There are many different ways that technology can enhance your property management business. These innovations range from AI-powered chatbots to IoT sensors. So whether you’re a landlord or a property manager, you’ll want to keep abreast of these new technologies.
Digital Payments
In an age when Generation Z is starting to enter the workforce and rent their first apartments, digital payments have never been more relevant. Though the property management industry has yet to embrace the trend fully, the COVID-19 pandemic has helped accelerate its adoption. So now, more firms offer online payments.
Digital payments will continue to grow, especially in the United States. The market for digital payment services is booming, and new services are being launched all the time. Many of these services target businesses, and their popularity drives more competition and partnerships with major incumbents. Some are even getting into cryptocurrency and digital asset services.
Customers are becoming more digitized, which requires property managers to streamline interactions. By incorporating new technologies, a property manager like in Carlsbad property management company can reduce repetitive, time-consuming tasks and free up more time for customer service and industry expertise.
AI-Powered Chatbots
AI-powered chatbots for property management can help property managers streamline their processes and respond to customer queries in several ways. For example, chatbots can be programmed to answer frequently asked questions, book tours, and even pre-screen prospective renters. The bot can even handle spelling errors and non-standard grammar.
These chatbots are available 24 hours a day and can handle various tasks for property managers. They are most effective at automating routine tasks that property managers perform daily. For example, agents can use Hey Landlord’s chatbot to answer common questions and schedule viewing appointments. The chatbot’s natural language skills allow it to prevent double bookings and provide information about the availability of available properties. It can also book tradespeople for maintenance and repair.
AI-powered chatbots for property management are gaining popularity among tenants. Tenants want convenience, and chatbots can help them achieve this. These chatbots can be used for many tasks, including paying rent, sending maintenance requests, and tracking utility usage.
IoT Sensors
Having IoT sensors installed on your property can significantly help property management. These devices can track various parameters, such as temperature, light, and pressure. In addition, they can be connected to your Property Management Software. This allows you to monitor other machines and people in the building.
Building managers can also utilize IoT sensors to monitor the health of their infrastructure. For example, they can use these sensors to monitor the electricity consumption of the entire property or just a certain floor. This data can indicate whether or not a building needs to be repaired. IoT sensors can also alert building managers of any abnormalities or deterioration. The real-time alerts can then be sent to the appropriate staff to investigate the issue.
Online Rent Collection
Online rent collection has many advantages over the traditional way of collecting rent payments. For starters, it is convenient, germ-free, and increases the chances of rent payments being made on time. It also helps landlords create customized reports, which can help them make better business decisions. In contrast, many property managers still receive many phone calls from tenants, but only when it is time to address maintenance issues or receive payment inquiries.
There are many different types of online rent collection systems. Some of the best options allow you to accept payments from credit cards and bank accounts. Others let you accept payments in cash. Some even offer credit-building incentives to tenants, which can make payments easier. For example, for a small fee, TenantCloud offers a free trial and a paid account starting at $12 a month. It includes online rent payment schedules, tenant screening, renter reporting, and vendor networks. Once your trial ends, you can upgrade to a paid account and additional access features, like tax reports, leads tracking CRM, and more.
Ghost Kitchens
A ghost kitchen is a licensed space for a restaurant or other business in a building. In some cases, the ghost tenant will use the space for their operations, but they will also lease it to third parties for a short period. This allows the landlord to increase their rental income and gives them more space control. It also allows the tenant to generate additional income and offset their rent obligations to the landlord.
Those who manage ghost kitchens should consider their legal obligations before leasing the space. For example, they should ask the tenant to certify that the kitchen is permissible and seek landlord permission to install specialized kitchen equipment. Ghost kitchens are often an effective way to cut operational expenses and explore un-leasable spaces previously. But they must be considered carefully because they can involve three levels of parties, including the landlord, licensee, and tenant.