The Impact of Technology on Property Management: Tools for Efficiency - Article Banner

Smart investors understand the value of professional property management, and if you own a single rental property or an entire portfolio, you’re likely working with a management partner to ensure you earn as much as you can on your rental property. If you’re managing on your own, then you have a unique understanding of the time-consuming and challenging position many landlords find themselves in. You spend a lot of time on things like marketing, showings, tenant screening, accounting statements, and maintenance requests. 

You may not have to spend as much time on those tasks as you think.

Property management technology has transformed the way we lease, manage, and maintain rental homes. As professional property managers, we have invested heavily in some of the most intuitive and innovative technology that’s available. We have software that takes care of accounting and bookkeeping, apps that monitor maintenance and inspections, and technology that allows for self-showings, online rental payments, and automatic tenant communication. Everything from preventative maintenance to lease renewals is easier and more automated, leaving us more time to spend on relationships with our tenants and our owners. 

Today, we want to explore the impact of technology on property management and the success of rental property owners like you. We’ll highlight some of the most useful tools for investors, whether you’re managing your own property or working with a professional. 

We want to make sure you understand the role of technology in effective property management and also the role of technology in making your rental property more attractive to prospective tenants in San Diego.

Investing in Property Management Software

When you’re looking for a property manager, make sure you work with one who has invested heavily in technology. This will have a huge impact on what you earn, what you spend, and what kind of experience you provide to your tenants. You want a management partner who understands the benefits of technology and takes advantage of what it can offer. 

As you interview prospective managers, always ask what property management software they use. One of the most significant impacts of technology on property management over the last decade is the rise of property management software. 

These tools enable property managers to streamline all aspects of the management process, from rent collection and maintenance requests to lease renewals and accounting. By using property management software, we are able to save time and resources while improving the overall tenant experience, increasing the likelihood of on time rent payments, good relationships, and strong retention. 

Investors can invest in their own software, too. Some popular options for property management software include AppFolio, Buildium, and Yardi. If you’re only managing one or two properties, you can find a system that’s more suitable for a smaller scale. 

Software is where it starts. You’ll find you’re able to integrate a lot of what you need to do when you have reliable and innovative property management software. 

Digital Marketing and Self-Showings

With the rise of social media and other digital marketing channels, investors can now connect with potential tenants like never before. From online listings to targeted ad campaigns, digital marketing tools enable landlords to reach larger audiences and improve their brand reputation. Social media platforms like Facebook and Instagram also offer an excellent opportunity for property managers to engage with tenants and build lasting relationships.

With good software, property managers can syndicate listings across multiple platforms, saving time and money. If you’re currently uploading each image and listing onto rental website after rental website, you’re not leveraging the best technology or the best support. Leave your marketing to a management company that’s working with some good technology, and you’ll see faster results with less time spent on those listings. 

Self-showings have also become increasingly popular when it comes to property management technology and marketing. Trying to choose a time that you and your prospective tenant are both available to meet at the home for a showing can feel impossible. With digital keypads and lockboxes, you can leave your potential tenants to see the home on their own. They can gain access for a limited period of time, after they’ve shared some information with you. Data has shown that the leasing process moves quicker with self-showings; prospects fill out applications and sign leases faster after seeing a property on their own.

Tenant Screening is More Objective

Here’s a huge benefit to good property management technology: we’re able to screen tenants better. Not only do we get fast access to more information, we also protect ourselves and our owners from the risk of fair housing mistakes and complaints. The entire process is far more objective. We’re able to establish some qualifying rental standards, share those standards with prospective tenants, and then use them to evaluate applications without getting into anything personal or specific about the tenant. It doesn’t matter if we like them or don’t like them. The screening process is void of any opportunity to discriminate – even unintentionally. 

Using technology to screen tenants also ensures that you’re getting someone well-qualified. We can search national eviction databases and look at specifics in a credit report. You know you’re getting a good tenant, and you know you’re in compliance with all fair housing laws. That’s great for your peace of mind, and it’s one of the reasons we’re so excited to use the best technology available when it comes to screening and leasing. 

Maintenance Requests and Inspection Reports 

Technology has improved the way we communicate with tenants, and that’s especially true when it comes to maintenance requests. Maintenance requests can also be submitted and tracked digitally, ensuring that any issues are resolved more efficiently. Tenants can send us photos of the problem they’re describing with their online maintenance requests, making it easier for us to diagnose the problem and send it to the right vendor. 

Inspections are also well-documented thanks to our inspection software and applications. Whether it’s a move-in inspection, a move-out inspection, or a walk through we happen to be conducting in the middle of a lease term, we send you detailed notes and photos. This documents the condition of your property and lets you know where things stand. It’s less time consuming because it’s automated, and it provides you with more detail. 

Smart Home Technology

Smart home technology is quickly becoming a staple in rental properties throughout the San Diego market. It offers a new level of convenience and security for tenants, as well as significant benefits for investors. By incorporating smart thermostats, smart locks, and other IoT devices, landlords can save on energy costs, prevent unauthorized entry, and monitor their properties remotely. Tenants benefit from the ability to control temperature, lighting, and other settings from their smartphones.

Think about upgrading your property to incorporate some smart home tech elements. You don’t have to completely overhaul the way your property works, but those thermostats or a video doorbell can go a long way in providing efficiency for both you and your tenants. It also raises your rental value. 

Artificial Intelligence for Property Management

There’s a lot of talk about artificial intelligence (AI) these days. Some people love it and others are suspicious of it. Wherever you come down on the issue, we can tell you that there’s a lot of promise when it comes to property management. It’s an extension of the technology that we already use, and it helps us to delegate some of the tasks that can be automated to machines that seem to get smarter the more they’re used. 

Here’s an example. When we need to respond to a tenant right away, we can let AI do it based on what the tenant is asking or telling us. If there’s a complex issue that requires a human response, that human will be immediately summoned. But, if it’s simply a question about when rent is due or how to submit a maintenance request, AI can be helpful. Automating email reminders a few days before rent is due is another AI-appropriate task.

Technology won’t take the place of personal relationships. Property management will always be a relationship-based business. When we can use technology to support those personal relationships and the work we do, there are fewer costs for you and more efficiency for us. 

Technology has transformed the way we live and work no matter where you are or what industry you happen to be in. As you have seen from this blog, property management is no exception. We have come a long way over the last few years in how we use tech and why.

From property management software to smart home technology, digital marketing, and virtual maintenance requests, technology has enabled investors to streamline processes, improve tenant experiences, and save time and resources. By embracing these tools and recognizing the value they offer, real estate investors can successfully manage their properties while staying ahead of the competition. As we move forward, it’s clear that technology will continue to reshape the industry and provide new opportunities for growth and innovation.

Contact Property ManagerLet’s talk about how technology can benefit you and your properties. Contact us at Chase Property Management and Real Estate Services.