Assetsoft - Blog by Assetsoft

YASC 2022 is Here! Anant Yardi Starts it Off With an Inspiring Speech

Thu, 01 Sep 2022 14:54:21 -0500

Assetsoft is attending YASC 2022 in San Diego between August 31st to September 2nd and we are looking forward to meeting in-person with both current and prospective clients. As always, if you are looking to extend leading property management solutions such as Yardi, we are your trusted partner to get it done on time and within budget.

Anant Yardi, CEO of Yardi Discusses Industry Outlook

On August 31st, Anant Yardi kicked-off the conference by highlighting his view of the state of the real estate industry, post-pandemic.

Yardi believes that changes accelerated by the pandemic, such as working from home, have triggered a new growth phase as many employees are now free to work from anywhere. This means that they are now looking to purchase properties farther afield, driving up valuations especially in warmer parts of North America such as Arizona and Georgia in the Southern belt.

He also pointed to renewed growth in both multi-family and single-family homes in North America, with 1.2 million new single-family units built in the past year. He estimated that 20 to 25% of these properties have been purchased solely for the purpose of renting them out.

In addition to this “build-to-rent” model, another trend is the emergence of innovative companies that help young people gradually build equity in their homes through rent-to-own models, which could be accelerated through government subsidies and tax incentives.

Finally, Anant highlighted the growing role of technology in the industry, specifically AI, which could help players across the value chain reduce costs, grow revenue, and achieve greater operational efficiency. This could include incorporating Internet of Things (IoT) into properties to enhance property management and increase asset life.

Drop by our Booth at the YASC 2022 San Diego

Visit our booth at YACS 2022 to learn more about how Assetsoft can help you implement, rollout and maintain Yardi and other solutions or see our website at www.Assetsoft.biz for more information.

JOIN US @ YASC

Top Benefits Of Cloud-Based Property Management System

Sun, 07 Nov 2021 20:06:25 -0500

Property managers have to perform several tasks everyday. Manual repetitive tasks can become tiring. Not only would their job become overwhelming, but the management of daily tasks would become a time-consuming affair.

With a property management software, you can make things easier. For instance, several real estate businesses today are looking to adopt a cloud-based property management software. Cloud-based property management software offers a host of benefits. We have briefly discussed some of them in the given sections:

1. Cost-effective

Cloud-based property management software is cost-efficient. This software does away with physical servers, which are cost-inefficient. The expenses involved in their installation, maintenance, and up-gradation are huge. But cloud-based property management software allows you to get away with all these expenses. It also lets you upgrade or downsize your storage as per your requirements. Also, the financial burden is borne equally by all the users of this software.

2. Offers greater accessibility

Cloud-based property management software allows users to access their data easily, irrespective of the location of the device they are using. With all your data stored in a cloud-based system, you and your clients can access it in real-time. Moreover, because of increased accessibility, there would be no loss of valuable data while migrating from one system to another.

3. Facilitates easier collaboration

Since cloud-based property management software offers increased accessibility to users, a collaboration between two or more individuals becomes easier. Your team and you can access all the relevant information and work together effortlessly. This leads to a reduction in downtime. Also, everyone involved is made aware of all the work that is happening.

4. Offers enhanced security

Cloud-based property management software offers enhanced security to its users. Traditional property management systems leave your data vulnerable to natural disasters, power outages, thefts, and equipment failures. Locally stored data is not immune to accidental corruption.

However, with cloud-based software, you will not have to worry about these from happening. It uses advanced technologies such as firewalls, authentication gateways, etc., to encrypt and protect the data. It also facilitates the secure transmission of this data.

Cloud-based software service providers work with data security experts to take care of the vulnerabilities. Some cloud-based systems adopt additional safety protocols to minimize the likelihood of an information breach. These measures include being notified of unauthorized logins, blocking a device remotely, and so on.

5. Automatic backup and easy recovery of lost data

No data can ever be lost with the cloud-based property management system. This software saves and backs up all your data automatically and reduces downtime too. It also facilitates the easy recovery of lost data. Working with server-based property management software can be tedious because manual backups have to be maintained here.

Maintaining manual backups is time-consuming, prone to errors, and cost-ineffective. In addition, the latest features and bug fixes have to be continuously downloaded and installed if you stick to the server-based property management system. But, with cloud-based systems, all updates are rolled out in an instant.

6. Increased accuracy in data analysis

Accurate data-driven decisions can help a business flourish. Data stored in a cloud-based property management system will allow you to perform thorough data analysis at your convenience. Data analysis, if conducted manually, may turn out to be incorrect. If there is any discrepancy, you will be able to notice it and deal with it effectively.

7. Scalability for saving manual labour

8. Online payments for automatic financial reports

Rent payments can cause trouble not only for tenants but also for landlords. It’s hard for a single human to keep track of all financial expenses. It takes up a lot of time. Making spreadsheets manually for financial payments can cause errors, and you might miss out on an amount.

Residents can efficiently make their rent payments from their phone with a property management application, sitting right at their homes. They don’t have to visit the landlord physically to process the payment. This enables the landlord to sort out and keep track of all payments in no time.

9. Reduced administration work

Inserting data one by one in a spreadsheet manually wastes a lot of time. Not only does it take a lot of time to show you results when done manually, but also it takes a lot of time to go through each data and analyze it. And since it’s getting repetitive, you can easily end up making an error.

