Once upon a time, the ability to multitask was considered the mark of a competent individual and certainly an ideal employee. While more recent studies indicate that focusing on one task at a time is actually more efficient, not to mention healthier, that is not always realistic. Property managers, for example, will always have several balls in the air – that’s just the nature of the beast. However, utilizing technology – an area in which the real estate industry has typically lagged – makes juggling their many tasks infinitely easier. This goes beyond run-of-the-mill desktop software, where one would still need to log on from a computer, to EstateSpace property management software that give property managers the ability to handle all aspects of their job from anywhere in the world. Here are some ways in which such solutions are transforming the way they work, and making life easier for those who own and/or occupy the properties.
Better communication. Essentially, property managers serve as liaisons, not only between landlord and renter but amongst all other parties involved with the logistics of running the property. All-in-one solutions facilitate this by allowing property managers to communicate seamlessly with everyone, from architects and construction workers to home owners associations and representatives of local municipalities. Messaging features allow property managers to collect information, such as tenant feedback, and share it in real time, rather than having to sift through text and email threads. This is particularly attractive to the younger generations, who cringe at the idea of having to pick up the phone. Currently, millennials make up the largest portion of rental market, with “Zoomers,” or those from Generation Z, rapidly gaining on them, so it is critical that landlords and those who manage their properties adopt their preferred method of communication.
It’s Easier to Collect Rents and Check Backgrounds. Many management companies now accept payments online (i.e. via Venmo and Paypal) – a lifesaver for anyone who has ever forgotten to mail their rent check on time. Tenants can also set up automatic payments to avoid problems in the future. It also simplifies the process for property managers, who no longer have to make several deposits to the bank. EstateSpace property management software also simplifies the process of vetting potential tenants by allowing them to submit necessary forms and documentation online.
It (Almost) Cuts Out Paper. Going digital means no more voluminous files or stacks of contracts and leases, no more losing pages or spilling coffee on said files. It helps property managers use their space more efficiently, whether they are in the office or at home. Last but not least, it is also better for the environment.
With the end of the pandemic now in sight, property managers are only going to get busier. First, the rental market will rebound in historically crowded cities, such as New York and San Francisco, that emptied out during the lockdown. Second, the market is shifting. Projections indicate that there will be an influx of renters, especially Zoomers, in smaller towns in the Midwest and South, where they will get more space for their buck and possibly have a better quality of life as well. Third, they will also have to deal with the large turnover likely to happen once the CDC’s moratorium on evictions expires. Embracing the digital tools at their disposal will allow property managers to manage this shift, provide the best possible service to landlords and tenants, and remain competitive in their field.