The housing industry is notoriously reluctant to jump aboard trends, especially when it comes to technology. There’s good reason for this. Investing in a new technology can be expensive, there are few guarantees that many of your tenants will use or appreciate the product, and requiring older tenants to change their routines by becoming familiar a new kind of interface can be, in a word, difficult. Consequently, many owners remain on the fence for years, if not decades, when it comes to following trends in real estate technology.
While it’s true that a healthy aversion to risk can be smarter than the alternative, it also means that you can miss out on a lot of opportunities that are only available to early adopters. For example, owners who warm to new technologies before their competitors can oftentimes get these products at a discounted rate when they act first. This is particularly true with real estate apps that do not have any physical components, like resident portals. On the one hand, the company's product is an app, which means they are not overburdened by the costs associated with manufacturing. On the other, they need users to expand and to survive. A company like Bixby, for example, currently only costs landlords $1 per month per unit. For LandlordsNY members, you can try the app out for free for the first three months.
Another advantage to using an app like Bixby is that not all your tenants have to use it. Older residents who want to continue to use their landline to contact the super or to write checks out by hand are welcome to do so. Younger residents, meanwhile, are free to use it to their heart’s content.
Finally, you may come to find that your tenants enjoy using a portal like Bixby because it makes communication between management easier, it provides them with notice when packages arrive, and it offers them a more convenient way to make payments. Bixby even allows tenants the opportunity to connect with service providers and retailers in the neighborhood who offer deals on everything from housekeeping services to reduced-price meals.
You may come to like it, too, because it streamlines maintenance requests, makes obtaining payments easier, allows you to store all tenant-related documents in one location, and gives you the ability to keep an open line of communication with all tenants within your building.
If you’re still not sure, remember, @Bixby Hospitality is the LNY Resident Portal Expert and they are offering LandlordsNY members the opportunity to try out the app for free for 3 months. All you have to do is sign up here.