Technology, particularly since the start of the COVID-19 pandemic last year, has transformed the property industry. In fact, a study recently conducted has shown that 58% of UK agents now have a digital strategy, highlighting the importance of tech to the sector. However, it seems the rental market is yet to catch up to its sales counterpart when it comes to tech. In this post, we look at why the rental sector needs a tech overhaul?
The future of the rental sector
To remain relevant in today’s rental real estate market, you need to equip yourself with the latest technological innovations. In fact, a study by Deloitte shows that 92% of real estate businesses plan to invest more on tenant-experience-related technology such as property management solutions.
By taking advantage of technology, you can streamline your operations and improve the tenant experience. Moreover, it can completely change the way you operate for the better. So get on with the times and embrace what the latest technology has to offer.
A seamless digital experience
The days of keeping file cabinets and papers are gone. With current technology, both agents and tenants can enjoy a completely digital, paper-free experience. Meaning face-to-face transactions and interactions can also be eliminated. In just a few clicks, landlords can start renting out their properties and close deals with new tenants.
Through software solutions, landlords can operate digitally—from advertising properties, signing in new tenants, collecting rents, processing bills and payments, and managing crucial documents. And with integration capabilities, they can seamlessly connect their property management tasks to other aspects of their business.
Boost flexibility through cloud technology
The biggest impact of technology in the property industry is boosting flexibility among businesses. To be more specific, cloud technology has made it easier for businesses to scale up their operations and adapt to the ever-changing environment of the workplace.
A great application of this is the rise of remote work. Thanks to today’s technology, real estate businesses can carry on with their processes remotely. With cloud technology, all files, documents, and data are accessible via the internet. Moreover, their employees can run essential software solutions on their personal devices such as smartphones, tablets, and laptops.
Streamline communication with tenants
A satisfying tenant experience is often described as convenient, instantaneous, and hassle-free. Tenants want to get things done quickly and painlessly. Back and forth emailing and phone calls can be ineffective and inefficient in the long run, as well as being time-consuming and costly. Fortunately, there are many software solutions out there that can streamline your communication with tenants. Including Area.
Offload tasks through automation
There are lots of administrative tasks to deal with in property management. This includes handling clients, managing all records of your operations, and collecting rents. Juggling all these tasks at once can hamper your productivity and efficiency in the long run. This is where automation comes in.
With technology, you can allocate menial and repetitive tasks such as managing appointments, collecting rents, updating databases, and processing tenant requests to software or machine. And with the rise of artificial intelligence, you can also use software to accurately predict market trends, tenant behaviours, and sales. Moreover, you can even use it to streamline your marketing campaigns and automate customer service. This way, you have more time to focus on other value-adding tasks.
The rental market in the digital age
The digital age has transformed the competitive landscape of the rental market. Technology now provides landlords with tools to better cater to their tenants’ needs and manage their properties. Moreover, it ensures that they remain competitive and relevant in the market.
The future of rental marketing is bright. With new innovations around the corner, With the right tools, landlords can transform the way they operate for the better. Find out more about how Area can help you here.