How Technology Will Change Property Managers Jobs In 2017
How Technology Will Change Property Managers Jobs In 2017How Technology Will Change Property Managers Jobs In 2017

How Technology Will Change Property Managers Jobs In 2017.

Will 2017 be a groundbreaking year in property management, or business as usual? One thing is certain: Technology will have a major impact on the way property managers do their job and engage with renters, real estate agents and maintenance teams.

1. Renters insurance, soon to be a requirement, will be enforced through technology

During the next year, property managers will begin to offer tenants coverage as an add-on to the total rent cost through their property management software. Tenants can sign up electronically during the lease process, saving time and reducing time-to-lease. By offering this coverage as part of your property management package, you can protect yourself — and your renters — from any unforeseen accidents or damage.

One of the risks to owners and property managers is that at the point of lease, a renter could show proof of coverage, and then cancel the policy. This creates a false sense of security to managers thinking the renter has fulfilled their obligation. By offering a competitive product that renters can sign up for, property managers can ensure the policy is maintained.

2. Property management companies will go the paperless payment route

With mobile payments becoming the norm in areas such as retail, many consumers now expect to be able to pay their rent on the go. Electronic payments are more convenient for renters and for property managers, from both an administrative and tracking perspective. The more you start tracking transactions online, the less time you’ll spend on other tasks like rent collection.

If you’re worried about convenience fees, remember that credit cards aren’t the only paperless option. Property management platforms allow renters to pay rent via electronic transfer (the same way people pay utility bills today). Property managers may charge tenants the associated convenience fees if the tenant chooses to make electronic payments

3. Property managers will spend more time working online through efficiency apps

From showings to inspections and move-ins, property managers are constantly being pulled out of the office to manage different aspects of their business. Technology will finally start to take over some of these out-of-office tasks in the year ahead. Expect to see technology adoption in the following areas:

  1. Keyless entry: This feature lets prospective renters more easily tour the units with real estate agents without the property manager needing to be on-site.
  2. Virtual reality-guided tours: An upgrade to panoramic 3-D room tours, in-depth virtual reality tours will enable prospective renters to experience the apartment, common areas and more without having to step inside the building — giving a property manager time for other tasks.
  3. Remote inspections: With the help of robotics and remote video cameras, property managers can remotely conduct unit inspections, pinpointing problems without having to step foot outside of the office.

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