These days it’s hard to escape the influence of technology in our lives. Some might even say we’re in the midst of a technological revolution rapidly changing our industries, one of which is real estate. However, we’re not at a stage where we can completely do away with human interaction. To run a successful rental business, you need to find a property manager who can balance both or strike that middle ground yourself.
Thus, you need to understand what each avenue brings to the table and, consequently, the shortcomings of the other. This article stacks human interaction against technology by looking at the benefits of both.
Benefits of Human Interaction
It helps establish trust with your clients.
When it comes to the technology vs. human interaction debate, one of the most apparent benefits of the latter is the value of the human touch. As helpful as digital tools can be, they’re still unable to replace our need for intercommunication. While people are open to using modern technology, they’d still very much like to get familiar with the face behind the screen.
That’s why so many companies invest heavily in artificial intelligence, which can communicate as optimally as a real person. Undoubtedly, that only emphasizes the need to personally get involved with your property management. When you establish a healthy one-on-one relationship with your tenants, you develop mutual respect for one another and build trust. As a result, they are more likely to be forthcoming with their problems, and negotiations have a higher success rate when both parties can communicate openly.
2. It’s easier to collect and utilize customer feedback
Human interaction makes it easier to collect and utilize customer feedback like the above. Remember that a significant component of property management is handling tenants, so it’s essential you give your tenants a voice in your rental business. Of course, the best way to give anyone a platform is to talk with them.
Have you ever considered asking your residents how you can improve their stay on your property? Online suggestion boxes are an excellent idea, but they cannot wholly replace the understanding of one-on-one interaction. That said, although online portals could help in gathering information, especially if you don’t have time for a heartfelt sit-down, you’d still need a human to assess and implement the results.
3. It’s ideal for inspections
Conducting inspections is one of the many duties landlords have to perform to review the status of their property. This procedure can help arrest maintenance issues before they escalate and ensure that your tenants care for the property. It can even be beneficial in resolving disputes between landlords and their tenants. For instance, although most leases reiterate that landlords are responsible for making repairs.
Moreover, the property owner can take it out of the tenant’s security deposit. If these problems are the tenant’s fault or due to negligence. However, in the case of a dispute, a landlord that meticulously performs move-in, move-out, and routine.
Inspections can defend their actions in court, While technology can help store photo and videographic proof, schedule repairs, and track expenses, it’s still miles away from performing a thorough inspection.
Benefits of Technology
1. It boosts efficiency with automation
One of the most significant benefits of technology is its ability to save us valuable time and energy by automating mundane tasks. Rather than facing the hassle of going from door to door to remind your tenants to pay rent, you can set up an automated payment system.
That way, you eliminate such a cumbersome task and reduce late payments. Moreso, it makes it easier to calculate your net operating income by tracking your incoming and outgoing expenses. Besides your financials, other time-consuming tasks you can automate include your digital marketing, email nurturing, and lead management.
2. It creates a more riveting visual experience
Technology can help property owners take advantage of the fact humans rely heavily on their sense of sight. Through high-quality pictures and videos of your rentals, you can pique more potential tenants’ interests and generate more leads.
If you’d like to step up your game, you can enhance the riveting visual experience of your property with 3D technology. Creating a virtual tour of your apartment allows prospective renters to visit your home without leaving their couches. Not only does this process save both parties time and money, it only expands your pool of potential tenants. For instance, a person planning to relocate from another state or country would be more likely to follow up with your ad than others.
3. It improves accessibility
Finally, technology improves property management by increasing accessibility. For example, rental management platforms are tools for enhancing functional operations. Some of them are great at tracking your finances, monitoring real-time data, and include tenant portals that boost communication. Since most of these applications offer users web or mobile interaction, landlords can efficiently perform these tasks on the go.
Besides making it easier for property owners to manage their investments at the push of a button, technology can also help you build strong online communities. You can generate several leads online through social media platforms, SEO, and email marketing. When you combine that with the proper human interaction, you can fill up vacancies faster and reduce tenant turnover. If you are not sure how to properly channel your social marketing efforts, you can always find a professional that can help you with that, or even teach you how to do advance social media influencer marketing strategies.
Running a successful rental business is hard work, and you need to be on your toes constantly. In the modern era, technology plays a significant role in reducing the burden of many tasks while enhancing the experience. Still, it’s essential to note that it is not meant to replace the part of human interaction but rather to boost its efficiency.
To recap, we pointed out that human interaction is superior at establishing trust with your tenants, collating and implementing their feedback, and performing thorough inspections. On the other hand, we outlined that technology helps automate mundane tasks, creating a riveting visual experience and improving accessibility. We hope this guide has shown you the importance of striking a balance between both worlds.