Due to new-age technological advancements, property management has significantly evolved over time. As Kanat Sultanbekov says, by integrating various innovative solutions like real estate technology and property management systems, the manner in which property managers operate has significantly transformed. Modern tech based systems and tools help enhance efficiency, streamline operations and optimize the overall property management process.
Kanat Sultanbekov talks about the impact of technology on property management
Property management helps make sure of smooth operation and maintenance in the real estate industry. Technology has revolutionized property management operations over the years, leading to improved profitability and efficiency. It has impacted many aspects of property management, including managing tenant experience, which is vital to ensuring tenant satisfaction and encouraging lease renewals.
When the tenants are happy and satisfied, the risk of turnover and vacancy automatically goes down. This leads to fewer disputes and conflicts as well. Today technology is widely used for managing rent collection, ensuring lease enforcement, and marketing of rental properties. This provides property managers and their team with more time to actually get to know the residents and their requirements. This approach allows the use of technology to enhance and complement tenant relationships. Online tenant portals, mobile applications and instant text messaging have significantly helped in ensuring improved communication and tenant engagement. Many tenants today prefer to rent and request maintenance online, as well as access lease agreements from anywhere. Technology helps in making these tenants feel more comfortable with the entire rental experience.
Quality data and good technology make it much easier to price rental properties. The pricing process may seem confusing in the start, but by conducting thorough property analysis and taking a deep into market analytics, property managers can ensure efficient property pricing. The right rental value impacts the type of tenant attracted by the property, the amount of money made by the property manager, and their ability to keep rents consistent with market increases. There is a great deal of value in appropriately pricing a property before it hits the market. The vacancy time is likely to go down, if property managers start off with the right rental price. This also makes sure that they are not under-pricing the rental property. Technology has made conducting comparable market analysis easier than ever.
As Kanat Sultanbekov says, once the rental value is established, one can also use discerning technologies for the leasing process. Cloud based platforms; for instance, have made it easier for both property owners and landlords to efficiently work through the listings, the showings, and the applications. Today there is software available that helps in managing leads when someone engages with a listing, engages potential renters, offers virtual tours, and track user behaviors.
With the help of technology, property managers are also able to screen tenants more carefully and more objectively. By effectively running credit and eviction reports online, one would have all data they need in a few hours instead of days. This process also ensures that no one in the property management team is treating one application differently from another.
