Using technology, mastering it, and enjoying its benefits has become second nature to us. In a modern world where everything revolves around technology, it is without a doubt that people love the newest and most convenient tech of today. However, not only does technology serve individual purposes in our lives, it greatly benefits businesses, industries, organizations, and communities.
With that said, if you are a property manager, technology can greatly enhance the way your property is run as well as increase value while also saving you money, and time. With this, we are eager to introduce to you a couple reasons and ways that upgrading the technology of your property will save you time and money.
Why You Should Upgrade the Technology of Your Rental Property
Upgrading the technology of your property will be a definitive action as to if you can keep up with the times and, like a clothing store or movie store chain that has become outdated, if you do not upgrade your technology, so will your property. Alongside keeping up with the times, upgrading your property will bring in a new generation of renters. You’ve heard of Gen Z and Millennials and they are tech-wiz’s that want the newest and best technology and amenities available. Upgrading the technology of your rental property not only enhances and makes it easier for operations, it also makes your property more appealing to renters.
Upgrades and How They Save Time and Money
These three upgrades for your rental property will ensure added value to both the renter and the property manager, while also adding value to the community itself.
LED Lighting and Security Cameras
When it comes to enhancing the security of your rental property, LED lighting and security cameras can become the simplest of upgrades that also has a tremendous benefit.
Incandescent bulbs are not only a safety risk for your property, they are also extremely expensive to upkeep because they burn out quicker. If you are looking to enhance the technology of your properties, changing the lighting can create a big impact for the community and everyone within it.
LED bulbs can save you thousands of dollars a year, depending on the watt’s and lumens. Not only do they offer savings, they do not get as hot as incandescent bulbs and therefore the risk of an electrical fire is greatly decreased. Alongside this, LED light bulbs save time in the long haul of your property because maintenance will be greatly reduced.
Security cameras, as a technological upgrade, not only serve as a way to ensure the integrity of your community in the event of an emergency, they also create a sense of safety for the staff and the tenants. By upgrading your rental property with security cameras, you can prevent potential disputes, arguments, or overall create a sense of honesty within the community. This gives renters a feeling of safety and security.
Having A Dedicated Property Management System
Having a dedicated Property Management Software can greatly enhance the ways in which your rental property functions. In the long run, upgrading your current system or upgrading your technology to function with a PMS has ensured benefits that save time and money.
What Is PMS?
A PMS (Property Management Software) serves as a way for rental communities and properties to have a dedicated software that makes the creating, organizing, editing, and adding of their properties’ data much simpler. With a PMS you can:
- Manage Documents
- Communicate with your renters and your staff.
- Keep track of all your accounting needs.
- Save time by having digital files and easily inputting data.
- Minimize administrative and management costs.
- Easily upgrade your website.
- Share files
- Collect all files and data on a cloud.
- Ensure rent is paid on time.
Think of a dedicated property management software as a method to minimize the physical time it takes to collect data, conduct written work, and, better yet, keep track of physical files and paperwork that you collect over time. With that said, with the function of online payments, it is extremely appealing to a generation that wants to pay everything online and have their online profiles easily accessible.
By upgrading to a PMS, you are not only upgrading the way your staff and community functions on a day to day basis, you are also appealing to a generation that enjoy the convenient benefits of an online payment system.
Utilizing A Submetering Company
To better enhance your technology in the efforts to save money, your property can benefit from a submetering company.
What is a submetering company?
A submetering company offers the service of reducing the utility costs for property managers, and potentially tenants. The method in which they do this is by providing individual metering technology that tracks each individual tenant’s utility usage. In turn, instead of each tenant paying an overall percentage of the overall communities’ water usage, they only pay their individual water usage. This can issue a new wave of technology advancements and money and energy conservation.
It is estimated that submetering lowers water consumption by 20%. With that said, property owners can benefit from higher operating margins and an added property value compared to communities that are not sub-metered. Submetering also aids owners from unbudgeted utility expenses.
Upgrading Your Community Is Essential
To function in the rapidly growing market known as real estate, if you are a property manager or owner and want to appeal to a new generation of renters while also saving time and money, upgrading your technology is essential.
Now more than ever communities are going green, paperless, and focusing on energy efficient products. With that said, if you are considering upgrading the technology of your community or rental property, the three upgrades above will give your community a brand new appeal.