Technology: Benefits and Challenges for Property Management Companies

Written by Apartment Management Magazine on . Posted in Blog

Property InvestmentOver the past few years, mobile technology has grown by leaps and bounds. Property managers who recognize the benefits of leveraging technological advancements are managing their businesses more effectively and streamlining operations. Multi-Housing News recently reported that technology makes life more efficient and less costly for everyone – tenants, managers, property owners.

While properties embrace smartphone apps to maintain their swimming pools better, schedule maintenance requests and stay in touch with owners, Multi-Housing News (MHN) reminds rental industry executives that technology must continue to grow and evolve to meet the changing needs of tenants.

Appfolio Property Management Software with technology that supports on-the-go lease applications is recognized by MHN as one of the leaders in rental management technology. However, as exceptional as AppFolio products are (according to MHN), implementing the technology properly is the only way that users can gain optimum benefit.

Introducing new Technology

Some research suggests that many property management enterprises fail to properly, or sufficiently, introduce new technology to their staff. Whether you are adding new software, new systems, upgrading current technologies or switching vendors, developing a training program that reduces disruptions is critical to successfully bringing new technology online.

Overcoming Resistance to Change

Some employees may resist change. Others may question why you need new technology. As MHN points out, technology is constantly evolving. Failing to update software and hardware to accommodate mobile users is the equivalent of saying your property management team isn’t interested in staying ahead of the competition.

Those teams that are able to quickly acquire and exploit new technology will gain a competitive advantage in the rental market.

Why Mobile Service Matters

Prospective tenants already do their banking, rent a car for the weekend, apply for new jobs and communicate with family and business associates with their mobile devices. The more mobile activities a company offers, the more likely consumers are to engage. For property managers, this means having a tenant portal isn’t enough – the portal must be compatible with multiple mobile operating systems and devices.

The best-of-the-best offers tenants:

Mobile Technology is Shaping Business

A few years ago, business owners were weighing whether cloud technology was secure enough for financial transactions. Today, the cloud routinely supports financial, medical, educational, and research-based transactions.

Technology has a life cycle. First there is a testing period, then an introduction to early adopters, next the new technology moves into the mainstream. About the same time that the majority of consumers and decision-makers accept a new product or service, the next round of emerging technology comes on the scene.

Multiple technologies may emerge simultaneously as solutions to the same “problem” or void. Mobile technology is currently shaping the business landscape.

How to Get the Most from Emerging Technology

Savvy property managers know that today’s success depends on technology. Buying the best technology available won’t increase revenue or streamline operations if new products never make it out of the box or employees don’t know how to use it to its greatest potential. Before your maintenance team can deploy mobile inspection technology, you’ll want to take steps to help them succeed.

To overcome tech challenges and get the most from emerging technology, develop a technology tool kit that includes introducing all employees to new technology, a comprehensive training program and access to ongoing support that includes advanced training and professional development.

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AppFolio, Inc. develops Property Management Software that helps businesses improve their workflow so they save time and make more money. Appfolio submits articles & blogs including topics of Resident Retention, Improved Owner Communication, Time Management, and more.