The Mobilization of Property Management in 2016

The mobilization of Property Management has never been more important in 2016. Homeowners and residents are spending more time on their mobile devices with the average adult spending nearly 3 hours a day on their smart phone. Providing mobile options for residents like responsive web design, mobile apps, and mobile offerings (loyalty programs, incentives, and exclusive content) is becoming common practice to stay competitive within the industry. A brief overview of mobile trends shows consumers are placing more and more value on companies that integrate mobile solutions into their day-to-day operations.

Consumer Preferences

Mobile usage has skyrocketed over the last 2 years with smartphone apps driving the most growth in digital media consumption. Consumers are spending less time on desktop & mobile browsers and more time using mobile apps. App usage as share of time spent by platform (desktop, mobile app & web, tablet) since 2013 has increased by 11% and mobile usage overall has increased 12%. Mobile engagement is dominating the share of time spent on digital media accounting for 56% of total time spent. The growth forecast shows that consumers are migrating to mobile quickly, and not slowing down anytime soon.

A study of payment trends conducted by the Federal Reserve revealed the number of checks written each year has been falling 6% annually, while the number of E-payments has risen over 9%. Demonstrating the shift of consumer preferences towards an increasingly techno-centric environment.  Another 2016 Study of Mobile Consumers showed 38% of consumers appreciate online loyalty programs and rewards saying they'd be more likely to involve themselves with brands that provide incentives for their customers. Connecting residents with online services is the best way to ensure you stay competitive and keep your residents engaged. The shift to mobile is undeniable, and mobile apps and online incentives are just a few of the ways to engage your customers.

Technology as an Amenity

Average time spent on digital media, E-payments & loyalty programs are just a few of the ways consumers are showing they favor online services. A survey of Gen Y-ers shows 69% of residents view rental and HOA properties more favorably when they have an online presence. Residents are viewing technology offerings as an added amenity. They're looking for ways to pay online, send service requests, and interact with Property Management, as well as each other. Offering solutions to these problems shows them you're dedicated to keeping your company up-to-date, as well as assuring them a higher degree of responsiveness.

U.S. Rental Housing Market in 2015

The Biggest Problems Facing Residents

Is it just me or does there seems to be a stigma regarding Property Management? I hear residents venting all the time about property managers and landlords.  Complaints range from  "they're never around when I need them" and "they only take checks" to "sending a maintenance requests feels like wishful thinking"... Considering the fact you know what your 9th Grade lab partner had for lunch (thank you Instagram), why aren't you able to get a message in front of your property manager about fixing the unwanted swimming pool in your kitchen?

The stigma is a result of archaic Property Management Systems established prior to the influx of modern technology over the last 15 years. Many Property Management companies do operate on web-based systems and provide software solutions to their property managers, but they fail to consider their real customer - residents and tenants. There's a disconnect between the tools provided to property managers and the grueling process residents are forced to undergo in order to communicate with Property Management.

How are these issues being resolved, you might ask?
Great Question.

The current technological climate is increasingly user-centric. Companies are required to be more transparent and accomplish 1 very BIG goal: Create an experience that adds value to users and keeps them coming back. Along with this, the internet-of-things has given rise to data analytics, which is virtually always employed in business dealings. Data analytics allow companies to more accurately determine Key Performance Indicators, or KPI. KPI's are statistically significant metrics that communicate value, or lack there of. Property Management companies now have access to detailed KPI statistics that inform them of resident turnover and property manager performance. These statistics contribute to an approximation of efficiency and effectiveness. This type of analysis has resulted in an overhaul of previous systems, as well as a plethora of new companies attempting to bridge the divide.

These companies aim to provide solutions that resolve different inefficiencies. Most of which focus on solutions for Property Management Companies and not their customers. Thus the problem remains unchanged, leading me to the question: How can you ensure your property management provider is looking out for you? The answer - Check out the company's resident portal. Don't just check to see they have one, explore it! Make sure it's capable of bridging the gap between the common problems you face when interacting with your property manager, landlord, or Property Management Company. Check to ensure it has the features you need and that it touts a direct line to property management. At least then when you don't receive a response, you know your PM is to blame...

Now it's time for my shameless plug. Don't worry, I'll be quick about it.

Check out Rezedent.com. We're a free resident portal solution that integrates into existing Property Management platforms! Rezedent is a resident portal that connects you with property management and the rest of your community!

Property Management Moving Forward

The shift from paper to electronic databases is by no means new, however, many property management systems still utilize this dated technique. This causes property managers to become static and inefficient, forcing tenants to hunt property managers down to make payments or file maintenance requests – wasting time and money. Automated systems solve part of the problem. They provide structured electronic databases that assist property managers with data entry, but this is also static and solely dependent on the competency of property management. These systems fail to integrate the most important technological advancements made in the last decade – cloud computing and connectivity.

The healthcare industry is a perfect example. Medical providers accumulated unfathomable amounts of data in paper databases, but did not have a system in place to provide an intuitive, single point of access (POA). The benefits from technologies like electronic medical records (EMR), telehealth services, and mobile technologies are now prevalent; and like the healthcare industry, Property Management is primed for reform. Management companies are seeing the benefits of streamlining operations with dynamic systems that integrate these solutions. Companies like Buildium, AppFolio, and Rent Manager offer some of these features like online access points and tools to help property managers manage resident data. These systems all have one common problem – they focus entirely on making it easier for property management. A tad one sided, don’t you think?

At Rezedent, we’ve designed a solution that considers both sides – An online portal for residents to connect and engage, as well as a portal for property management. Our solution was founded on the idea of creating a social network with integrated property management solutions. We saw the value of creating a single POA that goes beyond property management to connect the community in a way that is only possible in this era of rapid technological advancement. Residents can create profiles that include as much or as little information as they choose, find and connect with neighbors directly through our portal, and utilize tools to make payments or file maintenance requests. Property Managers are able to update new and existing properties, manage a centralized resident database, interact with residents socially, and take advantage of a variety of tools to streamline property management operations. Today’s climate is user-centric, so it was only logical to design a Property Management experience that simplifies operations for both sides.