News & Blog

Getting Closer to Digital: Tips and Insights (property management perspective)

November 24, 2020

In an age of social distancing, getting closer to digital looks more and more like a reasonable decision. While most people are waiting for the time when they can go back to traditional forms of communication, the property management industry has been adopting technology to fit the current digital landscape. And honestly, that’s the approach all industry players should implement because the new normal is digital. 

If you’re eager to generate wealth by investing in real estate like about 90% of millionaires do, you should start looking for ways to leverage technology to increase your net worth in the long run. 

For landlords and property owners alike, getting closer to a digital company means moving their rental business online and starting applying online tools designed specifically for rental management. Luckily, there are plenty of options to choose from.

Investing in real estate

~90%

of the millionaires around the

globe have generated their wealth by investing in real estate.

Top three characteristics of online rental tools:

Accessibility 

At this point, avoiding in-person interactions and still being able to effectively manage business processes is achievable thanks to digital property management services. They allow both landlords and tenants to have easy access to the rental information they might need on a daily basis- like accounting data, lease agreements, and maintenance requests information. 

Convenience 

Most cloud-based rental tools focus on automated processes and provide portals for renters, homeowners, and service professionals. Platforms like TenantCloud have a tenant portal that lets renters easily communicate with their landlord, pay rent online, submit maintenance requests online, and much more. 

It’s a common misconception that people choose to rent because they simply can’t afford a place of their own. But about 32% of tenants rent because it’s convenient-  their choice has nothing to do with financial reasons.

But about 32% of tenants rent because it's convenient- their choice has nothing to do with financial reasons.

Cost 

The pricing of property management services depends on the set of features incorporated in the plan and the number of units managed. But multiple rental management tools offer a free version or budget-friendly paid plans for DIY landlords with smaller portfolios or those players who use the service for only a couple of options. 

Online rental tools

“ Online tools have made life so easy that I can't do my rental business without them. Automating accounting exposed me to all the time I used to waste doing it by hand. Banking, payments, invoicing, late fees, deposits, expenses, tax reports - all done automatically now.”

Joe Edgar

How to increase tenant satisfaction via technology

Pandemic-related restrictions forced the housing industry to adopt new technologies to update the way landlord-tenant interactions occur. That means, first and foremost, encouraging tenants to pay rent online and communicate via online tools. Likewise, with the help of tech tools we can reduce the number of social contact that needs to happen and automate most of the processes. 

Top three practices that can greatly improve renting experience: 

  • Online leases

A digital lease agreement isn’t a new concept but it is a convenient and eco-friendly alternative to paper legal documents.  

When moving in a new tenant, you can use document templates, make adjustments and customize the clauses instead of creating a completely new document. Also, some platforms have E-signature in place that makes it even faster to finalize the leasing process. 

  • Online payments 

One of the biggest benefits of online payments is the speed and safety of the transactions. With most payment methods, funds hit the recipient's bank account within a few business days and the transaction fees aren’t high. But if you’re concerned about possible extra fees or the legality of using those platforms for business, opt for a rental management tool with a built-in payment system.

Check out the article on the importance of adopting digital payments here

  • Online maintenance requests

To give your tenants a seamless tenant experience, allow them to submit maintenance orders online. It’ll not only save time, but will also help keep track of the progress and add any details along the way. 

Based on the TenantCloud Twitter poll data, most tenants pay attention to the online payments option:

TenantCloud Twitter Poll

Dear tenants, what's the first tech thing you look for in a PM software?

Digital documents

Online payments

I'd rather go offline

Online repair requests

But are landlords ready to transform their rental business into a digital model? Let’s take a look at the poll results:

TenantCloud Twitter Poll

How landlords feel about moving their rental business online

Already done that

It makes sense

I don't mind it

No, thanks

Are you adopting new technologies to keep up with the tech trends? What’s your biggest challenge so far?