Like in many other industries in 2024, property managers are digitizing their processes and workflows for better efficiency and productivity. With the right software and technology, property managers can reduce the amount of time they spend manually completing tedious and repetitive tasks, making it easier to grow business and take on more units.
While there are many types of software and emerging tools to support property management, we want to share our suggestions for the technology we feel can be the most impactful.
Listing Platforms
One tool that any property manager should use is a listing platform. This helps property managers reach a wider audience and fill vacancies more quickly by advertising their properties online.
Depending on the exact listing platform you use, it may even include additional tools like scheduling viewings and communication features to make the process more convenient for managers and future tenants.
Virtual Showing Tools
Tenants and property managers are busy people, so both parties can benefit from a virtual showing tool that allows prospective tenants to view the property at their own convenience. This can be particularly useful for tenants who will be relocating and can’t view the unit in person before signing the lease.
Plus, when using these tools, property managers don’t have to take time out of their busy schedules to travel between different units for showings. Instead, they can save on transportation costs and allow tenants to view units from anywhere using their pre-recorded tour.
Document Sharing & eSignature Tools
Document management platforms allow you to collect legally binding signatures and provide a digital archive of signed documents for your records. Thus, document-sharing and eSignature tools might seem like simple technologies, but they can provide significant benefits for property managers. They make it much easier for new tenants to sign rental agreements, eliminating the need to do so in person with physical paperwork.
Accounting Systems
Maintaining accurate financial records is critical for any property manager. Using an online accounting solution can streamline financial reporting and make it easier for property managers to keep track of all income and expenses related to the rentals they manage. This not only helps them meet compliance requirements but also makes for a smoother tax season if they already have all transaction data clearly compiled and recorded.
All-in-One Software
Property managers with dozens or hundreds of units may consider an all-in-one solution or tenant portal that includes capabilities for collecting digital payments, communicating with tenants, making announcements, compiling maintenance requests, and more.
Though these may be a bit more pricey than the other tools we’ve listed, it’s not practical for property managers with many units to handle each of these tasks manually. These solutions can streamline their workflows and keep tenant-related information centralized and easy to access by anyone on the team.
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Written by Bailey Schramm