Looking ahead to new technology Technology is transforming the way the real estate industry functions. Todayâ€™s software tech can help you better market your properties, generate new leads, automate your operational tasks and get increased transparency into the overall performance of your property. Learning how to leverage it to adapt to rental market changes and increase profits should be a key consideration for multifamily property owners and managers.
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When it comes to best practices in property management and making smart decisions to drive revenue, leveraging the latest technology innovations provides many advantages — including the ability to manage the entire lead to lease lifecycle online, obtain optimal rents based on market conditions, and improve the way you access and analyze operational data across your entire portfolio. Here’s a look at new technologies that will reinvent the way Canadian real estate companies run their businesses.
The leasing lifecycle Today’s renters are accustomed to managing their lives digitally. This means they go online to seek information about your properties, communicate with you, and complete leasing and financial transactions. To successfully attract the renters of today, it is crucial that you expand your digital footprint. Software makes it easy for you to manage the entire marketing, leasing and resident services lifecycle all in one system. The first step is a dynamic website with compelling images and detailed information about your units and property. Guide your site visitors through their discovery process with intuitive navigation and pre-set, timed nudge marketing that encourages them to contact you or further explore their leasing options. This is easily accomplished through marketing platforms that deliver self-managed websites with templates, nudge marketing functionality and integration to social media that is easy to brand and implement. Marketing solutions that are integrated with your property management software allow you to track your marketing efforts online, measure ROI and tweak your website content to better target your ideal resident. The second step is allowing prospective renters to apply online. Your prospects can complete lease applications at any time of day including submitting information for resident screening, applying for renter’s insurance and signing the lease entirely online. Finally, once your prospects become residents, give them access to online portals for submitting maintenance requests, making online payments and amenities reservations, and communicating with management at any time. Not only does it keep the modern renter in mind, this increases efficiencies for your staff, while boosting your customer service by catering to current consumer behavioural trends of online transactions.
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Rethinking revenue management As we explore the leasing process, there are new ways to maximize your revenue that will give you a competitive edge, but also provide your prospects with additional rental term options. To increase rental revenue without affecting occupancy, revenue management software is fast becoming a necessity. A transparent, trends-based system built into your property management and accounting platform delivers comprehensive metrics that draw from your inventory and area comparables to enable pricing that increases revenue and reduces vacancy loss. Also, Canada faces some unique challenges — including the fact that most leases go month to month after a year. While flexible lease terms consistently add proven value, leasing is often affected by competitors’ rates, so you must
know your comparables to price successfully. A dynamic and transparent revenue management system lets you constantly test the market and helps you accurately evaluate the best combination of occupancy and rent. And with constant flux in supply and demand in the residential space, the ability to balance occupancy and rent is key to achieving maximum revenue. Increasing business intelligence Beyond managing your marketing, leasing and revenue management processes through one software system, your next step should be consolidating your companywide data to make fast and well-informed decisions based on current information. Providing meaningful information to all stakeholders is also critical. A business intelligence platform that combines your operational, financial and services data, applies pre-established key performance indicators and threshold criteria, then delivers the insights in the form of easy to read visuals and graphs â€” on demand to your smartphones and tablets â€” is the innovation changing the way real estate businesses combine, analyze and use their data. This new generation of business intelligence systems empowers decision-makers with customizable dashboards and toolsets that ensure that each staff member and manager is seeing exactly what they need to see, precisely when they need to see it. Replacing tedious and hardto-interpret spreadsheets with impactful analytics saves
time and money while increasing visibility into the health of your business. Getting a 360Â° view into your operations portfolio-wide is only possible with an integrated business intelligence system. And, using a solution that is built into your property management and accounting platform is the only way to automatically unlock and deliver critical data, with the added benefit of reducing system maintenance and training costs compared with third-party solutions. Bringing it all together Operating your business in silos is a thing of the past and will likely cause you to fall behind in a fast-changing real estate market. Consolidating all your processes and data on a single connected platform ensures that every aspect of your business, including customer-facing services, is harmonized, optimized and mobile to position your business for growth and maximum revenue. Taking advantage of new, integrated technology will keep you profitable and competitive. Peter Altobelli, Vice President and General Manager Yardi Canada Ltd.
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