When people talk about bringing things into the 21st century, they are essentially referring to adapting to new technologies and practices that are convenient, while also ditching the old outdated abilities of yore. When it comes to managing a property, the story is no different. The practices that you’re accustomed to that may only be 5 years old may garner a disgusted look from those that have adapted newer, more convenient strategies in today’s market. Bringing your rental property into the 21st century doesn’t just mean updating the WiFi, but rethinking how you as a property manager understands the market in a more current perspective. The whole point of bringing your property forward is to maximize your businesses’ potential while also minimizing the cost.
Our founder, Francois, went around France to ask many property managers questions about how they currently manage their property. What he noted was how archaic their business model was and how they operate their business. In order to get ahead in today’s market, you have to stay current with what you offer as well as offer more than other competitors in your area. If you’re currently wondering how to modernize your guest experience while also incurring the lowest cost, you’re not alone. According to News Wire, “real estate companies have been slow to embrace “PropTech” putting them at risk of losing market share”. In order to keep your market share, and grow it, you need to embrace PropTech so that your company doesn’t fall behind.
Quickly do a run down of your current tech stack and take note of what you’re doing yourself. If you’re doing everything on your own, you are able to ensure that the quality is up to your standards. However, if you have thousands of properties, and each of them need their own attention, you will need to implement some solution in order to reduce the bottleneck.
Technology can be a great way of reducing productivity stagnation and can also increase revenue. If you are currently updating your nightly prices depending on the time of year, there are many services that can simplify this. UseWheelhouse is a tool that automatically updates your property listings in accordance with how they believe your property will make the most money. Guest Communication tools can also help with messaging guests if you find that you are inundated with messaging all of your guests.
Although bringing your property into the 21st century may seem like a great upheaval, the process is relatively simple and can actually save you money in the long run. If you have any questions regarding how your property or your company can benefit from updating your infrastructure, feel free to contact us at firstname.lastname@example.org.