Digital transformation programs (such as those our blog often covers) have the potential to benefit organizations in virtually any industry. However, the specific ways in which digital transformation can benefit an organization will always depend in part on the nature of said organization’s products and services.
For example, maybe you work in property management. If so, you could take advantage of digital transformation in the following essential ways:
Screening potential tenants to determine whether they qualify to rent a property can involve many tasks. Examples include checking credit scores, looking into past evictions, learning if they have criminal backgrounds, and much more.
Many of these tasks can be performed much more efficiently than they otherwise would be with the help of digital tools. By embracing digital transformation, a property management company can provide its clients with the service they deserve when evaluating prospective tenants.
Storing Data in the Cloud
The cloud isn’t as ethereal as it may sound. The cloud merely consists of physical servers that another party operates.
Property management companies often have large sets of data that need to be stored somewhere. They must maintain data related to whether rent has been paid, which properties are still available, whether tenant maintenance or repair requests have been satisfied, and more.
Storing all that data can be expensive if a property management company owns its servers. Luckily, that’s not the only option. Such companies can instead store their data in the cloud. This is just one example of digital transformation helping a property management company save money.
That’s an important point to keep in mind. Some professionals and organizations have been reluctant to embrace digital transformation because they fear that doing so will be prohibitively costly. However, it’s clear that taking advantage of various digital innovations will actually allow a company to reduce spending in the long run.
Boosting Tenant (& Landlord) Satisfaction
The goal of any property management company is to ensure that all tenants and landlords are satisfied with the quality of the services they provide. As such, it’s often necessary for property managers to make certain upgrades to keep up with the times. Digital transformation can help them do so.
For example, tenants in the digital age appreciate the convenience of being able to pay rent online instead of having to write out checks and submit them to their landlords either in-person or via traditional mail. That means a very simple (but nevertheless significant) digital upgrade a property management company can make is providing tenants with this option. Because this is the manner in which tenants now prefer to pay rent, it will also boost the odds of a landlord collecting rent on time from month to month.
Keeping Team Members Connected
Across many industries, it’s become increasingly common in recent years for companies to embrace remote work policies. Research indicates this trend is likely to continue.
Because property management company employees often have to visit the properties they manage, there is a good chance that remote work policies are quite advantageous in this niche. With the right digital transformation plan, a property management company can allow for more remote work while ensuring its team members are all equipped with the tools they need to stay in touch with one another.
Again, the way in which a company can benefit from digital transformation depends on various factors. These are just a few examples of the ways digital transformation can be helpful in the property management industry.
Strongly consider how your property management business can better serve its clients with the help of digital tools and services.