With the abundance of new technologies, here are 5 tech amenity trends for residents that all savvy Property Managers should know about.
In 2019, Property Managers in the multifamily apartment industry are continually striving to exceed the constant needs of residents. With the #amenitywars still raging, it's no surprise that residents have more amenity options than ever before - and it's the amenities that offer technological convenience that truly make an impact on their long-term decisions on where to live.
In order to balance time, tenants, and revenue for successful property management, there are a few #proptech trends that all Property Managers should know.
These are 5 property tech trends to watch for the rest of 2019:
1. Smart Amenities
One of the main goals for property managers is creating a seamless and convenient lifestyle for residents. Smart home technology are perfect amenities to add to your property to increase ROI and tenant retention for exactly that purpose: added convenience. Smart amenities include smart locks (ex: Latch), smart thermostats (ex: Google Nest), smart lighting and security (ex: LittleBird), and smart package drop-offs (ex: Amazon Key). Whether it’s the utilities savings from smart home lighting and thermostats, or the efficiency of keyless smart lock entry, 86% of tenants are willing to pay more for automated smart home technology. Smart home technology can also improve security, allowing property managers to track whenever individuals come in or out of the building, or storing resident packages in smart lockers to prevent theft.
2. Service Automation
There is an abundance of new resident service automation technology for everything from accounting (ex: Buildium), rent payments (ex: Rentroom and Innango) to tenant screening (ex: Cozy) and maintenance services (ex: PropertyMeld). Autonomous smart property systems can syndicate all your property listings, automate the renewal process, and send out information or respond to requests from tenants and property staff, logging this information into a database and even providing property analytics on where to improve. Meanwhile, the latest #fintech can process payments, automate late fees, and post all transactions to your ledger so your staff no longer has to manually input all this data.
3. Property Management Mobile Apps
It’s all about mobile in 2019, where apps provide the connectivity and convenience that residents desire. Technology also makes it easier for property managers and staff to organize electronic communication flows with residents whenever issues arise. With great mobile apps like Landlordy, Zillow Rental Manager, and Landlord Studio, Property managers can even utilize push notifications to alert residents of events or other important information with a single click of a button. On the other hand, tenants now have a community hub to advise property managers of immediate problems, make rent payments, extend leases, track packages, and even print, all from their mobile phone.
4. Artificial intelligence and machine learning
New advances in technology allow property managers and owners to take proactive approaches in streamlining management processes. AI and machine learning can use special algorithms to identify, reach out to, and screen optimal prospective tenants. It can also connect existing residents and property staff using chatbots and other devices such as Alexa or Google Home. An AI-powered service can alert property staff of maintenance issues before they even happen by measuring the life cycle of appliances and determining time frames when issues are likely to occur. That way, property managers and staff know what to expect and when, so they can always be on top of their game.
5. Shift to the cloud ☁️
Today everyone is moving to internet cloud databases to collect and store all their information. All documents, payments, maintenance requests, and everything in between lives in the cloud and can be referenced by anyone in the company with a single click. Private information can also be encrypted for security purposes so sensitive data does not fall into the wrong hands.
Switching to electronic documents - including lease forms, building informational guides, and rent payments - means no more wasting time coordinating schedules to meet and sign leases in person, or keeping track of mountains of crumpled receipts. In the times you do need physical documents, take advantage of a modern cloud printer to print your documents securely and with convenience.
At the end of the day, every property manager wants to focus on creating the best experience for their residents, juggling dozens of other tasks and administrative work to make that happen. Technology makes everything a little easier, so that your property staff can find quality prospects, reduce time waste, improve communication with tenants, and maintain positive cash flow.
