Take a look at the new kids on the block when it comes to property management software and tools which are helping property managers improve service and efficiency.
The rise of technology has made life so much easier for property managers as it allowed them to say goodbye to paper forms, cheques as payment, faxes and filing cabinets. The new style of property management is supported by cloud-based software, electronic bank transfers, email (plus messaging apps, text and purpose-made apps), and digital document storage.
To add to this, we now have video walk-through tours and automated responses/follow ups, which help save so much time and money.
Traditional property management has been on the radar of proptech innovators, who are experimenting with low cost tools which combine technology and people-power.
These are some of the newer property management solutions and platform products to keep an eye on in 2023.
CoreLogic Market Trends on Snowflake Marketplace
CoreLogic has partnered with Snowflake Data Marketplace to deliver housing market metrics and insights in real-time.
Snowflake's single, integrated platform simplifies data access and management for industries including real estate. You can use Market Trends to take a deep dive into the property market and review key metrics across postcodes, local government areas, capital cities and states. Get monthly snapshots to see how the market is moving and identify risk as well as opportunities for growth.
You can combine this service with your internal databases for faster, more reliable analytics to better evaluate property market indicators.
RentalHeroes
RentalHeroes bills itself as the “#1 natural language & AI conversation automation platform for real estate.” It uses artificial intelligence and ‘natural language’ to answer renter questions so property managers don’t have to.
There are so many questions which have standard answers. When you use a chatbot tool, you can provide customer service while saving yourself time. If there is a question requiring your attention, it will be forwarded to you or someone on your team.
RentalHeroes is an Aussie company. It won the 2022 PropTech Award for most innovative proptech startup.
Buildium, Appfolio & RentManager
If you’re not already using an integrated online property management platform, you should be.
Buildium, Appfolio and RentManager are three solutions recommended as the best in Australia. With portals for owners, renters and property managers, they allow you to streamline real estate and property management procedures, track maintenance requests, create statements and reports, and evaluate online rental applications. These platforms bring the many facets of property management together in one place and are often mobile-friendly so you can access information on the go.
Is traditional property management under threat?
Some new property management apps offer a centralised, tech-first experience they claim result in lower fees for investors (fees are often around 3-4% instead of 6-7%). They move almost everything online, which is supposed to make life easier for investment property owners.
Lower prices for investors are certainly appealing but user experience has to be the same or better for these types of ‘disruptors’ to really change the industry. It’s worth noting a similar app has already gone out of business. Yabonza was a full-service digital property management platform charging lower fees than traditional agents but it failed after losing funding.
In the meantime, explore your options for a people+tech solution which works for your business as well as your clients.