Why system upgrades are vital for future revenue streams

Property management is the operation, control, and oversight of real estate as used in its most broad terms. Understanding the aspects and importance of utilizing property management will only assist in property organizations such as it would in the workforce. Be it a prop tech company that’s tailored to simplify daily tasks for smaller owners or a firm that specializes in optimizing a building’s operational performance, the future of property management is in the adaptation of more engaging technologies to support and enhance traditional building operations and services. By doing so, property management tech will not only enhance the overall tenant experience, but improve tenant recruiting, lease renewal, and ultimately the value of the property.

As we all know, the new rent laws have been a drudge on owners all across New York with no sign of letting up. Landlord’s businesses are being challenged by the establishment and squeezed by advocate groups all across the state. The time to be on point has never been so prevalent and the key to success here, so to speak, is dotting your I’s and crossing your t’s. With a fresh generation of renters beginning to hit the market and the powers that be, landlords are faced with how well they are able to create an accessible, communicative, and peaceful community throughout their buildings. This becomes a heavy task for landlords who simply see their building as an “investment.” With the most recent boom in real estate tech, property management has become the new focus on successfully sustaining a prosperous business. With the government seeking strict rules for landlords to abide and ‘Gen Z’ in search of a seamless and communal-based living experience, property management operations have stepped into the spotlight.

Technology makes some processes more efficient and less costly for everyone involved – tenants, managers, and property owners. So what are these advances that we speak of? How about smartphone apps that help to regulate the temperature of your on-site pool? Or what about maintenance request scheduling software that makes it easier to stay in touch with maintenance people and tenants? Property management tech is continuing to grow and evolve to meet the changing needs of clients and buildings. Most millennial and Gen Z tenants already do their banking, schooling assignments, job applications and communication with family members on their laptops and smartphones. The more new technologies that you offer on these devices, the more likely the next generation of tenants are to rent from you. Simply put, adopting these new technologies will only alleviate the stresses that, typically, cause destruction and create a more community-based building.

Companies such as @RentRedi are at the forefront of this movement. They understand what the future renters are looking for and they are heading the curve by utilizing the tool that's sitting in your pocket, or perhaps, what you are using to read this blog right now. All of the worries that have been surrounding the climate we are in today can be a little bit less stressful with the adaptation of RentRedi 's property management app. With many different features of the app, one of the most important is the tenant communication portal that easily connects tenants with their landlord, as well as allows for rent payments, transaction receipts, and even service requests. Not only does this make life easier for the tenant, but it also benefits the landlord by creating seamless building operation procedures. With a desktop and app version available, RentRedi charges a nominal $20/month and offers multiple features that will only help you in the future as the atmosphere evolves.

So what do you say? Is it time for you to adapt to new technologies in order to advance your building’s procedures, or fall behind because “that’s not the way you do things?” Adaptation is important in any industry and embracing real estate technology will help you for future generations to come!

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