With a property management application, your data is updated automatically. You can generate reports the way you like and when you want. You can get a hold of your finances and company easily.

10. More transparent operations

Talking about residents, rental management application renders a degree of transparency. For instance, if you manage all the rentals manually, You provide them a payment receipt as hard proof that they made the payment. Giving out hard evidence to residents helps you establish trust and faith with them.

A cloud-based property management software can help you with all these tasks and much more in no time. It can send out timely reminders, which will prevent delays in payments. It can also generate digital files and accessible tools to establish fluent and clear communication with the tenant. It’s the key to a successful resident-landlord relationship.

Find Out the Right Cloud-based Property Management Solution for You!

Timely solutions lead to better client satisfaction. And cloud-based software is also safer than using any other external storage. Want to know how you can get started using a cloud based property management software that handles all your needs? We can help you find the right real estate property management software. Choose from popular options like Yardi and MRI Software. Automate other tasks with Robotic Process Automation.

Know how we can help. Talk to the Assetsoft team today!

The Complete Guide to Property Inspections

Mon, 01 Nov 2021 10:42:47 -0500

Property Hunting is undoubtedly a difficult task when there are so many options to choose from. But no matter how much time passes by, they’ll always be expensive. And to make a decision where you’ll be spending a lot of your money, some expert advice is needed.

Property inspections play an essential role to determine, if needful maintenance of a place is carried out. Our brief guide to property inspection will help you better understand the concept and the considerations to be taken into account while arranging for a property inspection.

Importance Of A Property Inspection Report

Before buying a house, you must get hold of a property inspection report from the seller. The purpose of this report is to allow buyers to make rational decisions regarding the purchase.

A property inspection report consists of all that you should know about a house or property. It contains vital pieces of information about the place. This report can inform you whether the property or building is in a good condition and also if it is safe to be used. A property inspection report can tell you if there is any problem with the property which needs to be resolved.

When Should Tenants Ideally Be Notified About The Inspection?

According to the laws, a landlord must give their tenants a notice of at least 24 hours if they want any property inspection carried out. But it's better to notify the tenants at least a week before the examination since the idea may seem quite daunting to them. The inspection must be conducted at a time that both the tenant and the landlord may deem fit.

In What Way Should Landlords Request Permission For A Property Inspection?

According to the legal standards, the landlord should request permission for a property inspection in writing. They may ask for a handwritten note, an email, or even a text message. The document must include the following points:

●The address of the property to be inspected

●Who will be carrying out the inspection

●Date and time of the inspection

In some tenancy agreements, clauses scheduling in-house inspections throughout the year can be found.

Can A Landlord Enter A Property Without The Permission Of Its Tenants?

A landlord can enter a property without permission in the event of an emergency only. Emergencies of this kind may include gas leaks, ruptured water pipes, and similar instances. In all other situations, entering a house or property without permission can be regarded as trespassing. If a landlord enters the property without the tenant accompanying them, they must have the tenants' permission to do so.

What Happens If A Tenant Does Not Allow The Property Inspector To Enter?

Most tenants will likely have no problem with a property inspection as long as the landlord has followed all the rules. Sometimes, however, a tenant may simply not allow either the landlord or the property inspector to enter. That is why it is important to properly understand a landlord's right to gain access to the property.

But a landlord may issue an eviction notice in the event of a complete lack of cooperation of the tenants. In this notice, a landholder formally requests the tenants to leave the property when their fixed term comes to an end. But to issue this notice correctly, some procedures have to be followed. Otherwise, the statement will be treated as invalid.

A Property Inspection Checklist For Landlords

If property inspection is conducted thoroughly, it might detect problems that might turn out to be a major issue later. But a timely detection of these problems would ensure their timely resolution, and the process will not involve a lot of expenses if detected in its earlier stages. But a landlord must be watchful enough for these problems to remain unnoticed.

To find out if every nook and cranny of the property is maintained properly and is in good condition, it is important to follow a checklist. Both the interiors and the exteriors of a house must be carefully examined to check if they need to be repaired or not.

As far as the exterior portions of a property are concerned, the landlord must ensure:

If the gutters are overflowing
If the paving slabs are loose or not
If the fencing is in a damaged condition or not
If the outdoor area is maintained or not
Whether a lot of garbage is not being left outside
If the outbuildings, like the shed doors and garages, are safe or not

For the interiors, the landlords must be on the lookout for the following:

Damp and mold
Leaky faucets or pipes
Whether smoke detectors and carbon monoxide alarms are functional or not
Conditions of items such as electrical, furniture, and so on.
Condition of permanent fixtures and fittings such as bathroom suites, carpets, flooring, and light fittings.

Normal wear and tear should, however, be expected. There might be scratches and other marks on the furniture. Carpets might appear to be shabby as well. Even some electrical items might not be working anymore and will have to be replaced.

Property inspection thus helps landlords find out if their property is in a proper condition. It also helps buyers decide if they should invest in the property or not. Therefore, property owners need to carry out an inspection of their property before they consider putting it up for sale.

If any part of the property is found to be in a bad or poorly maintained condition, necessary steps may be adopted in time to counter the problems caused by it. However, for a property inspection to be carried out expressively, the tenants’ permission must be sought in the right way following the right procedure.

Have property management needs? We can help you find the right property management software, from Yardi to MRI Software. We can also help you automate common tasks easily through robotic process automation. Talk to the Assetsoft team today.

