Contactless Rentals: The Future of Property Management

Thu, 09 Sep 2021 08:00:00 -0500

Technology has become inevitable to keep up with the pandemic norms for the real estate industry. However, contactless technology serves more purpose than just minimizing physical contact. Property managers discovered that contactless technology was more convenient as opposed to traditional property management.

Apart from the social distancing, it also saved time and money. Simply put, contactless technology showed us a better way to do things in real estate. As the upcoming generation becomes more tech-savvy, remote real estate technology is here to stay. Read on to know more about the upcoming trends and be ready for the contactless future of real estate.

Contactless solutions through property management software

Technology has revolutionized property management through cloud software tools. Tasks that require you to spend hours in the office can be done online in a jiffy. Real estate software comes with a multitude of features that can facilitate contactless property management. Optimal use of such software can not only improve the experience for tenants but also make property management more convenient.

Contactless property showings

Showing rental properties is a time-consuming process for both property managers and renters. Coordinating schedules is not always possible and nearly 25% of prospects are forced to take time off work.

However, using advancing technology, you can host property tours either completely online or through the help of virtual assistants. Both these options provide flexibility for prospects to view properties at their convenience.

Virtual tours

Virtual tours let prospects view the property from the comfort of their own homes. Through pictures, snippets, videos, and even VR headsets, prospects can see the property without visiting it physically. Apart from social distancing, virtual tours are shown to increase sales. According to DigitalInTheRound, young adults are 130% more likely to book the property if it offers a virtual tour.

Virtual tours can be held with or without a guide. You can use a set number of pictures and videos that the prospects can browse at any time. 3D mapping of the property can also be displayed on your website, which provides a more thorough viewing. Or, prospects can also view the property through a video call for a guided tour.

Self-guided tours

Self-guided tours, on the other hand, require the prospect to visit the site. As a property manager, self-guided tours save you a lot of time. Prospects also prefer agentless tours for a number of reasons. A survey by RentCafe showed that 63% of prospects chose self-guided tours as it let them tour at their own pace.

AI chatbots enable prospects to schedule agentless tours by submitting a few details. A temporary verification code along with some documents makes the access secure. Combine these with keyless entry and an AI assistant, and you can make it an immersive experience for the prospects.

Tools like Yardi RENTCafé Self-Guided Tours make the tours more convenient. Features like tour scheduling and prospect verification can help you retain more leads even when your staff is busy.

Keyless entry

The risk of contact when handing over keys to tenants or property managers is eliminated with keyless technology. Alternate options such as digital code, fingerprint scanning, and facial recognition serve equally well. In fact, 52% of millennials prefer alternate entry methods to access their properties.

But, keyless entry is more than just for the beginning of the tenancy. For tenants sharing their apartments with multiple people, keyless entry options can be easier to replicate and regulate. Sharing copies of QR codes is certainly better than making physical copies of keys. A survey by Allegion U.S. reveals that 58% of millennials have shared access codes with family or even friends.

As a property manager, it is also easier for you to track the number of duplicate access codes. The security concern of not turning in a key at the end of the tenancy is practically eliminated. Instead, you can simply change the access codes for the properties and provide fresh codes to new tenants.

Keyless entries can also save time on maintenance. After tenants’ approval, technicians can be provided with limited-time access to the property through access codes. These can be revoked once the assigned task is completed.

Electronic payments

Enabling online payments is one of the best ways to complete the contactless experience. Through options like internet banking, credit cards, and e-wallets, you can eliminate payments through cash and checks. Though traditionally preferred, cash and check payments have their own downsides. Personal details printed on checks can easily fall into the wrong hands. They can also go missing or reach the wrong address.

Online payments make the whole process hassle-free and convenient. Tenants can instantly pay rents and other fees through a few taps on their smartphones. By combining it with property management software, you can also let them set up recurring payments and send them timely reminders. You can also verify every transaction as digital payments are easier to keep track of.

Remote lease renewal

Lease renewals are one of the recurring tasks in property management. Through the online transfer of documents and e-signatures, tenants can renew their lease from wherever they are. No more waiting for physical copies of signed lease documents.

Tools like MRI Secure Sign enable you to sign documents digitally. It lets you manage documents within the software without any printing or scanning. Tenants can remotely sign leases using their mouse or through a smartphone.

Contactless rentals are the new norm

The real estate industry quickly adopted contactless technology during the pandemic. As more people realize its benefits, contactless technology has become the new standard of property management. If you are looking to adopt this new technology, then Assetsoft is the right partner for you.

At Assetsoft, we help clients leverage the latest property management technology according to their requirements. By integrating platforms like Yardi, MRI, and Procore, we create a single platform with all the required features. Our team of experts guides you with the right tech strategy so you can make optimal use of the resources around you.

Contact Assetsoft for a seamless property management experience!

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