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Property Management | 3 min read

The Latest Technology Tools to Grow Your Rent Roll

Ken Kennedy

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Ken Kennedy

The rental market tech that can put you ahead of the competition in 2018

Smart Homes at Scale - Commercial Real Estate Automation Technology 

Imagine this: A light bulb has burned out, it is just one of hundreds in an apartment block that you manage, but there it is, dark and dreary, sitting amidst it’s cheerful glowing counterparts along the 3rd level hallway.

Now imagine this. Just a few hours after the bulb has gone dead, your handyman is on the scene and the bulb has been replaced.

How did you react so quickly? Did a tenant call to complain? Did you notice the bad bulb during routine maintenance?

Nope. When this bulb went dead, it sent you an email.

Just about every type of electrical device that is used in a commercial building can, and will, connect to the internet.

We expect to see a trend during 2018 of increased building automation. Property managers of small-to-medium-sized commercial buildings will have an array of new products to choose from: Tech that was previously viable only for the largest commercial buildings will become cheaper and easier to install. And,, home automation products that are being marketed to single families will also be deployed in larger settings.

It won’t be long until the majority of apartment block managers will log-on to an app or a website to check the status of everything from smoke detectors to the garage doors.

Going Paperless in Your Property Management Office

The paperless office is not a new promise, it seems people have been saying “This year will be the year” since the late 90’s. Yet any property manager who has their current processes based on paper, and years of records in file cabinets, knows that going paperless is a significant undertaking. PropertyTree will be partnering with DocuSign in 2018. Stay tuned for more information about how we can help you to make the leap.

Benefits of Docusign Paperless Office

  • Constant Access to Information - With a cloud-based property administration programming, you can get to all the data and information easily. This means you don't need to be in your office if a tenant or a owner needs you to send them some paperwork.
  • Efficient - Digital documents, if implemented properly, will add order to every complex process and required signature. This is a huge productivity boost for a busy property manager who needs to stay organised.
  • Security - With the correct administration of security, all your critical and confidential information is kept secure. A product advancements firewalls, encryption and threat detection can pass strict standards.
  • Adaptability - Once you learn how the paperless software works you will find it easy to customise any form your business is currently using into electronic documentation, ready for e-signing.   

Virtual Reality and Advanced Videos for Property Management

Virtual reality has been promised to us for many years. In 2018 the promise may become, well... a reality. Higher-end properties may see a use case for advertising budget to be utilised for interactive and futuristic experiences. For example, a customer in Sydney could shop for a Melbourne rental via a virtual reality tour which showcases the various properties a company has available.  

And for the more moderately priced sector, many savvy property managers will begin to use 360 degree cameras as Facebook now supports this type of photography and it can also be integrated into a website. Also, look for more drone aerial videos which will show the home and yard from above.

We also expect to see augmented reality tools come into play. These will make interactive videos with extra features easier to build. In these types of home tour videos you will be able to control things like closet doors which open, so you can see the interior. They may also have arrows that control your direction  as you “walk” through the house.

Bitcoin and other cryptocurrency for property management in 2018

The real estate industry is buzzing about blockchain and digital currency (E.g. Bitcoin). You will want to make sure you read our blockchain post which goes into more detail, but to summarise the impact BitCoin could have in the Real Estate Industry, imagine if you no longer held your renters’ deposits in trust accounts but in cryptocurrency. Another scenario is for property managers to start accepting rental payments via cryptocurrencies such as LiteCoin or Ripple.    

Make 2018 the year you improve your technology game

So whether it is deploying building automation to streamline your maintenance, going paperless to improve your productivity, adding cool marketing tech to spice up your online listings, or all of the above - 2018 offers lots of possibility.

Keep your eyes on this blog for future posts where we will go into more detail about new technology that is being put to good use by savvy property managers who want to stay ahead of the pack.

There’s never been a better time to give your business the best opportunity to succeed. Make the switch to PropertyTree today to experience market-leading software and support that puts time back into your day for you to spend on what matters.

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