Top 6 Time-Saving Strategies Every Property Manager Should Know

Mon, 18 Oct 2021 07:00:00 -0500

The real estate industry is highly demanding. Property managers need better time management to handle multiple responsibilities better.

While technology can make things easier, are you using it the right way? Our tips combine technology and human resources to create effective, time-saving strategies. Whether you work alone or as a team, these strategies will help you increase productivity in your business.

1. Document Everything

The first step to saving time is to know where your time goes. As property managers, you need to wear multiple hats throughout your day. Documenting the time spent on each task gives you a better idea of where you can save time.

Keeping your time unaccounted also costs you money. According to Finances Online, companies lose a total of $7.4 billion every day due to unrecorded activities.

Other than time, you need to keep track of all property management data. Even if they look trivial, documenting the number of tenants, unoccupied properties, and even small maintenance tasks can save you time in the long run. At the end of the year, this makes inspections and tax seasons smoother.

2. Use Online Payments

Accepting rent through checks comes with the hassle of running financial errands. They are not just time-consuming but also outdated. A report by Payments Canada stated that an increasing number of Canadians prefer online payments to cash or cheque.

Accepting online payments is quicker and comes with many benefits. For starters, every payment lands directly into your account. You don’t need to run to the bank to cash the checks or deposit the money. Additionally, digital methods help tackle late rent payments. You can set monthly rent reminders, so tenants don’t miss out on rent. Tenants also have the option of setting up automatic payments, which recur every month.

Online payments also document all transactions, so you don’t have to keep track of them separately. In case an eviction is inevitable, you can submit these details as legal evidence.

3. Schedule Team Tasks

For 32% of property managers, efficiency is one of the biggest business challenges. You can tackle this problem by delegating your tasks effectively. Checklists and forms are excellent mediums to keep track of your tasks. By noting down all the delegated activities, you can better manage your support team. But instead of manually maintaining the checklists, you can leverage property management software.

Property management software has scheduling tools and dashboards that help you keep track of the tasks. For example, if you assign a maintenance request to an employee, they can update the progress and completion through the software itself.

By providing access to your support staff, they can assign new tasks or take over pending ones. This increases the overall productivity and efficiency of your employees without much interaction from you.

4. Screen Tenants Using AI

According to My Smart Move, tenants with previous eviction histories are three times more likely to get evicted. Evictions are costly, but you can prevent them by thoroughly screening the tenants.

Even though tenant screening is essential, it is also taxing. A manual tenant application process can get time-consuming, especially with unsolicited phone calls and emails. Instead, you can opt for an automated tenant screening process using AI-backed chatbots.

You can set your criteria and create an online form through the bot. The bot will collect tenants’ details and automatically reject any application that doesn’t meet the prerequisites. This saves the time of both property managers and tenants, as the process is almost instantaneous.

5. Use Online Communication Channels

Communication is vital to run any business. And as a property manager, this communication is not only limited to your clients and staff but also your tenants. For effectively managing these communication requirements, you can use owner and tenant portals. These portals support both group and individual messages.

If you have any changes affecting all your tenants, such as a change in common amenities, you can use mass texting. But if something affects only one tenant, such as a change in the lease agreement, you can also communicate individually.

6. Outsource Tedious Tasks

As a property manager, you have multiple responsibilities such as managing tenants, advertising properties, and talking to clients. Instead of handling everything, you can outsource some tasks to save time.

Accounting and IT services are commonly outsourced tasks, with nearly 37% of businesses outsourcing them. Companies such as Assetsoft help property managers with lease abstraction, CAM reconciliation, and back-office accounting.

Other than saving time, outsourcing has many benefits. As companies only pay for the amount of work, outsourcing ends up saving expenses for the business. It also lets you hire expert resources and high-end technology at a fraction of their price. As most service providers operate remotely, you can also save office space and employee expenses.

Many companies also try a hybrid approach by delegating tasks to both in-house and outsourced employees. This helps them attain stability and accountability while also leveraging a scalable resource.

Leverage Property Management Technology Through Assetsoft

Property management software comes with many features such as accounting, CRM, and rent payment. At Assetsoft, we help property managers leverage the best features through software integration.

Not every software suits your business requirements. We understand your needs and create customized software for your business. With a combined experience of over 30 years, Assetsoft aims at helping property management firms with technology and expertise.

With us, you can not only automate your processes but also outsource your business tasks. We have experienced teams who are dedicated to back-office accounting, CAM reconciliations, and lease abstractions.

We can also help you leverage the latest technology such as IoT and machine learning to make the best out of real estate data. With Assetsoft, you don’t have to worry about any of your property management requirements.

To know more about our services, reach out to Assetsoft!

Is SFR Construction Outpacing Multifamily?

Mon, 18 Oct 2021 07:00:00 -0500

2020 saw an increase in the construction of single-family homes as compared to apartment units, according to Robert Dietz, the chief economist of the National Association of Home Builders.

So, will SFR construction will outpace multifamily with time? Also, apart from SFR, the BFR (Build-for-Rent) sector is slowly gaining ground, according to a report by Walker & Dunlop.

Now, historically, small-scale investors and individual investors have ruled the market. However, SFR has always occupied a certain portion of the rental market. Families having small children, and retired people look for single-family homes with yards and upscale amenities.

