Managing properties used to take a robust staff of dozens of people to collect rent, maintain the grounds, perform repairs and routine maintenance, etc. Current technology has made it so that nearly every single task in property management can be handled through technology, making it much easier to manage properties, engage with tenants, collect rent payments, and secure and retain new tenants.
#1: CRE Management Platforms
Commercial real estate was late to the game but as of late, there are tech companies catching up with this underrepresented market. It is possible to go completely paperless. From collecting rents online to making maintenance requests by mobile phone, all property management – using the right platform – can be conducted in real-time electronically. That saves a lot of paper, a lot of time, and a lot of personnel costs to manage properties.
Not only does that make property management more efficient, since all of that documentation is secured on the cloud, but the data can also be used for reporting, recordkeeping, assigning tasks, tracking contractor and employee time, processing payments, even signing leases. Everything can be maintained and organized from one platform that can be viewed and shared.
#2: Cashless and Online Payment Apps
Collecting rent payments online where tenants have to scan a voided check or upload bank and credit card information in order to process payments is slow compared to cashless payments. Most tenants today – 75% – pay their rent online. Just like all other paperless transactions, cashless payments can be tracked, recorded, and stored in real-time without any physical cash or checks changing hands. Best of all, the payments are sent and received instantly.
#3: Around the Clock Building Maintenance and Repairs
Smart building technology is making it so that maintenance and repair calls can almost all be automated. Tenants can send requests at any time of the day or week via text, mobile app, or online via the building website. Chatbots and Smart call center apps are making around the clock responsiveness more possible than ever.
#4: CRE Technology Integration Software
Now that tech companies are operating in the commercial real estate space, new ones are figuring out just how haphazardly most property management technologies have been put together. Most of these tools have been added one by one over years and many do not work together.
The need is great for integration technology that can make these programs work together or better yet, replaces them with an all-in-one system without losing historical data. There are several new commercial tech businesses competing in this arena.
#5: Automated Everything
Technology has gotten so advanced that so many functions can be automated in practically every industry that millions of jobs are lost and gone forever to technology. More than 34K companies dedicated to property management are operating in the U.S. employing dozens of people to handle duties that can be automated or processed through Smart computer programming and technology.
Combining automation with humanistic programs that can give property tours, process online applications, send tenant alerts, etc, is allowing property managers to shave thousands of dollars in costs enabling them to focus attention on bigger big picture plans.