Experts estimate that the US property management market will expand. The sector will reach the mark of $98.88 billion in 2029 from $81.52 billion in 2024 rising 3.94% yearly. The sector employs 878 thousand people. It is the 4th largest sector by employment in real estate's value chain.
Managing properties in the era of the digital world is moving toward no-paper properties. It is not a trend any more. It is a paradigm shift to a world where tenants, property managers and landlords benefited in many aspects. We will list out the benefits and discuss property management in a digital paperless manner.
Technology is nothing. What's important is that you have faith in people, that they're basically good and smart, and if you give them tools, they'll do wonderful things with them.
— Steve Jobs
Benefits of Going Paperless
- Enhanced Efficiency:
- Digital documents and automated processes simplify property management which saves time and energy.
- Access to records electronically makes data retrieval easier and less the burden of administrative work
- Cost Savings:
- Cutting paper cuts down on costs of printing, storage, as well as supplies.
- Property managers can channel the savings to improve the quality of maintenance for their property and also tenant services.
- Improved Organization:
- Digital platforms facilitate the systematic management of information. They manage leases, documents schedules, leases, and tenant communications.
- Everything can be organized with ease of access, which helps to facilitate an organized process.
- Environmentally Friendly:
- Eliminating paper cuts carbon emissions, and encourages ecologically responsible behaviors.
- By reducing paper waste property owners aid in environmental conservation efforts.
Implementation Strategies
- Digital Property Management Software:
- Pay for an application that permits on-line lease signup, rental payment maintenance requests, as well as the storage of documents from tenancy.
- These tools consolidate the management of property and improve collaboration.
- Cloud-Based Document Storage:
- Keep the lease agreement, tenants information maintenance work orders and many other documents in cloud storage.
- Cloud storage means you can access your information via anywhere with an Internet connection. It is also possible to backup your data, and restore it should you need to.
- Electronic Communication:
- Promote electronic channels of communication to facilitate landlord-tenant interactions.
- Contact is always on the go via text messages, emails on phones, not forgetting to mention online tenant portals. Nowadays, even reaching out to work candidates can be made easier using a LinkedIn email finder, making your digital communication efforts more efficient. These methods of communication eliminate the need for postal mail (or are in fact exclusively digital).
- Paperless Lease Agreements:
- Contracts that are digitally signed legally, and they're a time-saving tool that can also eliminate the need to use paper printing, signing, and scanning contracts.
Case Study: Success with Field Promax
Field Promax is currently being utilized by numerous companies that manage properties and the results have been impressive. Particularly one Private Property Management business found that they were able to cut down the time to complete maintenance tasks by 40% and improve tenant satisfaction by 25% after the introduction of Field Promax. Digital technology is helping to improve the experience for them.
The Future of Property Management
Future of Property Management is seamless integration with the latest technologies:
- Smart Home Automation:
- The application of smart devices and IoT (Internet of Things) technology will allow owners of properties manage their properties from afar.
- This enhances safety, security and energy efficiency and satisfaction of tenants.
- Artificial Intelligence (AI) and Data Analytics:
- Digital solutions along with artificial intelligence and data analytics will foresee tenant behavior, optimize rent pricing, and head off maintenance needs before they become big problems.
Conclusion
Remember, no paperless policy on earth is going to save any trees. However, making processes better helps you accomplish paperless work, and archiving your property management experience in your own database will resonate with tenants on a deeper level than paper. If you like the sound of Field Promax, try our software for free for 14 days 😊