The Difference Between SFR And BFR

The commercial real estate sector often sees terms like SFR and BFR used interchangeably. However, they are different from one another.

SFR, for instance, refers to a group of houses located in different geographical areas, and they are pooled together for the sake of investment. These include town homes, single-family detached homes, and also two-to-four-unit properties.

SFR properties are not that hard to find. However, rural markets make up close to 66% of the rental housing stock. If the overall rental space is considered, the SFR market has been a long-standing asset class.

That being said, institutional investors have been making their way into the market.

On the other hand, BFR properties are purpose-built housing.

They are meant to be operated as SFR properties. They resemble multifamily properties. The houses in BFR properties are contiguous and function as a single rental community.

Among those who are familiar with SFR, BFR is a novel concept, something popular among investors and traditional multifamily developers as well. The BFR market forms about 5% of the new homes that are being constructed, but the chart’s on a steadfast ride up.

Why SFR Construction May Outpace Multifamily Constructions

Migration patterns as a result of the COVID-19 pandemic have only caused that demand to rise. Factors such as travel restrictions, and social distancing measures have prompted several renters to look for more space. So, they found their way to suburban markets and also in small metropolitan areas.

Since there was an increase in demand for space devoted to remote work and schooling, the need for larger living quarters arose. Besides, prices of houses were rising at a rapid rate. So most families with moderate income found it difficult to buy new homes.

Since the end of the Great Depression in the US, the SFR sector has been growing. Today, it has become the fastest-growing sector of the US rental market, fuelled chiefly by economic factors. The factors that kept several potential home buyers at bay primarily included:

Heavy debts,
Short sales,
Home foreclosures,
A tight and competitive job market.

Many middle-class people could not afford new houses, but they earned enough to invest in a rental home. The changing attitude regarding homeownership was another factor that prompted the sector to grow at a steady pace. As reported by RealtyTrac, between 2006 and 2016, over 6.3 million foreclosures took place.

According to Walker & Dunlop, the growth of SFR may outpace the development of office, retail, hospitality, and, most importantly, the multifamily sector by the year 2022. With the continuously soaring demand for SFR, more and more investors are investing in it.

The investors who were prone to investing in office, retail, and so on are gradually going towards the SFR market. In comparison to the multifamily market, the SFR market is estimated at $3.4 trillion.

Recent Trends In The Multifamily Market

According to reports, the strength of the multifamily market increased to a considerable extent in Q2 in the U.S. market. There was a quarterly absorption of about 179,400 units in the multifamily market.

The overall rate of vacancy rate in this sector witnessed a downward trend. It decreased by 70 basis points (bps) to a healthy 4.0% in Q2. At the same time, the average rent rose by 3.5% from Q1. It is the second quarterly increase to be reported since Q1 2020.

The levels of construction continued to be fairly high. About 65,600 units were added in Q2. This brought up the year-to-date total to 117,900. The new supply was outpaced by net absorption of 197,300 units in H1. The investment volume in the multifamily segment rose by 34% quarter-over-quarter in Q2 to $52.7 billion. Despite all these trends, it seems SFR construction will soon outpace multifamily construction.

Top Real Estate Tech Trends That are Here to Stay

Sun, 17 Oct 2021 18:00:00 -0500

Studies suggest that been by 2050, 68% of the world’s population will live in urban areas. With cities growing and changing, the real estate industry will need to adapt too. The global real estate market, for instance, saw significant growth even during 2021, at a time the world battled the coronavirus. Worldwide, it grew from $2,687.35 billion in 2020 to $2,774.45 billion at a compound annual growth rate (CAGR) of 3.2%.

The Asia-Pacific region accounted for nearly 40% of the market last year. Western Europe came second and accounted for 24% of the market. Real estate tech trends aren’t confined to using artificial intelligence or machine learning to adapt to a world that’s increasingly going tech. And it’s not just about using leading ERP solutions of providers like MRI Software and Yardi.

Instead, real estate tech trends are focusing on making real estate development and management simpler - and combating the different challenges that arise along the way. Here is how things are going to change.

1. Artificial Intelligence (AI) for Better Analysis

What’s the value of your home? What colors of your rooms do prospective buyers want to see? Artificial Intelligence works to implement actions from the collected data helping recognize patterns and make the right decision.

AI combined with real estate algorithms and a robust IoT device framework can help the real estate industry in various ways, from implementing better security systems to better control of power. That’s what companies like Compass and Zillow are doing - by using AI to help people find the right mortgages for them.

REX, on the other hand, uses people-centered intelligence to improve the home buying and selling experience. They aim to help buyers with everything from escrow, a mortgage to upcoming home repairs - all through AI.

2. Big Data to Help Interpret Data Smarter

Data and Real Estate Agents are a match as old as time. Interpreting data to develop long-term working strategies driven by data has become a core part of real estate technology firms.

Big Data in the real estate industry is allowing us to anticipate strategies, opportunities, possible outcomes, and of course, trends. Companies can make accurate and profitable future decisions based on constructive data, leading to better property estimates, accurate price offers, and more.

For instance, you can use Big Data to know more information about a property like whether it is made out of wood, or how many floors there are in the building. While these are variables, using Big Data can lead to accurate results, since some of these also depend on the neighborhood.

For instance, some neighborhoods might have more 2 bedroom houses than 3 bedroom ones. Houses in some areas, on the other hand, might be mostly made of wood, especially if they are from a particular period of time.

