Cash Flow 2020—Four Surprisingly Simple Ways Property Managers Are Gaining More Control... and Cash
With the COVID-19 crisis, property managers were forced to pivot quickly to protect their residents and staff and ensure business continuity amid lots of uncertainty.
So, what’s a ‘"new normal" nowadays and what are the trends you’ll need to follow?
Probably one of the biggest market trends we’re seeing is automation in the property management industry. This is the ability to streamline payment processes electronically. If you’re still processing each invoice and rent payment manually, you’re wasting a lot of valuable time. Confirming rent payments and juggling the paperwork for your own expense payments (insurance, maintenance, taxes, etc.) is very time-consuming. Automation is going to be a necessity in the property management industry of 2020.
2. Property Management Marketing
Have you noticed a recent focus on new marketing strategies in the property management industry? Property managers are trying a lot of new marketing techniques in efforts of expanding their business and getting new clients. It’s a much cheaper way to reach the audience.
3. Gen Z Is Tech Savvy
Gen Z is expected to grow from 8 million to over 55 million in the next decade. Gen Z has lived their entire lives knowing and using technology and the internet.
The most common tech solutions:
Charging and docking stations
Keyless door entry
Fitness center memberships
Outdoor heaters and fireplaces
4. Amenity Reservations
Even millennials are becoming tech-savvy and sometimes won’t settle for the old-fashioned way of doing things, so if you are a landlord, start upgrading your amenities!
Check out Reliant Amenity—a great new tool that enables residents to make fast, easy amenity reservations and management and enforcement to easily confirm reservations. Our App provides accurate data to help confirm compliance and increase accountability—and it's all seamlessly integrated with the Reliant Parking Apps for residents, management and enforcement. Get started now!