The world of proptech is vast and can be overwhelming for many property owners. According to the MIT Center for Real Estate, there are over 3,000 companies reinventing how the real estate industry operates. As more residents come to expect this technology, landlords will have no choice but to jump on the technology bandwagon.
With so many options property owners and building managers need to set clear goals for what they want out of their technology. Are you looking to engage tenants or perhaps run your building more efficiently. Only after defining your objectives can you really start to sift through the options. Testing the software on a smaller building or group is also a wise first move. You want to ensure the app you have selected is something your residents will actively use. Another key factor building owners need to keep in mind is data security and privacy. Ensure you understand who owns the data that your software is collecting and who is responsible for keeping it secure.
Here at GB Property Management, we have been actively using proptech to manage our buildings for several years and find the online based Appfolio to be a great choice that features robust accounting and management tools. Appfolio allows handling all aspects of the tenant cycle anywhere. Our residents also find the software easy to use and it streamlines the rent collection process.
Other apps/software we have our eye on are Common Areas and Cobu. Common areas is computerized maintenance management software that works in real time to handle the maintenance workflow. It can be used from any device so managers at their desks and techs in the field can access the information. The Cobu app works in conjunction with on-site experiences to promote community within buildings. The app can provide data on community interests and cohesion and can promote tenant satisfaction leading to higher resident retention rates.
Using technology allows property owners and managers an easier way to connect with their residents and their buildings. As this category grows it will be imperative that building owners work with their management team to create a proptech strategy. At GB Property Management, we have found a mix of personal attention coupled with this new technology will provide tenants the high level of service that leads to renewals!