It’s hard to imagine a world without mobile phones. However, if you look at eight years ago, mobile phones and mobile apps usage were not as prevalent as they are today. With the rise of new technology, the residential property management industry also needed to adapt. Let’s look at how the industry has transformed over the past few years.
1) Advances in Home Technology
As technology improves and becomes more accessible than ever, it’s only natural that people’s daily habits also change. The rise of smart home appliances such as smart thermostats, locks, and lights has made it easier for tenants to directly request service or maintenance from landlords. Property managers need to adjust to these new changes in the home and respond fast to keep tenants happy.
2) Changing Consumer Preferences
Ten years ago, using apps to buy groceries or book a ride was still limited to early adopters. Today, they’re part of everyday life. Most people also use their mobile phones to go online more often than their desktop computers. As consumers adapt to using technology on the go, residential property managers must also adapt.
One way to cater to consumer preferences is to go where they are, especially with marketing and advertising. Residential property managers now use social media campaigns and optimized property listings to become visible to their markets and adapt to their preferences.
3) The Impact of Mobile Payment Solutions
Mobile payment solutions, such as Square and Venmo, are now ubiquitous. These convenient solutions allow tenants to settle their rent without the hassle of writing a check or going to the bank. Also, mobile payments have helped reduce late fees and created convenient and contactless forms of payment for both landlords and tenants.
4) The Emergence of the Sharing Economy
Today, everyone is familiar with Uber, Airbnb, and other “sharing economy” companies. Residential property management is also catching on. The industry is adapting to the rise of the “sharing economy” and creating new models based on this, from shared maid services to lawn maintenance.
5) The End of the Bad Neighbor
Tenants often leave houses unlocked and open when they leave. This may not be a huge issue for homeowners. But it can create a problem for property managers when they need to verify that there is no damage inside the property caused by tenants.
Some property managers now use technology and require new tenants to enter an access code on their phones to open the door. Through this, the property manager can track who caused possible damage and verify that a new tenant has arrived. This also removes the danger of outsiders entering the property.
6) The Emergence of Virtual Property Management
Virtual property management has also grown over the past few years. In the past, owners needed to be more hands-on when managing their properties. Thanks to the popularity of online property management software and online banking, property owners and managers can now run their businesses more easily and efficiently. These apps save time and resources, as owners don’t have to be physically present even if an issue arises.
The evolution of technology and people’s increasing dependence on it has created numerous changes in people’s lives. Our reliance on technology is growing, and thanks to some technological advances, homes are also becoming easier to manage. Make sure you maximize technology and make it work for you and your properties.
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