2021 Technology Trends in Property Management

Technology Trends in Property Management

2021 Technology Trends in Property Management

Thinking about how to ensure a high return on your investment property? Then this article is for you. 

Faraaz Hashmi | Skybridge Property Group

By Faraaz Hashmi

As modern technology is rapidly taking over the world, many businesses are struggling to cope up with the changes. From the traditional ways of doing things to a more automated and systematic process. These modern technological advancements have had a wide range of effects on the property management sector, from clients to property management firms.

In this blog, Skybridge Property Group will tackle some technology trends in property management that helped the industry be where it is now. Continue reading!

1.    Cloud Computing

Cloud computing refers to the delivery of various services over the internet. Data storage, servers, databases, networking, and software are examples of these resources. 

With cloud computing incorporated into property management, a property manager may now access all necessary information over the internet, eliminating the need to invest in the construction and maintenance of a network. You may save money on IT costs with this technology, and you won’t need to worry about security upgrades because you’ll always have access to the most recent version of your applications.

Out on a vacation but needs to check on assets and other documents? Worry not because cloud computing allows you to access your applications from anywhere at any time as long as you have a connection to the internet. You can also establish client portals with internet access to better service your clients.

2. Business Intelligence

To help firms make more data-driven decisions, they use business intelligence (BI) that incorporates business analytics, data mining, data visualization, data tools and infrastructure. Technically, you’re recognized to have a modern business intelligence when you have a holistic perspective of your company’s data and can utilize it to drive change, eliminate inefficiencies and quickly adjust to market or supplier changes. 

With the help of business intelligence in property management, you will be able to anticipate market conditions to ensure lower vacancy rates. It can also help to analyze past performances and predict trends across areas, and provide insights into performances of different property portfolios. 

Reports wise, you can also generate customized reports on different factors of the business. This way, you and other people working for you will have a better insight of the businesses data, and contribute to a more precise decision. 

3. Artificial Intelligence

Multiple tasks and competing priorities are common for property managers to balance. With limited time and resources, it’s critical to uncover cost-cutting and efficiency-improving opportunities across their portfolios. 

Now, many businesses have started integrating artificial intelligence into their systems and processes. Artificial intelligence can automate communication between renters, landlords and property managers. It can also be used to answer common questions from renters, automatically send emails to subscribers, process maintenance requests and more. 

The wonders of AI aren’t ending there! Artificial Intelligence can also learn in two ways: supervised and self-learning. In some fields such as property management, property managers are encouraged to use supervised learning to ensure stability and a more personalized and precise result. The use of AI in businesses doesn’t suggest that it will take over what the humans are working on, hence help on the operations and save time on tasks.

4. Smartphone Technology

Adopting the smartphone technology has made significant changes through many industries, including property management. There’s just so many ways that these little devices have provided property managers more than what they need. Now, providing mobile payment solutions make it easier for tenants to pay their rent on time, improving cash flow and lowering arrears. Smartphones also enable property managers to improve maintenance processes by allowing tenants to make requests through texts or emails, send leasing applications and process it quickly — which also adds to improving overall customer satisfaction. Money wise, these overall automated innovations help reduce administration costs because workflows are processed automatedly. 

Skybridge Property Group is leading the contactless revolution in property management. To learn how we can help you, call us at 909-610-9780.

4 Things That Can Help Ensure a High Return on Your Investment Property

Investment Property | Skybridge Property Group

4 Things That Can Help Ensure a High Return on Your Investment Property

Thinking about how to ensure a high return on your investment property? Then this article is for you. 

Faraaz Hashmi | Skybridge Property Group

By Faraaz Hashmi

Real estate is always a reliable investment. Yes, the real estate market does fluctuate, so purchasing low and selling high is not always a given. However, real estate provides the best opportunity to generate passive income and build wealth. Owning property and successfully renting it out could easily generate thousands for your yearly income, whether you rent out a room, a whole house, apartments or commercial real estate.

Whether you’re fixing up the property now or waiting until it’s safer to bring in tenants, Skybridge Property Group explains ways to ensure you get the best return on your real estate investment.

1.    Get Your Rental Business Off The Ground

If you haven’t started your rental business yet, there are few preliminary steps that need to be considered. One proven step is registering your newly clad business as an LLC. Not only does a limited liability corporation provide personal liability protection, but it also provides other benefits, including flexible tax options. You’ll also need to appoint a registered agent to act on behalf of the company when dealing with the state. In addition to tax notifications, a registered agent will also handle time-sensitive matters between your company and the state.

Another crucial step is determining where your rental property will be located. Getting advice from an experienced real estate agent can give you insight into what is currently renting and what is not being rented. Your agent can also help you navigate HOA guidelines and local laws that could impact your choice; they will be able to point you toward the right location to fit your investment plans. Having this kind of connection can also lead to future rental prospects. Lastly, pricing your new rental property fairly will guarantee that it’s always booked.

2. Hire a Property Manager

Part of the lure of investment property is that it practically makes money on its own. However, renters require a certain amount of attention, and the property requires maintenance and repairs. In order to alleviate some of the stress that comes with property management and to demonstrate to renters that they will have someone dedicated to managing their property, you can hire a property manager to take care of things. A property manager can help you choose the right tenants, regularly check and maintain the property, and collect the rent from tenants.

3. Make the Property Appealing

Your design decisions will depend on the type of property you’re investing in. Once you have chosen the type of real estate that appeals to you, then it’s time to take pen to paper and define your target tenant. Once you’ve figured that out, you’ll want to design the rental space with their needs in mind. Get to know your market by talking with your real estate agent, neighbors, property managers, similarly-situated investors and local business owners. Researching your potential tenant market will give you insight to what they want, and providing what they want will allow you to charge premium rents and increase your profit.

Depending on your property and target tenant, some design elements you may want to incorporate include:

  • Natural lightingDark spaces can be depressing. Consider opening up spaces by taking out walls and adding large windows in order to let that natural light in (bonus: natural light makes small spaces look larger).
  • Technology — Embrace the 21st century and all smart technology offers: smart locks, smart thermostats, smart lighting, etc.
  • Curb Appeal — The exterior will leave the first and lasting impression. Hire a landscaper to make the exterior chic and modern, update mailboxes and light fixtures, and apply a fresh coat of exterior paint and a statement door to wow renters.
  • Kitchens and Bathrooms — In all rentals (commercial and residential), kitchens are gathering spots, and bathrooms should be clean and beautiful. Start by updating the cabinets, which are attention grabbers in any space.

4. Add the Extra Amenities

Besides a stellar rental property, tenants love the extra perks that make high rents more alluring. You could install an on-site washer and dryer that makes it more convenient for your tenants. Also, installing high speed Wi-Fi, with the cost folded into the rent, makes life a tad bit easier for renters who would not need to worry about installation, monthly fees and removal once they vacate. Moreover, attractive and energy-efficient appliances could potentially be the tiebreaker between your property and the competition. Get the advice of your property manager on what amenities would benefit you and your tenants and still result in a profit.

Whether you already own investment property or are looking to purchase, you have chosen a great strategy to build your wealth. However, the decisions you make post-investment will determine how much return you get. After establishing your business, hire a property manager to keep up with your tenants and the property, and make the property appealing to your target tenants with design upgrades. Then, put the icing on the cake with the bonus amenities that will be sure to give you an advantage over your competitors. You won’t regret the time and money you invest in your real estate.

Skybridge Property Group is leading the contactless revolution in property management. To learn how we can help you, call us at 909-610-9780.