4 Ways Property Managers Can Save Time and Money With Proptech
There’s no denying that proptech can have a positive impact on your business, but it can sometimes be difficult to make the transition to new technologies.
With so much advancement in recent years, proptech has had an impact on every corner of the real estate industry, so it’s important to take advantage of the tools at your disposal. To help you find ways to save time and money as a property manager, the REIQ has identified four ways proptech can add value to your business.
1. Digital Execution of Forms and Agreements
Historically, countless hours of your day working as a property manager were spent printing, scanning and posting documents. But now, thanks to technologies such as RealWorks and One Touch Execution, this is no longer the case. You can now save time and money by using online agreements and forms that will make everyday business easier for you.
For property managers in 2021, digital execution is almost necessary as it is far more efficient and convenient for all parties than other traditional methods. It is also more secure and environmentally sustainable as it eliminates the need for using paper.
With Queensland rapidly adapting to new ways of working due to COVID-19, digitising forms and agreements has become even more popular than it was before the pandemic. With recent developments, such as the RTA now accepting digital signatures, the digitisation of forms and agreements is set to continue revolutionising property management.
2. Data Driven Marketing
Data can be incredibly useful for every type of real estate professional, including property managers, and effectively using this data in your marketing strategies can lead to great success. With so much data being created every day, there is an opportunity to tailor your marketing to meet the exact needs of your customers and make the most of your marketing budget
Understanding your audience is the first step to successfully implementing your data as it will paint a clear picture of your target market. With this clear picture, it’s much easier to create bespoke marketing content that aligns with the needs of your customers.
For example, if you are advertising a large family home for rent, you want to ensure you’re targeting your marketing towards people who are looking to rent this specific type of property. Otherwise, you might be advertising blindly and reaching people who have no interest in that property.
3. Property Management Software
As a property manager, a busy schedule is a daily occurrence and it can be hard to manage your daily duties on top of any interruptions you might experience that day. Thanks to the advancement of proptech, there are now tools that can help you complete any of your usual tasks as a property manager.
From collecting rent online to coordinating maintenance requests, there is now less of a need to spend hours of your time completing mundane tasks that can now be automated. However, with the number of options available, it’s important to identify the software that will fit your needs and add the most value to your business. This software can be incredibly beneficial if used correctly and an increase in efficiency and productivity has the potential to add more properties to your portfolio and increase revenue.
Here are some of the tasks that property management software can help you with:
- Managing records
- Collecting rent
- Electronic Signing
- Customer Relationship Management (CRM)
- And much more
4. Virtual Interactions
The pandemic brought many forced changes to the real estate industry and some of these are set to stick around. Although they existed before the outbreak of COVID-19, virtual reality services became extremely popular throughout 2020 as one of the only methods of inspecting a house when strict restrictions were in place. This rise of virtual tours showed the industry that a buyer or renter can commit to a property without setting foot in it.
Although the restrictions have eased, virtual walkthroughs, augmented reality and other virtual interactions are here to stay. For a property manager, this widens your target audience as prospective renters can now view your property from the other side of Australia and still make an informed decision. When using these tools, your properties won’t just be on display to the people in your area and due to the current demand for property in Queensland from interstate movers, utilising virtual interactions may help you keep up with your competitors.
Register now for the REIQ’s Tech Talk: Get More Leads in a Digital World to learn more about how proptech can help you save time and money!