Within the growing $77 billion dollar property management industry, automation is becoming the norm. From text message rent notifications in downtown high-rises to auto-generated lease forms in small suburbs, rental properties across the U.S. are opting out of traditional management practices and migrating to automated, online management.
While we all know that human, personal interaction is necessary for properties to retain long-term residents, in order to keep up with the housing demand’s upcoming developments, changing your management mindset will allow your properties to succeed. Not thinking is actually smart thinking.
Consider this – by automating menial tasks such as rent collection, property reports like profit and loss statements, and vacancy listing posting, you’ll be able to invest your staff’s newfound time directly into the property and your residents. Property managers can have more time to build relationships with residents and increase renter satisfaction to aid in resident retention and keep occupancy rates high. Managers can also spend that extra time reaching out to the local community and boosting the property’s reputation. Overall staff is also able to dedicate more time to upholding the property’s standards, from applicant vetting to enforcing late fees and dog poop policies. Ultimately, with automation you can level the playing field for your staff to stand out against your competition.
It’s understandable that some properties haven’t yet upgraded to automated management is that it can feel like an overwhelming change to setup and implement. Automated software can be a big investment, but the potential benefits make it imperative that you find the right software for your properties. Each software as a service will vary by price, complexities, training time, installation time and fees, and features. Some services take automation to another level with AI technology (at a hefty price) while others automate the essentials (at an affordable price) – it’s up to you to narrow down what fits your needs. It’s also worth considering a platform that’s a good fit for your properties now as well as if or when you grow.
Change can be daunting, but upgrading your management practices is an essential process for your rental properties that they will reap the benefits of for years to come. Through automation, you give your staff the opportunity to do what they do best – interacting with your residents, building your reputation, and making sure your standards are being consistently met. As the rental housing industry continues to grow, give your rental properties an edge through automation.
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