3. Mobile Applications to Improve Ease of Use

From ordering groceries to hoping on a ride to booking a plane ticket, millennials like to do everything at their convenience, at their fingertips! That convenience factor benefits the real estate industry too.

Mobile apps can help people buy, sell and browse through different properties or get in touch with agents. You also have many real estate companies looking at documentation and collaboration apps to make paperwork quicker. Companies like Get Signature take all the hassles out of document signatures, by making everything digital.

4. Blockchain to Prevent Frauds

Real estate management companies can look forward to using blockchain to bring down real estate frauds and scams and to increase compliance.

Using blockchains makes the transaction process smooth and reliable and with better transparency. For instance, blockchain can prevent land registry fraud, mortgage fraud and make property purchases and sales simpler. New York City, for instance, is exploring using Blockchain to prevent deed fraud.

5. Drones for Energy Audits and Better Photos

How about identifying which underground steam pipes are losing heat? Or which bulbs need possible replacement? With thermal imaging, drones can create thermal maps and make energy audits simpler, better and faster. Drones also allow the real estate industry to do pocket-friendly aerial photography and charm buyers into purchasing the property. You get to create better, clear, and accurate virtual views of the property.

6. Internet of Things (IoT) for Better Predictions

Internet of Things in real estate allows you to see accurate insights into the property that can be utilized for real estate management.

For instance, Commercial Real Estate Owners (CRE) may be interested in portfolio risk management. For example, real estate owners can track motion, air pressure, light, and temperature with IoT sensors, while still maintaining privacy. With IoT, it’s easy to turn any object into a source of information. Real estate management companies and owners can use it to separate buildings from a desirability and profitability standpoint.

7. Robotic Process Automation can Save Hours on Manual Labour

Real estate robots, voice bots, text bots, or virtual assistants help buyers seek the answer to their query in no time. You can use RPA for easier tenant onboarding, sending automated payment reminders, and even automate some of the Net Asset Value calculation steps. And it’s not just the real estate industry that benefits. More institutions like banks are using RPA to automate their KYC processes.

8. Automation for Saving Time

For real estate property managers, the pain points are managing tenant issues, maintenance or property listings. Automated data processing and analysis help real estate management companies get things done quickly and accurately.

That’s where Robotic Process Automation and companies like UiPath come in. You can automate every task from organizing your emails to responding to people’s queries - saving up time and resources. Additionally, it also allows real estate agents to provide real-time, personalized marketing messages.

Assetsoft: Making Real Estate Management Simpler

Trust Assetsoft to help make real estate management simpler for you. Our experts can help you with everything from back office accounting to robotic process automation. Find out what type of real estate software is right for you. We can help you choose from popular options like Yardi and MRI Software. We can also help you automate mundane tasks to achieve higher productivity. If you're looking for a reliable Yardi Consultant, give us a call today!

How To Improve Property Tours Using Technology?

Thu, 14 Oct 2021 10:00:00 -0500

Did you know properties with virtual tours get 87% more views when compared to listings without tours? Modern property tours have massive potential to improve real estate sales if implemented the right way.

Today, technologies such as VR and AI help create immersive property viewing experiences. Yet, most businesses struggle to create attractive virtual tours, despite the availability of technology.

Very few virtual tours meet user expectations

Though virtual property tours have been here for a long time, not every tour is designed to be user-friendly. Most virtual tours offer still images or plain videos that the users can’t interact with.

Some also don’t cover enough detail for prospects to thoroughly view the property. A few others have an inconvenient interface, while some others use poor-quality images. As a result, prospects need to contact an agent or skip the property altogether.

Nearly 63% of prospects are ready to buy a property without actually visiting it. As a property manager, you need to make sure your virtual tours meet those standards.

Virtual tours go beyond simple videos and images

Using technology, you can create virtual tours that give a realistic experience of visiting the property. Such tours don’t stop at panoramic images or 2D videos of the home but utilize virtual reality and artificial intelligence to make the tour a complete experience.

Depending on your requirements, you can use the following formats to design a virtual tour for your properties.

3D Floor plans

3D plans provide a more detailed view of the property. According to Rightmove, properties with floor plans received 30% more attention from prospects compared to those without. 3D floor plans also provide an accurate view of distance and square footage, something normal pictures cannot do.

Interactive walkthroughs

These are point-of-view tours that allow users to click on each room to view the images. These tours let the users explore the property at their own pace, from the comfort of their homes.

Users can also click on different features such as the floor or the ceiling to know more details about it. Matterport statistics say that 40% of home buyers found interactive maps highly useful.

Video call tours

Users can schedule a call with an agent who will show them the property through a video call. A study by N N Group found that users wanted expert guidance during virtual tours, something video call tours can easily fulfill. These calls are highly interactive, but might not be a feasible option for people who want to view the properties at their own convenience.

While these formats are the most popularly used, you can combine two or more of them to build your own virtual property tour.

How to design a compelling virtual tour

Virtual tours not only help home buyers view the property, but they also help you sell. The more interesting the tour, the more it will be viewed by prospects. You can design such tours by following the below-mentioned best practices.

Provide some form of interaction

A study by TIG Global found that the conversion rate of virtual tours was directly linked to the level of engagement it generated. Interactive tools let the buyers take charge of the tour and make it self-guided. Creating multi-directional tours instead of linear ones also makes it more interactive.

