Property managers of the future are focused on technology. In turn, this allows them to cater to the tech-savvy tenants of the world today and create an effortless process for multifamily owners. If you’re an owner or landlord and answer yes to any of the questions below, it’s time to hire a property manager of the future.
1. Do you find it challenging to properly screen tenants?
Due to the complexity of searching for new tenants, implementing a comprehensive screening process is crucial. Having the ability to screen tenants through a cloud-based management software will:
- Eliminate tenants who are a poor fit for your property, saving you time, money, and a host of various issues
- Find more renters who are highly likely to fulfill all the terms of your rental agreement
- Track the status of tenants and applications submitted
2. Are your tenants required to write a note or call to get in touch with you?
Is your voicemail filled with messages about clogged drains, broken items, and other apartment fixes? Property managers should be able to receive tenant requests through an online portal where tenants can:
- Submit maintenance requests from anywhere at any time
- Upload photos of maintenance issues
- Check the status of a maintenance request
- View past maintenance requests
- Create reports to keep costs consistent and track payments
3. Does your property marketing consist of Craigslist posts and flyers?
“The Craigslist experience just doesn’t cut it with today’s digital-savvy renter. More than 90 percent of people looking for their next living situation are searching online first and more than 60 percent are looking on mobile,” says Matt Reilly, Director of Growth at RadPad. There are currently hundreds of rental listing sites available to help showcase your properties. These sites attract qualified leads and convert more prospects into tenants by capturing and marketing a lifestyle experience instead of just a few pictures and a short description.
4. Do you collect money orders and checks for rent?
According to Zillow, 56% of renters pay rent in person. The modern renter relies on technology from their personal life to their finances, so if your property isn’t already accepting online rent payment, you’re behind the times. An online tenant portal can:
- Create convenience: When tenants pay rent at their convenience, you aren’t bothered with issues relating to collecting rent in person or through the mail
- Add safety or security: Online payments eliminate risks associated with checks and identity theft
- Improve the tenant & landlord relationship: Tenants will be able to set up automatic payments, providing fewer headaches than dropping off a paper check
- Keep you organized: Collecting rent online creates a seamless digital record that requires little effort for you and your tenants
5. Are your monthly reports difficult to access?
Property managers should be able to provide a full view of your investment. A good property manager will make sure your monthly reports are available 24/7 on a secure client portal featuring:
- Rent and other income received
- Maintenance and repairs
- Changes in a particular property or neighborhood
- Results of marketing campaigns
The value of a property manager is in removing manual processes that are cumbersome for the average owner and housing property information in one central ecosystem where managers, owners, and tenants exist together. With the right property management team in place, they can provide higher quality service, better tenants, and instant access to operational and financial metrics.