Leverage Technology

LEVERAGE TECHNOLOGY By Heather Brady, National Director of Sales, Yardi Canada LTD.

Over the last 10 years, technology has innovated the real estate industry from transforming processes, providing greater insights and access to data and creating opportunities for people to connect more efficiently. Now during the pandemic, the most desired tech solutions must also offer simplicity. If you currently have property management software, you’re well underway to supercharging your business. There are, however, steps you can take to fully experience the benefits and value of property management technology today.

What do you need to make your property management business as efficient and profitable as possible? To find out, ask yourself a few basic yes-or-no questions: • Are your properties easy to find online? • Do you streamline and automate resident screening? • Can residents sign leases and make payments electronically? • Have you automated your AR and AP processes? • Are you leveraging apps and portals as a way of providing superior service?

ATTRACT MORE PROSPECTS TO YOUR PROPERTIES

The 2020 Informa Canada Multi-Res Tenant Survey found that 74 per cent of renters look at property management company websites when apartment hunting. There are two types of websites:

1. Corporate websites

A corporate website is one of the best ways to get your property management business noticed by investors, property owners and prospective employees. If your website is mobile-friendly, you’re even more likely to attract all the above. Here are a few recommendations for increasing the effectiveness of your website to represent your company: • Show off your portfolio. • Create and manage your landing pages. • Make customizable calls to action and contact buttons. • Pull in your property listings and map(s) of your properties. • Set up portal login pages for residents and applicants.

2. Property marketing websites

Unlike a corporate site, your property site is customized for just one property. This dedicated site increases the chance that prospects will find your available units. It also lets you feature your property’s unique personality and brand.

The right property management software makes it easy to create and maintain great-looking websites: • Pull in amenities, photos, office hours, etc. right out of your property management system. • Highlight features and amenities unique to each property. • Tailor each site using customizable templates. • Utilize built-in prospect portals for online applications and leasing. • Let tenants pay rent and submit maintenance requests online.

IMPROVE YOUR APPLICATION SCREENING RESULTS

Resident screening is a good idea for property management businesses of all sizes. It protects your properties and your residents. Every prospect is a stranger at first — but screening makes them familiar and gives you peace of mind.

Your screening results are only as good as the tools you use to get them. If you are using the internet for DIY screening, the chance for human error is pretty high. You’re also probably unable to access all the information you need, like detailed background and credit reports. Plus, it’s time-consuming!

Good real estate software should offer property managers the option to completely automate the application screening process to help you find the most reliable residents.

ALLOW ONLINE LEASING & E-SIGNATURES

This functionality has been gaining in popularity with the pandemic and is predicted to become a standard in the industry. Online leasing is faster and easier than printing documents and bringing prospects into the office. With electronic signatures, you can automate every aspect of the leasing lifecycle from the lease application to dropping off the keys to maintaining contactless protocol. And for those great future renters who live out of town — e-signing is the best way to bring them in.

MAINTAIN SERVICE LEVELS WITH PORTALS

Once your new resident is moved in, it’s important to give them access to online portals to pay rent, request maintenance and communicate with your office. These portals allow you to manage properties remotely, and they make payments and communications easier. Bear in mind that you must take into account CASL (Canada’s anti-spam legislation) protocol with regards to your communication and any good technology provider who has a strong presence and knowledge of the Canadian market will provide solutions that adhere to these laws.

STRENGTHEN YOUR ACCOUNTING

Having a robust accounting system will provide you visibility to accurate information and effective reporting. Automating AR/ AP processes will provide support to your staff such that they can accomplish the more perfunctory tasks with ease and fewer errors. From managing your payables, receivables or your general ledger, to streamlining your invoice process with paperless record-keeping, digitization of the accounting process makes a significant difference to your company.

TECHNOLOGY AS A STRATEGY

Technology is becoming the backbone of every organization. Whether it’s through the pandemic or even before, successful companies have a strategic emphasis on leveraging technology in every aspect of their operations. The result is an empowered team, more fluid operations and greater visibility to make more strategic decisions.