While video calls or guided tours are highly engaging, interactions needn’t always be with another person. You can include clickable features in a walkthrough that give images or details of the room when clicked.

You can also use an AI chatbot like RENTCafé CHAT IQ to guide the users through the tour. Such chatbots provide detailed information about the property and also clear any doubts the prospect has. Collecting the prospect’s details and finalizing the purchase is also easier with chatbots.

Include more than just the property

When prospects visit a property, they take a look at the street, the backyard, and even the neighborhood. You can recreate a similar experience through virtual tours by including the parts outside your property.

This is also an excellent opportunity to highlight any useful amenities in the area. Is your property near a school? Does the area provide a good scenic view? Include these in the property tour to attract more home buyers.

Be mindful of the image/video quality

The first impression of the property is created through virtual tours. When users take the tour, they want to see what the property exactly looks like. Images with poor lighting or bad angles can make the prospect feel negative about the property.

Choose the right time to get your property clicked. Use natural lighting and proper angles to make the images stand out. Also, declutter the property before clicking the pictures. Make sure that the apartment looks presentable and clean, as this can create a better image in the minds of the prospects.

Use suitable virtual tour software

You can create excellent virtual tours using various software. They reduce the amount of technical burden required to publish a virtual tour. Many platforms allow you to create virtual tours on the internet. However, not all platforms are the same. Some provide 360o viewings while others create full-motion videos.

Based on your requirements, choose platforms that allow you to combine more than one form of virtual tours. For example, you can use 3D floor plans along with interactive walkthroughs to create a detailed property tour. Virtual tour creation platforms need to be user-friendly, provide smooth integration, and have reliable support.

Find the ideal real estate tech solutions through Assetsoft

Want to find the right software to design your virtual tours? Assetsoft can help! Using state-of-art property management software like Yardi and MRI, we can help you build customized tools for your real estate business.

Our experts provide you with solutions that are compatible with your business goals while also being cost-effective. With Assetsoft, you can leverage the best resources in real estate technology effectively and see real-time growth in your business.

For customized software integrations, contact us at Assetsoft!

Are You Ready For Generation Z Renters?

Thu, 07 Oct 2021 08:00:00 -0500

For the past few years, the global real estate industry focused on marketing to one target audience: millennials. But as technology develops, we have an entire generation having a different set of requirements. Gen Z renters are digital natives who haven’t lived without the internet. As the oldest ones turn 24 this year, now is the perfect time to prepare your business for the new generation.

There are around 68 million people belonging to Gen Z in the US alone. This demographic is the reason why most property managers want to cater to their needs. To give you a head start, we have compiled the best ways you can use technology to attract Gen Z renters.

Finding properties online

Gen Z uses social media for almost everything, even finding properties. Instagram and Youtube are some of their favorite online platforms. Even though Google search is still a popular method to market properties, you need to look beyond that to reach Gen Z renters.

Modify your marketing strategy to include social media platforms. In addition to Gen Z renters, these platforms also contain a large audience of all age groups. By creating the right ads, you can target the Gen Z renters while still marketing to other groups. Well-performing social media posts also show up as search results which drive organic traffic.

Improve your SEO strategy and create engaging social media posts to build a clientele of Gen Z renters. They also value personalization right from their playlists to their apartments. Create a brand strategy that speaks to them and personalizes their tenant experience.

Affordability over amenities

Even the oldest Gen Z members are still just out of college and looking for a place to live. They look for financial stability and believe in “saving” more than “spending.” A survey by BHG Real estate reveals that Gen Z tenants are ready to give up luxuries to achieve homeownership.

While they value tech and connectivity in their living spaces, affordability is still their topmost priority. Rental prices that allow them to save for their future home are most appealing to this generation.

They also prefer long-term leases that are longer than a year. This helps them achieve stability while they work for their future. According to a survey by Tenant Cloud, 55% of Gen Z renters plan to rent for a few more years, till they can buy their own properties.

Reviews matter

Gen Z do the most research online with 30% of them checking ratings and reviews before touring a property. So apart from listing your property on social media platforms, you also need to build a positive reputation around your property management business.

The best way to get reviews is to ask your current or previous residents. However, tenant experience plays an important role in what kind of review you will get. People rarely need a push to write about a negative experience. But if you ensure quality service to tenants, you can easily get positive reviews from them.

Consider collecting tenant feedback to improve your services accordingly. Tenant portals such as MRI Tenant Connect are an excellent way to maintain tenant communication and collect feedback.

More tour options

For Gen Z renters, property tours need not be on-site with an agent. A survey by RentCafe revealed that 52% of Gen Z renters chose non-traditional property touring methods including virtual and self-guided tours.

Virtual tours use a collection of images and videos that allow a tenant to view a property through phones and computers. You can also conduct virtual tours through video calls with an agent showing them through the property. Virtual tours save time as prospects can view the properties at their own convenience.

Self-guided tours, on the other hand, are conducted on-site. But, these tours lack an agent and the prospects view the properties on their own. Tools such as RentCafe Self-Guided Tours help create a seamless property touring experience. The software includes features such as tour scheduling and ID verification. You can also use AI chatbots to assist prospects throughout their property viewings.

High-speed internet connection

Since this generation is tech-dependent, it is no surprise that high-speed internet connection is the number one priority for them. Ensuring excellent connectivity through WiFi makes your property stand out. As the remote working trend is also catching up, building co-working spaces with a reliable internet connection are also helpful for all your tenants.

