Within the growing $77 billion dollar property management industry, automation is becoming the norm. From text message rent notifications in downtown high-rises to auto-generated lease forms in small suburbs, rental properties across the U.S. are opting out of traditional management practices and migrating to automated, online management.
While we all know that human, personal interaction is necessary for properties to retain long-term tenants, in order to keep up with the housing demand’s upcoming developments, changing your management mindset will allow your properties to succeed. Not thinking is actually smart thinking.
Consider this – by automating menial tasks such as rent collection and posting vacancies online, you’ll be able to invest your newfound time directly into your properties and tenants. Landlords can have more time to build relationships with tenants and increase renter satisfaction to aid in resident retention and keep occupancy rates high. You are also able to dedicate more time to upholding the property’s standards, from applicant vetting to enforcing late fees and handling maintenance. Ultimately, with automation the playing field is leveled for you to stand out against your competition.
It’s understandable that some properties haven’t yet upgraded to automated management, as it can feel like an overwhelming change to setup and implement. Automated software can be a big investment, but the potential benefits make it imperative that you find the right software for your properties. Each software as a service will vary by price, complexities, training time, installation time and fees, and features. Some services take automation to another level with AI technology (at a hefty price) while others automate the essentials (at an affordable price) – it’s up to you to narrow down what fits your needs. It’s also worth considering a platform that’s a good fit for your properties now as well as if or when you grow.
Change can be daunting, but upgrading your management practices is an essential process for your rental properties that they will reap the benefits of for years to come. Through automation, you give yourself the opportunity to do your best – interacting with your tenants, building your reputation, and making sure your standards are being consistently met. As the rental housing industry continues to grow, give your rental properties an edge through automation.