If you want to stay one step ahead of the competition (and make your job a lot easier!), you need to keep up with the latest tech.
- Tech upgrades can make your management company more efficient
- RFP management software can make your job a lot easier
- New products come to the market annually
- Learning how to use this technology and applying it to your properties will streamline many jobs
- Tech upgrades also provide value to residents within the communities you manage
Forward-thinking community management companies are always on the lookout for more efficient ways of managing properties. And tech solutions and upgrades offer exciting and innovative ways to do just that.
Upgrades like cloud computing, vendor management platforms, online communication, revenue and document management software, and digital document signings let you automate numerous processes. This makes life easier for you – and your residents – so embracing such upgrades is essential if you want to enhance your company’s competitive edge
Is your community management company investing in the right tech upgrades? Are you leveraging technology to yield maximum returns? Read on to find the answers to these questions and more.
Taking a paperless approach to community management is far more efficient and accurate than stuffing paperwork into a filing cabinet. It also makes you look more professional, as these days, prospective and current residents will be expecting digital forms, not pen-and-ink signings.
This tech solution will also make your job a lot easier. You can quickly share digital documents with tenants, coworkers, and owners anytime from anywhere. And you can link to documents in emails or even in other documents, making them easier to retrieve and keeping relevant information right at hand.
Digital document signing also eliminates most of the hassle of collecting signatures. You can simply send agreements and contracts with the right software for digital signatures and store all such documents in a digital format, thereby streamlining the process and making it easier for everyone. Your residents will thank you.
Collecting and analyzing data helps you make more strategic decisions, and leveraging analytic software improves your ability to meet tenants’ and owners’ needs. Community management systems can collect vacancy numbers, tenant feedback, and financial figures, but this raw data won’t do you much good without a system to sort it into actionable information. That’s where data analytics comes in – to help you identify patterns and weigh your costs against revenue.
With the right analytic software, you’ll have an easier time identifying areas of your business and communities that need improvement. Ultimately, you can leverage these valuable insights to enhance customer service.
Vendor management platforms
Leveraging a vendor management system (VMS) helps you minimize operational costs in several ways. These platforms deliver increased visibility, which is always good for business. And they also let you collect data to forecast your future needs.
Of course, the real benefit of a VMS is that it makes the process of finding, vetting, and managing service providers so much easier. With a VMS, you can locate vendors through the central repository and compare prices to find skilled workers who can do the job within your budget.
A VMS can also help you check vendor licensing and insurance compliance to reduce any risks to your community. You can also enjoy cloud computing capability that minimizes downtime, ensuring you remain in close communication with your vendors.
RFP management software
As a property manager, you know you’re going to have to work with third-party vendors. And while many managers embrace VMS platforms to help manage the process, only some appreciate the value of request for proposal (RFP) software.
RFP software lets you manage vendor proposals with ease by enabling you to automate your RFP process, freeing your team to spend more time on strategy and quality control. With RFP management software, you can maximize efficiency while minimizing risk. It improves productivity, enabling a calmer process throughout the RFP lifecycle. Ultimately, RFP management software can help facilitate collaboration across your teams.
Do you have trouble keeping up with tenant payments and communication? Tenant portals can help. This tech upgrade lets you store all tenant-related information in one convenient location. You can access all this information from anywhere simply by logging into the portal.
Tenants can also use these portals to view their statements, set up automatic payments, and track maintenance requests. To put it plainly, this simple tech upgrade can improve your customer service, save you and your residents time, and make all of your lives easier. That’s a win for everyone.
The Covid-19 pandemic created a need for virtual showings. While many considered this upgrade to be a temporary fix, prospective tenants and buyers love them, so it seems that virtual showings are here to stay. Virtual apartment tours let people prescreen units from the comfort of their homes. They’re especially helpful for people who are moving a long distance to a new area. As a property manager, you want to attract the widest range of potential residents that you can, so this tech upgrade seems like a no-brainer.
Automating mundane property management tasks helps you free up time to work on more important things. For instance, an automated late payment notification spares you the trouble of following up with every tenant who forgets to pay rent or fees on time. Simply set the system up to send out a notification whenever certain conditions are met, and it does the job for you.
You could also set up a move-out trigger that starts maintenance tickets. This upgrade ensures that you can start preparing units for the next tenant proactively, giving you less downtime with unoccupied units.
Do you want to attract tenants and fill vacancies faster? Embrace intelligent home technology like smart lighting and thermostats. Innovative lighting technology helps keep utility costs down. Also, you can schedule lights to turn on or off conveniently.
Use this technology to adjust for seasons while keeping your tenants safe. You can also deter thieves from unoccupied rental properties by switching the lights on and off as if someone were there. Installing smart thermostats gives you a firmer grip on your HVAC systems. They can also keep unoccupied home temperatures above freezing, preventing damage.
The best part is that, in addition to making your job easier and reducing utility costs, all of these upgrades appeal to tenants, making them a selling point to prospective renters. And speaking of selling points, you might also consider installing interior and/or exterior cameras to monitor your property around the clock. With this technology, you can protect residents against trespassers, fire, and theft, making your community even more attractive to prospective tenants or buyers.
Leverage technology to boost your competitive edge
Property managers can leverage new tech upgrades to improve their efficiency and customer service. Investing in the right technology makes your property more appealing to prospective tenants while also making your job of managing the property so much easier.
So don’t remain behind – upgrade your technology to enhance your responsiveness and efficiency while setting your company up for success in today’s market. Contact the team at VendorSmart and let us help you leverage the best technology for your business.