Property Managers are an industry still working to play catch-up to stay current and compete in a market where every tenant requires fast access to the data the seek and quick resolutions. Some of the things to look out for from Property Manager's with their eyes on the future are outlined below.
According to Updater the future success of a Property Management Company relies on whether or not they have an App, and for some pretty valid reasons. Offering Prospective Tenants the ability to Check Availability and Schedule Tours, and Tenants the ability to Instant Message the Property Management Staff or Create Work Orders and set Emergency Alerts are some baseline improvements every Property Manager should be offering. Some interesting thoughts from this article were, the integration of a Digital Locker System in which a package is delivered to a given locker and the recipient receives a code and locker number for them to retrieve on their own time. Another was the incorporation of a service like Resident Link which is not only a Fraud Protection Services But also builds the users Credit with Positive Rent Payment Reporting.
CCIM Institute discusses a couple of key technologies focussing in on the Operational Side of things. A Web Portal by Essention "stores important property information, including drawings of each suite and real-time operation of fan motors, heating, ventilation, and air conditioning registers, floor temperatures, and alarm systems. Also offered is a 24-hours-a-day help desk to answer basic tenant questions and dispatch on-site or third-party maintenance personnel as needed. Services such as this allow good management operations to expand into additional markets and eliminate the need for an on-site presence in each submarket." Another technological resources worth mentioning is an "Internet-based energy management platform that enables property managers to collect and analyze energy use data, share information and best practices, and help clients develop demand-side and supply-side energy management programs."
Many of these technologies have been adopted by newer and more expensive properties, but even the little guys can make smart decisions on how they use technology to interact with their tenants and their properties. Getting the right combination which allows you to attract and retain tenants and manage your properties expenses more robustly will be game changers for anyone.