Effective and innovative property management increases profitability for property owners and ensures tenant satisfaction and retention. As a property manager, you can use your expertise to generate an additional income stream while building a pool of investors and renters that you can use as a buyer or listing agent.
To attract and keep the newest generation of renters, your property needs the right amenities and marketing strategies. Learning to manage a rental property is important for succeeding in property management services and solutions. You could face high vacancy rates, lost profits, and even legal action from your clients or tenants if you make a misstep.
It has been a long road since PropTech's first wave. The US leads the world in PropTech. A recent study by CB Insights shows that investments in PropTech have reached an all-time high. Therefore, besides these tips, tricks, and innovations, even the latter camp of property managers should consider employing PropTech solutions for their rental properties.
Top 6 Property Management Tips and Tricks
In the construction and property management industries, market value is growing each year because of the rising demand for commercial and residential properties.
Construction and management companies are rapidly integrating technology into their processes, using advanced robotics, collaborative technology, and smart software to automate and speed up their management processes. Let’s look at some of the emerging innovative property management trends.
1. The Dire Need for Mailroom and Inventory Management
For property managers, package deliveries pose a number of security and insurance concerns. A digital mailroom can help address these issues. There are many benefits to using digital mailrooms. A digital mailroom should be at the top of your property management services and solutions list. An efficient mail management tool, such as Mailroom by PackageX, is integral to a digital mailroom's efficiency. With digital mailroom systems, delivery is simplified with features like:
Sending tenants automated notifications via email or text when packages arrive.
Sending tenants reminders if a package is not picked up.
Utilizing barcodes and QR codes to reduce data entry.
Another challenge is the lack of space. Renovations, a costly but increasingly necessary step, might be in your property's future depending on the size of your property and the number of deliveries.
Therefore, a property manager can monitor the life cycle of stock by using inventory management software. This process entails receiving and storing goods in a warehouse as well as picking, packing, and shipping them. Inventory management software can improve inventory turnover and fulfill orders more efficiently by collecting data on these activities.
2. Drones in Real Estate
Real estate drone images provide a unique perspective for showcasing properties. This is one of the newest innovative property management trends—both the agency and the client benefit by having access to these resources. Real estate benefits from drones in numerous ways:
Property owners don't have to spend a lot of money on aerial photography when using drones for aerial photography.
Drones allow you to see larger houses and properties more clearly.
Large areas of vacant land can be seen more clearly via drones than by driving or walking.
Prospective tenants and buyers can see the surrounding area with drones as well.
3. Artificial intelligence: Future of Property Management Services and Solutions
A machine learning algorithm can identify patterns in data. Machine learning is fundamentally different from how humans developed software and systems in the past, especially in property management marketing tools where AI is more than a blessing in disguise.
Information runs its course through artificial intelligence, with the system learning and understanding things humans cannot see. As technology changes, the industry follows suit. Properties become more predictable when it comes to pricing and maintenance. This enables you to lower costs while increasing efficiency.
People seldom underestimate the severity of maintenance issues or that breakdowns happen suddenly. Statistics abound, and if you are paying attention, nothing just appears.
4. A Sustainable Approach to Technology
According to Property Forum, approximately 40% of the world's energy is used by the real estate sector. A growing number of agents are advocating for greener properties and systems to manage them as green business models gain popularity.
Real estate startups and their customers are primarily interested in meeting current demands. These needs have to be met while preserving natural resources. Startups can achieve both of these desires and avoid compromising the future of their products through the use of sustainable technology.
Real estate agencies can meet and even exceed their social and environmental responsibilities through tech-enabled sustainability initiatives during the construction and development phases of projects.
5. Automate Administrative Functions with Virtual receptionists
Technologies such as telepresence and artificial intelligence are rapidly displacing some workers in the industry, including assistants, receptionists, and accountants.
A good example would be using AI to greet your clients and customers at the front desk. Managers can then manage incoming traffic efficiently and even collaborate seamlessly between numerous offices within the country and abroad.
Globally, the property management and construction industries are proliferating. To scale and manage growth effectively, technological advancements allow companies and individuals to automate and streamline processes to minimize costs and maximize returns.
The lingering pandemic has put financial pressures and regulatory changes at the heart of a rapidly changing industry. Therefore, as with any change, you would also have to acclimate. However, knowing how the market for innovative property management evolves will help you build the portfolio you want.
By imposing the right property management tools, you can capitalize on what you do best: offering local market expertise, exceptional on-site support, and empathic customer service that keeps the rental market going despite seemingly insurmountable odds. ` Real estate tech can reduce your workload for these tasks. By leveraging technology, companies like PackageX are creating an integrated system of signal and response. That will be the defining concept of winning in the future.