How Technology is Revolutionizing Apartment Management?

Did you know that 69% of apartment managers believe that a service-oriented culture would positively impact their business?

But, apartment managers need to understand how to use technology to the best of customer interests.

The use of automation, AI, IoT have made property management systems robust and versatile. Thus, helping both tenants and property managers interact better.

Without further ado, let us look at the impact technology has made on the apartment management sector.

1. Electronic Documentation

Apartment management is a field that creates a necessity for large amounts of paperwork. Earlier, anyone who had a question about contracts, leases, or other matters had to go through large file cabinets whenever he/she ran into a question.

But, now, you can get access to digital versions, contracts, and other documents and even sign them using e-signatures. Not only does this save space, but you can also organize them better.

2. In-Built Customer Management

Apartment management tools have become comprehensive over the past decade. Now, you might wonder, what has made them different?

Well, they now consist of tools that are commonly seen as standalone or included in software packages. For instance, customer management. Modern apartment management solutions come with integrated CRM modules.

So, how can it be of benefit? Well, you can use them to find customer information with just a few clicks. Since you no longer need to search for information, you can use the saved time on improving core processes.

Interestingly, research by IDC suggests that organizations can save up to $ 6 million per year by using CRM modules.

Wait, there is more to it!

A CRM component in apartment management solutions can also help you maintain a neat record of customers’ preferences. Moreover, you can easily reach out to customers and address their needs efficiently. The result Higher customer satisfaction levels and more profits!

3. Maintenance Scheduling

How often has it happened that a tenant sent a maintenance request and it got lost during the process?

Subsequently, the issue was not fixed immediately, and it escalated into a worse problem. However, you no longer need to worry about these issues. Maintenance scheduling has made its mark on apartment management systems.

The online maintenance scheduling feature allows tenants to describe the problem in detail. After that, landlords or apartment managers can submit a response and contact the required contractors.

What’s more?

Maintenance programs also provide an extensive account of the steps and procedures required to fix the problem. Lastly, maintenance records can inform you when a specific appliance or unit needs a check or repair work with easily accessible data.

4. Access To Customer-Based Insights

Analytics is an essential aspect of property management as it provides access to customer-based insights. These can help you optimize and improve your services and provide tenants the best of experiences.

But, how can you get this information?

In property management solutions, these can come from the key financial figures, the vacancy level, and the maintenance and hospitality records.

Once these are ready, you can put your analytics tools to work. You can also leverage the power of these tools to personalize interactions and offer tailored services. As a result, you can get more tenants and build brand loyalty.

5. Easy Management

Do you also believe that automation is set to replace humans? Well, it is supporting us in our work!

But, how has automation impacted the property management sector?

Well, automation here means an easy contract, document, and portfolio management process. You can create workflows for day-to-day processes and ensure that everyone in your organization follows them.

Communication is another area of apartment management where automation can make a difference. For example, if your clients need assistance with an issue in their unit, they can simply do it on your property mobile solution or app.

Then, they can create service requests so that your maintenance team can take care of them. .

You need to maintain a directory of residents, the number of flats in the apartments and more, to systematically reach out to them. Using maintenance software will save you a lot of time and help effectively manage the condo.

6. Customized Rent Listings

Are you worried about rent listings that do not seem to get you any tenants?

Well, landlord and property managers can now apps and websites to list out every detail. These include vacant properties, photos, potential restrictions, contact methods, and other useful information.

Subsequently, future tenants can decide if the property is right or not faster. You can even schedule online video snippets through these programs or apps for greater convenience.

7. Advent of IoT sensors

As per an article by Statista, there are 26 billion IoT devices worldwide.

But, how can they help in apartment management?

IoT sensors can help in the real-time monitoring of units. The result Property managers need not rely on other interfaces to analyze the status of the sensors.

Instead, they can access the data directly from the property application’s screen. It is beneficial for property managers who oversee units located out of their way.

Wait, there is more to it!

They can even check the occupancy and vacancy statuses of those places. This means that they need not visit these places and can save on time and money.

Moreover, IoT sensors can offer insights into the performance of buildings and spaces. Using these, you can transform spaces and make them more likable for tenants. Thus, attracting more people and building a steady stream of revenue.

8. Simplified Rent Payments

Collecting and reminding tenants about their rent can be a tedious job.

But, what if you could streamline it?

Well, you can now easily do it. Apartment management systems now allow tenants to pay from the comfort of their homes. Moreover, you can get payments directly in your account and set reminders for rent collection.

Not only does this reduce cases of late or missing payments, but you can also keep payment records and use them to settle disputes or for other reasons.

Do you know what the best part is?

Online rent payments help you save trips to the bank! With streamlined payment systems, electronic paperwork, and overall operational effectiveness, apartment management systems have come a long way.

Are you a property manager? Share your experience in the comments below!