You can implement WiFi-as-a-Service (WaaS) to accommodate a high number of devices. WaaS allows your tenants to access the internet directly from your WiFi network. Tenants can choose their own bandwidth speeds through different monthly packages. A WiFi connection also unlocks a whole bunch of advanced amenities that can attract Gen Z tenants.

Smart home tech is a must

Smart home amenities provide favorable housing conditions that appeal to Gen Z. Around 62% of Gen Z renters believe that technology is very important when renting a property. Apart from the convenience and cost savings, these amenities also help in environmental conservation.

Smart home technologies include a host of amenities such as:

Digital locks: Locks that use QR codes or biometric scanners instead of keys.
Smart Lights: Lights that work through voice or motion activation.
Smart thermostats: Adjusting temperature by gauging the number of people in the room, external temperature, and more.

Using AI, machine learning, and the IoT, you can implement smart amenities that are fit for the Gen Z renters.

Prepare for Gen Z together with Assetsoft

Gen Z thrives on digital advancement in rental properties. Assetsoft can help you implement suitable technology through RPA, artificial intelligence, and the IoT. Our team works with the clients to build a custom strategy for each business.

Whether it is property management software or smart home amenities, we can help you with all your real estate technology requirements. Our experts are with you even after implementation by providing the required support and training. By working with Assetsoft, you can leverage the best technology and resources to boost your business effectively.

Talk to us at Assetsoft to make your business Gen Z ready!

How Can Property Management Software Improve Security?

Tue, 05 Oct 2021 08:00:00 -0500

Multifamily apartments have a high number of visitors and tenants, making building security not an added feature, but a priority. With burglaries and crimes on the rise, more tenants are looking for properties that have added safety measures. An Assurant survey found that nearly 54% of tenants are willing to pay more if the building has a security feature.

As a multifamily property manager, it is your responsibility to ensure the safety of your tenants. Apart from strong infrastructure and security personnel, you can also use technology to create a safer environment for your residents. These 4 tips will show you how to leverage property management software to enhance building security.

Access control

Advancing technology is creating new ways to enter a property. Instead of a traditional lock and key, you can use ‘digital keys’ to create a more secure entrance into a property. Using IoT, AI, and machine learning, you can configure digital locks that only allow authorized entrance. According to Grandview Research, the demand for such smart locks has reached 8.9 million units this year.

These locks can be opened in a variety of ways such as fingerprint scan or facial recognition. One of the most popular ways of ensuring access control is through biometric authentication. Doors can be opened through fingerprints or facial recognition systems. This is highly secure as the facial recognition system has a failure rate of just 0.2%.

Another common way property management software can facilitate digital lock systems is through QR codes. Each resident has their own QR code, using which they can access their apartment.

But these codes are not limited to tenants. They can also be shared with the domestic help and visitors, so tenants can authorize who can and cannot enter their properties. Property maintenance also becomes easier. Codes for maintenance staff can be validated for a certain time. That means, they cannot access the property outside a scheduled maintenance time.

A report by Markets and Markets found that access control systems are being increasingly implemented in the residential industry. Along with access security, they also help in the detection and prevention of other hazards such as gas leaks and fires.

Remote monitoring

Using surveillance systems has always been a norm in property security. But instead of monitoring through a room near the same building, property managers can now monitor remotely. Using property management software, surveillance videos can be viewed on mobile screens through an app.

Property managers can detect and take action against any suspicious activity even on the go. You can also use property management systems to provide remote surveillance as a service. If tenants choose to monitor their properties, they can do so even if they are outside the home.

Due to the pandemic, an increasing number of people have started shopping online. Remote monitoring devices can also ensure that your package has reached you safely. To prevent unauthorized delivery people from entering the buildings, property managers can provide remote access to a storage area where they can deliver the packages.

This helps property managers constantly monitor activity in a single place and also make sure that the tenants’ packages reach them safely.

Contact and motion detectors

According to iWatchLife, nearly 17.23 million devices such as contact and motion sensors were implemented in 2013, and the number has been growing ever since. Combining motion sensors with property management software helps you detect intrusions and suspicious activity without monitoring it constantly.

These sensors set off alarms when they detect contact or movement. If remote personnel are monitoring the property, these alarms can alert them to take necessary action.

You can configure these sensors to send messages to security personnel or even tenants to their mobile devices. Since most people carry a smartphone, detecting unusual activity becomes much faster. You can also choose to trigger an alarm system in the building to alert people nearby.

Digital communication methods

The primary way to ensure the safety of your tenants is to build a secure infrastructure. If a door lock is broken or a feature has stopped working, the building security is much more compromised.

While regular building maintenance covers these areas, sometimes a feature may go unnoticed. Tenants, who notice these problems, need a way to contact maintenance staff as soon as possible. You can utilize tenant portals to help them submit priority maintenance requests.

Instead of regular maintenance requests that take too much time to process, security requests get the first priority. By using digital communication methods, your staff can check and respond to such requests quickly.

As a property manager, it also becomes easier to keep track of such requests and ensure that the necessary repairs are made. Routine inspections and maintenance can also be logged in tenant portals, to give your residents a complete overview of the building’s security measures.

Using smart features

Other than these, smart home features such as doorbell cameras and motion-enabled floodlights keep the building secure. Doorbell cameras help view the visitor without opening the door. Property management systems can be integrated with features that alert you every time someone is at your door.

