Property Management Technology Trends

The property management industry has seen new technology emerge and become mainstream in recent years. No doubt, you’ve embraced one or two new applications yourself and have found them to make your management duties easier and more efficient, particularly when renting to tech-savvy Millennials and Gen-Zers.

As with any investment, it’s important to make sure that the benefits of any new property management technology outweigh its cost and the time it takes to train staff to use it. You also have to make sure that your residents will be able to embrace the new technology easily.

With 2018 well under way, now is a perfect time to improve and update systems. Below are several award-winning property management technologies that may be a good fit for your property management needs.

AmRent is a consumer reporting agency that helps leasing managers screen resident applications accurately. AmRent compiles a comprehensive report of information so that managers can qualify tenants quickly and get them signed and moved in.

Expediting your screening process and ensuring accurate reports have several benefits:

• You will save time and keep vacancies in between tenants to a minimum.
• You will find more qualified tenants and reduce evictions.
• You will improve your bottom line over time.

Paylease offers residents an easy way to pay rent and other expenses online, directly from your property’s website. Residents can pay on a one-time basis or set up recurring payments.

Implementing an online payment option has several benefits:

• You will improve your rent collection process and avoid lost checks or other clerical errors.
• Residents will be more apt to pay on time.
• Residents will appreciate the convenience you offer.

AppFolio Property Manager offers a cloud-based software that helps properties fill vacancies faster by optimizing your marketing scheme. For example, AppFolio provides mobile-friendly designs so that you can easily assemble your own website. AppFolio also allows you to post vacancies to hundreds of other sites in just one click.

AppFolio Property Manager also offers accounting, leasing, and maintenance solutions, as well as resident-centered services such as online rent payment.

Investing in this one-stop-shop for your property management needs has several benefits:

• You will streamline your management duties through one application.
• You will free up your office staff to engage with residents on a more personal basis.
• You will retain more residents.

Once you invest in a new property management technology, you will need to keep a close eye on its costs and weigh them against the benefits it brings to your residents and management office. Survey both your office staff and residents periodically to get a sense of how the changes have fit into their routines. Putting in the time now to make sure your new property management technology is successful will pay off down the road.  

Which technologies have worked well for your properties? Tell us in the comments below.

Before you go, check out our articles on Renting to Millennials and The Rise of Eco-Friendly Apartments.