Virtual reality, drones, artificial intelligence, and other emerging technologies are shaping modern business processes today by helping companies shed their inefficient, burdensome paper-based policies. Twenty-first-century technology streamlines daily operations, reducing overhead and improving internal efficiency. The real estate industry, and more specifically, the rental property sector, is evolving as more organizations adopt tech-driven practices. Companies who maintain the status quo—hanging onto their paper-based systems—will struggle to remain competitive in the marketplace.
Here are three ways that technology can help improve your rental property business immediately.
Redefining Lead Generation & Response
Enhanced lead generation is undoubtedly one of the primary areas most significantly impacted by modern technology. In the past, front line agents assumed responsibility as the first point of contact and had to gather the necessary information to evaluate lead quality. Today, chatbots and other AI tools not only track incoming leads, but they scour the vast wealth of cloud data, identifying potential tenants who may be interested in current vacancies and reaching out to initiate conversations.
Eliminating Time & Distance Barriers
Technology has virtually eliminated all time and location barriers to efficient process development. Most, if not all, property management transactions can be completed via web-based resources today. Prospects can pay their hold fees online, complete applications on their smartphones, and sign the lease remotely when it is convenient for them. It is possible to screen a client, arrange a property tour, collect fees and deposits, and finalize the lease without ever meeting a client face-to-face. Although some property management companies may not want to take this approach, there are real estate brokers who do when selling high-end properties. Because everyone is so busy today, it just makes sense to save the time and money needed to get everyone together under the same roof.
Offering Guided Virtual Tours
While many forward-thinking property managers use technology to allow self-guided property tours with lockboxes that can be programmed remotely, others choose to offer guided virtual tours on their websites. State-of-the-art technology expedites transactional processes and improves personal experiences. While automating mundane tasks frees up the leasing agents to do what they do best—build relationships and promote the rental business brand—tech also gives potential customers the service and experience they expect and deserve. A high-quality video allows prospects to virtually step inside a property as they “walk” along the pool, take a peek inside the kitchen pantry, and tour the laundry facilities.
What Can Technology Do for Your Rental Business?
There is an application or software package out there to handle virtually every aspect of your administrative processes. Whether you need help reducing training time, innovative options to speed up the annual maintenance inspection, or a tech-driven approach to attracting tenants using social media channels, there is a tech solution to overcome obstacles that are stifling growth and prosperity.
The first step is imagining what the perfect paperless business model for you would look like. Then, start exploring the amazing technology available to get you there.