Using the camera, you can verify the visitor and choose to allow them in or not. Similarly, motion-enabled flood lights light up every time there is unexpected movement. Other features such as smoke alarms and remote locking feature also help you enhance the security of your property.

Integrate security features in your property management software

Property security is a priority for every property manager. At Assetsoft, we understand the safety requirements of your buildings and tenants. Through state-of-art property management software such as Yardi, Procore, and MRI, we can integrate the required features in your property management system.

We can also help you implement additional security features through the latest technologies such as AI, machine learning, and IoT sensors. With intelligent RPA automation, we can help automate robots to complete all those repetitive but important tasks.

To know more about our services, contact Assetsoft!

The Ultimate Guide To Mobile-Friendly Property Management

Mon, 04 Oct 2021 11:30:00 -0500

It is no secret that people spend most of their time glued to their smartphones. In the real estate industry itself, 44% of residents won’t rent an apartment without a reliable cell phone connection. In today’s age of convenience and mobility, tenants need more than just traditional property management options.

Mobile-friendly property management needs to be your priority. It provides an easily accessible platform not only to your tenants but also to your employees. If you are unsure about making the move, here are some advantages of going mobile with your property management business.

Benefits Of Mobile-Friendly Property Management Software

Increased responsiveness

Mobile communication is becoming increasingly popular, considering nearly half of all emails are read on a mobile device. Property managers who have access to mobile apps can respond to tenants faster. Whether it is a maintenance issue or a general query, you can solve them right away.

Similarly, you can close more leads by responding to them within the ideal time bracket of 5 minutes. Whether you are constantly traveling or want to work after office hours, mobile apps help you stay in touch with your business.

Better experience for renters

Whether it is finding a property or leasing one, renters like to use their phones for their property management needs. A survey by the American Apartment Owners Association revealed that 4 out of 10 renters preferred using their phones for apartment hunting. By meeting the requirements of your tenants, you can create a positive user experience.

This will increase your tenant retention rate and create a sense of community among them. Tenants can also easily reach out to you regarding any issues which makes you more reliable as a property manager.

Manage employees

Being able to manage your work on the go is one of the key benefits of using a mobile device. You can access business data, assign tasks and check work progress with a few taps on your phone. In case of emergencies, employees can still handle their work even without access to their computers.

How to get started?

Taking a step-by-step approach to mobile-friendly property management helps you manage your work better. You can start by going mobile with these processes and add more as you progress.

Tenant screening

According to MySmartMove, property managers screen at least two applicants per vacancy. When you are handling a large number of properties, screening multiple applications during office hours can be difficult. Instead, you can use a mobile app to both collect and screen the applications using predetermined criteria.

Track maintenance

When tenants submit maintenance requests, they expect you to fix them as soon as possible. The best way to solve tenant issues within a minimal time is through your phone. Several apps let you track maintenance requests and assign tasks to technicians and employees. Tenants can also use these apps to submit requests for a quicker response.

Collect payments online

According to a survey by Tenant Cloud, 89% of respondents want online rent payment as an option. Using a mobile app like RENTCafé Resident, you can easily keep track of any late or missed payments. Sending reminders and in-app notifications is also easier through mobile apps. Tenants can also set up recurring payments and access account details whenever they require.

Accept e-documents and signatures

With apps that facilitate e-signatures on leases, you do not need to wait for wet signatures anymore. Tenants can use the app to review and sign any documents through their mobile phones. You can also send a digital copy of the documents to their app. It helps you organize and access the paperwork from anywhere.

Must-have property management apps

If you are looking for a mobile property management app, there are several options available in the market. However, choosing the right one can change the way you manage your business. Here are some of our favorite apps that every property manager should own.

Yardi Maintenance Manager Mobile

Yardi offers many mobile solutions for different real estate requirements. Yardi Maintenance Manager Mobile allows property managers to manage their work through a phone or tablet. You can easily assign work and track the progress through the app. It also gives you location access to technicians, so you can see the real-time progress of the task. The app comes with simple features such as drag and drop work assignments.

Zoho Mobile CRM

Zoho Mobile CRM helps you close more deals by managing lead communication. The app comes with features like tracking client visits, updating contacts, and assigning tasks to employees. It creates a connected environment where you can stay in touch with your leads, clients, and team simultaneously. You can also share and analyze data through their sales analytics dashboard.

MRI Resident Connect Mobile App

This app by MRI Software is not just for property managers but also residents. Property managers can manage communication and access necessary tenant information. Residents can use the app to make timely payments, communicate with each other and also renew their lease online. They can also submit and track maintenance requests through the app.

Salesforce Mobile CRM

Salesforce Mobile CRM helps property managers with lead conversions through helpful features. It lets you track emails and calls and also sync information from your inbox. You can manage contacts, follow up leads and view your sales data. The app also provides customizable reports to give you better insights into your business.

Start your mobile property management journey through Assetsoft

At Assetsoft, we help clients make the optimal use of property management technology for their business. We design tailored strategies and implement them through state-of-art software such as Yardi, MRI, Salesforce, and many more. Our team of experts understands your requirements and provides solutions even for complex requirements.

From artificial intelligence to machine learning and data analytics, we can help you choose the right technology for your business. By choosing Assetsoft, you can leverage the best technology and resources in property management.

Book a consultation call to know more about Assetsoft!