How Technology Has Revolutionised Property Management

All the technological advancements have completely changed how property managers manage and look after all the properties on their books.  

In today’s evolving climate, it is even more important to keep up with all the advancements in technology and property management systems to achieve efficient and effective property management for clients. 

We will start with what is a property management system. 

What is a Property Management System and its Functions 

A Property Management System (PMS) is a software platform that helps property managers and real estate professionals manage residential and commercial properties efficiently. These systems automate and streamline various tasks. 

Property Management Systems usually cover such functions as 

• Property income and expenses 
• Property conditions and maintenance requests 
• Communication 

Here are some of the key ways technology has changed property management. 

Privacy And Data Security 

Privacy and data security are very important factors when it comes to setting up property management systems. Both property managers and clients want to know that all private information is kept securely and safely. 

It is also important to establish proper and clear procedures for data handling on a day-to-day basis with staff who handle this information. These systems can make it a lot easier to secure and control access to information kept online than paper copies. 

By being aware of the challenges that can be faced whilst prioritising data security, property managers can make the most of the benefits of the technology whilst minimising any potential risks. When being embraced and used by Real Estate professionals, these systems play an important part in protecting the client's investment.   

Rent Collection and Financial Management  

This is often seen as one of the primary functions of property management and having a good system in place for rent collection and financial management is of utmost importance. 

Having a strong PMS 

• reduces manual handling of payments and accounting tasks as well as
• improve cash flow management and financial accuracy
• can reduce human error 

These systems will 

• manage financial records 
• track income and expenses and 
• generate financial reports

Maintenance Management 

These systems will also help to simplify and automate processes when it comes to managing the maintenance of properties. 

They make it simple for tenants to submit maintenance requests, and track these requests from submission to completion.  

It also makes it easier for vendor management. Property Managers will be able to manage relationships with contractors and vendors, including contact details and service history. 

Streamlined Communication for a Better Experience 

Online platforms and portals are one key component for smooth and transparent communication and accountability that leads to a better experience for homeowners, property managers and tenants. 

These portals are a centralised hub with all the information related to a property. They allow homeowners to access information such as 

• Rent balances
• Maintenance issues  
• Inspection reports 

They also can allow tenants to easily submit maintenance requests in a timely manner and pay rent.  

Being able to do these things effectively and promptly can help to make sure any issues are dealt with before they become large issues. Such as maintenance issues becoming larger problems or rent not being paid on time. Large maintenance problems and rent in arrears can wind up being costly for investors, so the sooner these problems can be resolved the better to help keep costs lower. 

Customer Relationship Management 

Efficient technology also assists with Customer Relationship Management. These systems help to facilitate interactions between tenants, property managers and homeowners by 

• building Tenant Profiles: Maintain detailed profiles of tenants, including preferences and history.
• set automated Follow-Ups for required actions and communication 
• collect and manage feedback to continually improve satisfaction with both tenants and homeowners

Technology has revolutionised the property management industry by streamlining procedures, operations, communication and improving overall efficiency and enhancing the experience for homeowners and tenants.   The innovations are also great tools for property managers who like to stay ahead of the game. Embracing these technologies can lead to better practices and higher satisfaction for both tenants and homeowners. 

Whilst the possibilities for technology in property management are never-ending, it is also important to keep in mind some of the challenges such as the need for ongoing education and training, ensuring data and privacy requirements are met, and staying on top of cyber security.  

Property Managers must tackle these challenges thoughtfully whilst embracing innovation and taking into account regulation compliance.  

NXTGEN Property knows how important a high-quality system is. To ensure we doing our job to the highest of standards our team chooses to use PropertyMe for property management. 

If you're looking for a Property Management team that will make sure that your investment is in the best hands, contact NXTGEN Property. Your property is our priority.