The Evolving Role of Technology in Property Management - Article Banner

Real estate investors and landlords are finding themselves in an increasingly complex business. Rental prices, tenant selection processes, and legal requirements are always changing, making it difficult to stay on top of the latest trends and best practices. 

This makes professional property management all the more necessary. The knowledge, skills, and expertise are extremely valuable, not to mention the resources that a professional partner can bring to the leasing, management, and maintenance of your rental properties. 

One of the best reasons to work with property managers is that we have access to the most innovative technology that’s available in the modern property management industry. While automation has had a significant impact on how property managers operate day-to-day activities, there is still much to explore in terms of understanding how technological advancements can continue to revolutionize each aspect of renting out a property. 

There’s also still a large need for human interaction and person-to-person contact. That’s another reason technology is so important. It allows more time for relationships.

Let’s take a look at the evolving role of technology in Charlotte property management.  

Accessing Accurate Pricing Data Helps You Earn More

Pricing is one of the most important parts of the leasing process, and it requires good data. That data is easily found with the programs and property management software we have. Property management technology allows us to price your property more accurately. 

Your investment’s rental value has a huge impact on how long it’s vacant and what types of residents you attract during the leasing period. It plays a role in the marketing process and it impacts how much you raise the rent during renewal times. It has to be right.

Some landlords will visit sites like Zillow and Craigslist to get a general idea of how much they can price their properties for, but data based on tech-driven sources is far more reliable.  Technology helps us gather accurate data to make the right pricing recommendations. 

Tech-Savvy Marketing for Charlotte Rental Homes

Technology has especially evolved when we talk about marketing and showings. 

To market your home effectively, a property manager can share your listing on dozens or even hundreds of rental sites thanks to software that syndicates a single listing. Posting a rental ad on each site individually is labor-intensive and time-consuming. Our technology eliminates that pain and saves our leasing agents and managers a lot of time and effort. 

Not only can we share your listing across more platforms to get it in front of more potential residents, we can also gather important data that helps us to do a better job of ultimately leasing the property. We can track the results of your listing, including how many people view it, contact us, schedule a showing, and fill out an application. 

Self-showings have changed the property management game, and they cannot be facilitated without the right technology. People want to see potential homes on their own time, and with privacy. Lockbox technology and smart locks allow you to safely allow people access to your property when there’s interest. This option helps with scheduling and also delivers a unique service to residents who prefer to see properties on their own.

Charlotte Tenants Expect Online Rental Payments 

Technology provides ease and convenience for landlords, property managers, and tenants. 

Today’s tenants expect to be able to pay their rent online. It’s how almost all other bills are paid. Paper rent is not necessary anymore unless your residents insist on writing checks. Our experience with electronic payments has shown that online rental payments lead to on-time payments. The technology we use has also evolved to deliver a well-documented rent collection process. Collecting checks and money orders only adds to delinquency and gives tenants an opportunity to be late. Online payments, however, are secure and convenient. They can schedule payments in advance and even set up recurring payments every month. 

There’s more to what property management accounting software can do. These systems have evolved to allow us to provide all the financial reporting that our owners and investors need. We can pay owners earlier in the month and provide a detailed and accurate statement of income and expenses associated with the property. 

Good technology allows us to automate all of our accounting, providing the type of transparency you need when you’re tracking income and expenses or filing taxes.

Documenting Rental Property Repairs 

Maintenance TechnologyTechnology has also evolved to help us provide more responsive and preventative maintenance. We’re able to document the condition of your home before a tenant moves in with photos, videos, and notes, which are easily uploaded from the property itself. This information is then easy to access when the tenant moves out and it’s time to do a move-out inspection. 

Tenants can report routine maintenance issues and make repair requests online. This helps us document the work that’s needed on your property, and it keeps us accountable to the repairs that are needed. You’ll also have the information you need to make decisions. You’ll know exactly when your roof was replaced, when your appliances broke down, and when your plumbing was updated. The written record is helpful for preventative maintenance purposes and it also allows us to organize our response and schedule our vendors. 

Having a maintenance history like this available to you can save you money on unnecessary repairs or help you make better decisions about when to replace something rather than repair it again. It also works to keep your residents happy; they’d much rather request maintenance online at their own convenience. 

These things are ever-evolving. There’s now more access to Artificial Intelligence (A.I.), which is making it easier to respond to customer questions. We embrace technology, and we encourage our owners to understand how it’s evolving and why it matters. When you’re looking for a Charlotte property management company, make sure you choose a partner who invests in technology. 

If you’d like to talk more about how our investment in good software and automated systems allows us to manage your property better, please contact us at AM Realty. We’d be happy to talk more about how we manage your property and answer any questions you might have.