Over the years, technology has shaped how people live their lives. Property managers who take advantage of the benefits of technological innovations are streamlining operations and managing their businesses more efficiently. Modern technology has made lives easier and more cost-efficient for managers, property owners, and tenants.
There are various ways in which advancements in property technology can benefit the real estate market. Not only do they mean a lucrative path for investors, but they are also helping millions of property managers, sellers, buyers, and owners improve their journey.
So, how can landlords and property managers benefit from modern technology to manage their properties?
Finding the right tenants
Having the right tenant is essential in keeping a rental property business afloat. New technologies paved the way for Artificial Intelligence (AI) that help match landlords and tenants. By providing concrete and accurate information, smart algorithms can pair landlords with the appropriate tenants, getting rid of potential unsuitable partnerships and saving time and money in the long run.
Online payments from tenants
Another great technological innovation is the ability to accept online payments, making things less complicated for both landlords, tenants, and even property managers. Allowing for online payments eliminates the need to physically collect rent or maintain regular office hours, saving you a great deal of time and effort. Tenants could also choose automated payments, deducting rent payments from their accounts without any input. This makes tracking payments more convenient and records more accessible in case disputes arise.
One effective way to maintain and secure a building is through key fobs. While one may be hesitant to detach from the conventional lock and key system, installing a modernized, high-tech, and remotely controlled key system can make a huge difference on how landlords and property managers manage their properties. When there are tenants on the lease, only their names are registered in the system and will be issued key fobs. This is elemental in making sure that there will be no illegal tenants in the building.
Technology for managing buildings and properties
If you want to attract higher-paying tenants, it will be helpful to take advantage of modern technology to add to your properties. Here are some of them:
- Smart smoke detectors, which monitor the air quality of the building and alert landlords or property managers if a fire is detected
- Remote security cameras, which allow landlords to view and monitor live footage on the building from anywhere, either through a mobile device or laptop
- Smart burglar alarms, which immediately alert owners and managers if break-ins occur at the property
These added features are worth the investment since they can attract better tenants, and rent can be a bit higher due to the safety benefits. Additionally, these safety features provide peace of mind, for both tenants and landlords.
Taking advantage of modern technologies is beneficial in the real estate industry. Landlords and property managers can use whichever is applicable to them. As technology is rapidly evolving, it is also critical to be on the lookout for the latest trends. For properties and building management in New York City, True Management NYC is the best group to partner with. Contact us today!