statistics (ABS) on household income and health. Due to the high growing number of tenants, today's competitive market requires property managers to look for more innovative ways to remain competitive and, more importantly, to attract new tenants. Recent research indicates that tenants now expect technology as part of their renting experience.
Through new technologies, property managers can easily boost renters satisfaction by offering valuable services and programs that enhance their experience. Moreover, modern technology offers property managers an opportunity to differentiate themselves from their rivals in 2019 and beyond. Here are some of the latest technologies property managers can use in order to create a more satisfying and convenient experience for their tenants.
Property owners can utilise modern technology in the process of acquiring property and renting through apps such as Zillow and Trulia. With such apps, property managers can provide contact information, location, photos, and other details of their property including the available amenities in the local area at just a click of a mouse. Additionally, social media is a powerful marketing tool and using it makes it easier for renters to find property. How?
Through social media, landlords can interact with potential tenants and help them find suitable housing. Landlords can as well use content management systems such as WordPress to create a website with all their property listings and what to expect. This will make it easier for potential renters to choose if a listing has desired amenities and meets their needs. Additionally, technologies such as smart lock can make it easier for potential tenants to view a variety of houses remotely, therefore, reducing time wasted traveling long distances for a showing.
Rent payment is among the few transactions that still depend heavily on cash payments. Processing these payments remains one of the biggest issues facing both tenants and property managers when it comes to renting. Luckily, thanks to technological advancements and inventions such as digital rent collection systems, tenants can now send payments directly to their landlord's bank account.
With apps designed specifically for landlords, such as eRentPayment, RentMatic or general payment apps like PayPal, tenants can now pay their rent easily and on time while at the same time avoid the long process of physically going to an agent's office to drop a cheque. According to the latest survey by Cozy, a digital rent collection firm, on average, 10 to 20% of tenants pay their rents late, however Cozy users pay their rents 1% less late than the rest of the tenants.
Online Maintenance Management
Whenever something breaks, tenants expect it to be fixed immediately. They, therefore, request a maintenance service through their phones or email which sometimes can be ineffective if some details get lost throughout the process. If the main issue is not addressed accordingly, it may result in more damages and unhappy tenants. This is where technology comes in handy. It has made this easier and effective through property maintenance and services marketplace software in the form of an app that automates all maintenance requests. Tenants can upload details of the problem including photos of the issue, and it also encourages property managers and landlords to respond and schedule repairs.
Furthermore, it provides both tenants and landlords with a maintenance log that indicates all steps involved in addressing the maintenance issue for future reference. The great thing with property maintenance software is it allows one to organise data seamlessly in the cloud compared to the previous way of keeping data manually stored in excel.
Digital Signature Software
While applying for a tenancy, renters are required to sign a number of documents throughout the application process. Traditionally, paper works such as leases, rental application, lease extensions, condition checklist, and any other relevant documents are normally signed in person. This processes can be time-consuming for both the tenant and the landlord. However, with digital signature software such as Dotloop and DocuSign, landlords can now prepare digital versions of similar documents that require signing and send them to the tenants within seconds in a secured manner. Both the tenant and property manager can assess the records online through the cloud storage system and also print a copy whenever necessary
Investing in modern technology is a smart move that can keep property owners competitive and make it easier for tenants to rent homes. This will not only attract good tenants but also build a good relationship with them. Consequently, it will have a positive effect on your property thus increasing its demand and reducing vacancies. Smart technologies can improve your operational process thereby resulting in a safer, happier and more habitable rentals for your clients.
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