Technology allows property managers to streamline the systems that are in place to lease, manage, and maintain rental properties. When you choose a property management partner for your own investments, make sure you’re taking a look at their willingness to invest in technology. Without innovative software systems and application platforms, you’ll find that mistakes are easily made, delays are common, and money is wasted.
With good technology, your property management partner can deliver better results thanks to more reliable data and transparent, accurate processes that automate routine tasks and leave more time for asset and resident management.
Here’s how we leverage technology for streamlined property management in Colorado.
Technology Enhances Communication
Successful property management requires open and regular communication with the investors we work with as well as the residents we support. It’s a lot easier to communicate with the sort of technology that allows for online portals, where residents can pay rent and make maintenance requests. As an investor, you’ll have your own portal, where you can check rent deposits, review maintenance invoices, and send messages to your management team.
Technology has made communication easy by introducing chat applications, automated email responses, and engagement on various social media platforms. Many property managers in Colorado and across the country are using systems and software that can employ property management software such as Buildium or Appfolio to manage communication more efficiently.
On-time Rent Collection
Collecting rent from residents is secure, simple, and convenient thanks to the technology we use. Online payments are preferred by a large majority of residents. It prevents fraud and reduces risk. It helps ensure that those payments come in on time; by using our online portal, residents can schedule payments ahead of time or automatically. They can be reminded a few days before rent is due.
Investors get paid faster, too. There’s no waiting for a check to clear. You’ll see the funds in your account right away, and you’ll be able to check the accounting statement and financial reports that accompany your payment.
Cost and Time Management
Technology saves investors money. By utilizing technology, your property management team can handle marketing, tenant screening, maintenance, inspections, and accounting without the need for extensive staff. Property managers can spend more time working with residents, protecting your property, and helping you find new opportunities while the tech that we’ve invested in takes care of the day-to-day logistics. Technology can automate almost every property management task, allowing property investors to focus on core business tasks. Another benefit? Technology minimizes human error, reducing the likelihood of losses or missed opportunities.
Understanding Data Management
Technology affords real estate investors the ability to access, analyze, and store data that leads to good investment decisions. We’re gathering analytics and insights on residents, competing properties, rental values, and home values in the sales market. We’re researching upgrades and renovations that seem to make a difference in what you can charge and who you will attract.
By utilizing cloud-based software and applications, property managers can access essential information like resident data, background checks, lease agreements, maintenance schedules, and property inspections, all in one place. We can track critical activity, generate detailed reports, and make effective data-driven decisions. The technology we use increases data security and integrity.
Leveraging technology in property management has transformed the industry, improving efficiency, cutting costs, and streamlining processes. By partnering with a property manager who has adopted these technological advancements, your potential for growth in real estate investing is endless.
We’d be happy to tell you more about how we leverage technology to provide you with a better – and more profitable investment experience. Please contact us at PURE Property Management of Colorado.
