Each year around this time, the industry tries to gauge where we are headed in the next year. Will this be a groundbreaking year in property management, or business as usual?
While it’s hard to make concrete predictions, it’s clear that technology will continue to have a major impact on the solutions available for property managers, and by extension- renters, vendors and owners, which will improve the efficiency, effectiveness and consistency of property management without raising overhead costs for the business or for owners significantly. Together, this presents huge ROI opportunities for property management.
In a 3-part blog series, we’ll be looking at three predictions about how technology will change the property management and rental industry in 2017.
Our first is that online payment adoption among tenants will continue to grow
When was the last time you noticed someone in a grocery store writing a check? It doesn’t happen very often. According to national credit agencies, 94% of people use debit, credit, mobile or related payment methods for everyday purchases. Here at RD House, 83% of our tenants in the past year regularly use online payment for rents, and we expect this to continuing to follow general consumer payment trends. Today’s renters are constantly connected to their digital devices, and are quickly dropping what’s becoming an antiquated medium to pay their rent. Electronic payments are not only easier and more convenient for renters, they are also far more convenient for property managers and owners from an administrative and transaction tracking perspective. And, the time saved from all that paper transaction handling cuts the turnaround time for vendor and owner funds disbursement.
Next in our series, we’ll be posting about how these other areas might be changing in the year ahead:
- How new renters insurance offerings will enable property managers to drive more consistent insurance requirements within leases and rental agreements, and
- How mobile and related technology will continue to deliver new solutions to specific areas of leasing and management for rental properties.