To say 2021 will be a year of massive shifts and innovations in the property management industry is an understatement. Successful businesses are beginning to think on their feet and out of the box, using innovative technology is one of 2021s biggest survival trends.
Property management businesses that traditionally rely solely on in-person communication are shifting gears –working with tenants, landlords, and prospective tenants in a new, high-tech, and safe environment.
There are several ways businesses are navigating their way around and through the pandemic. Examples of how technology is replacing a firm handshake and face-to-face contact without losing their previously shared one-on-one rapport and open communication with their communities:
Cloud-based software allows managers to work safely at home by providing access to tenant contact information, move in and move out dates, past due rents, maintenance schedules, and more.
Electronic communication: Video chat, web chat, email, and telephone provide tenants and landlords the ability to communicate with management staff even while managers may be working from their home offices.
Rental payments: Paying online rent appeals to most tenants, especially the Millennials and Gen Z. They not only like online payments, they expect it.
Software technology: New and improved software for accounting, time management, tenant screening, online payments, and property management analytics is on the market. Companies realize the value of investing in solutions that significantly will improve efficiency.
Online leasing: New tools have been created to allow prospective tenants the ability to seamlessly schedule property showings from a computer or mobile device.
Artificial Intelligence: According to one software company, “Chatbots, virtual robots, and assistants make renter-manager-landlord communication faster and more efficient by answering generic questions, getting to know customer preferences, or even holding virtual showings.”
Customer churn prediction using Machine Learning: This software relates to the marketing functions of a business. Predictive modeling helps marketers segment their customer base with a deep dive into data. This solution can also pinpoint various characteristics within your client base and how best to communicate.
The pandemic presents property managers with quite a few challenges. They strive to meet their revenue goals, find solutions that are most beneficial to their communities and give tenants the same level of customer care to which they were accustomed. At the same time, managers continue to seek out creative ways to retain and increase tenancy.
About Rentals America
Rentals America provides full-service property management for residential rental properties. Our team is completely dedicated to property management and we’re here to help landlords navigate the rental market.
