Tags – Tech for a Multi-Location Property Business
Due to the Covid-19 pandemic’s demand for businesses to move towards more virtual solutions, utilising web systems and apps, innovative marketing approaches, and advanced CRM technologies has grown increasingly important for a long-term business strategy.
Running a multi-location property business can be a challenge.
You have to keep track of multiple properties, manage different staff, and make sure that everything is running smoothly.
Luckily, there are some great tech tools out there that can help you manage your business more efficiently.
To improve the way you handle your properties, new technologies such as cloud computing, mobile apps, and even artificial intelligence can be implemented.
In this blog post, we will discuss some of the best tech tools for multi-location businesses.
What is Property Technology (Proptech)?
Proptech, or property technology, is the use of technology to improve efficiency, cut costs, help with decision-making, and enhance customer service in real estate agencies, investors, and property managers.
To put it briefly, they can help you deal with customers far more effectively, automate your current processes and make important decisions easier for you.
On the whole, proptech products include services such as virtual office technology, computerised property management systems, digital marketing platforms, mobile apps and more – it is a rapidly growing sector that should be embraced by all in the real estate world.
As a property business, here are a few reasons why you should start using proptech:
- No more paper processes like leases, applications or rent payments
- Automatically send reminders, create task prompts and effectively manage the process front to back
- Give tenants access to property or lease information at any time
- Manage recurring charges
- Accept online payments
- Keep detailed notes on clients and properties
- Easily share details with other members of the team
Over the last decade, the number of duties property managers have to handle has risen dramatically.
Simply, the need for more efficient processes is widespread across the board in the property management business.
Tech Tools for Multi Location Property Businesses
3D Virtual Tours
The introduction of 3D virtual tours, which allow potential customers to virtually walk through a home with ease, will help them imagine how lovely and comfortable the space may be. There are already several businesses that provide virtual tours of property using a smartphone or tablet.
So instead of potential customers calling a property manager and requesting a tour of their ideal house, they may now use their iPad or smartphone to “walk through” the house with a virtual tour – buyers can virtually experience what their home will be like before they ever step foot in it.
With this level of technology, there’s no reason why you couldn’t have stunning virtual tours for your houses on your website, as well as an interactive 3-D model that allows for multimedia experiences such as 360° video and laser scanning. iStaging, Tourwizard, My360, and others are some well-known programs.
Even though adding a virtual tour feature may be pricey, it will undoubtedly have an impact on your website’s visitors and improve conversions.
Rental Management Software that Integrates with CRM System
Managing a property portfolio without software is difficult and a rental management software that can be integrated with a CRM system will help you manage interactions with new and existing customers more effectively.
The goal of a CRM system to manage properties is to:
- Ensure high satisfaction levels with tenants in order to maximise the length of time they spend with your business
- Collect data of new tenants and move them through the sales process
- Reduce administration costs and improve efficiency
With that in mind, you should expect your rental management software in your CRM system to have the following applications:
- Manage advertising and marketing properties to attract new tenants
- Manage the screening of rental applications
- Allow for eSigning of documents, like tenancy agreements
- Collect rents
- Manage maintenance tasks
Most software will also include space to store important documents as well as handle account needs, and financial and tax management – some will also allow you to communicate directly with tenants and provide automatic status updates.
Tenant Onboarding Software
It’s time to bring the landlord experience into the 21st century using new technology, and tenant onboarding software will do just that.
Through the digital onboarding service, landlords will be able to complete all the tasks they need to, such as identity checks, uploading the necessary documentation to let properties and sign terms of business – all within minutes, and it can be done from a smartphone or a laptop, anywhere, any time.
Furthermore, going through the background data of applicants can be exhausting, especially if you are in charge of multiple properties.
However, onboarding software that uses AI technology can run background checks on potential tenants, reviewing details like income, credit score and references.
As a result, you’ll be able to filter out high-risk tenants as you can verify their property history.
360 Degree Photography
It might be tough to make your home stand out from the crowd in a market that is increasingly saturated.
But, 360 degree property photography can be a game changer, making the difference between blending in or getting ahead of the competition.
360 degree photography captures immersive panoramic photographs that put the viewer in the photographer’s steps.
For a complete 360° perspective, you can look up, down and to the left and right of the picture; panoramic photos are converted to replicate a room or area using 360-degree photography software. (Think Google Street view on Google maps).
As most people begin their property search online, it only makes sense to present your property in the best possible light.
That said, using 360 degree photography will provide high quality images, making your business appear more professional as well as bring your property to life, giving potential tenants the ability to explore each room in great detail.
By doing so, this will help to gain trust from tenants and start your relationship off on the right foot.
The Takeaway
There are many tech tools available to help a multi-location property business, but the these listed above are some of the most useful.
By utilising 360 degree photography, tenant onboarding software and rental management software that integrates with a CRM system, you’ll be able to manage your properties more effectively, appeal to potential tenants and nurture relationships with existing tenants.
As a result, you’ll be able to increase efficiency, maximise satisfaction levels and improve your bottom line.
Please get in touch if you’d like to know more.
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