When investors purchase or oversee apartment complexes, they often work with brokers of record to ensure that these properties have on-site management. Plus, investors want to see all the numbers, understand what their margins are, and learn more about how to make the property more efficient. Residents also want to have a good experience, and there are several ways to satisfy everyone involved.
These three tips explain how real estate professionals can utilize technology to enhance the value and functionality of their apartment communities.
1.Brokers of Record Need to Track Everything
When you work with the broker of record, you are asking them to track everything from rent payments to inspections, move-outs, legal filings, and more. With AI and accounting software, you can easily manage all these items without keeping paper records.
Plus, the majority of the information you need will be instantly transferred to the proper spreadsheet or platform.
If you invest in a property management platform, you can keep all your documents in a single location, share with coworkers, and even offer your residents a portal that allows them to submit work tickets, pay their rent, and more.
2.The Tenant Portal
Now that you have digitized everything you do, you must allow your residents to see their accounts, how much they owe, other charges, their security deposit, etc. A quality resident portal should display a ledger that explains every payment or credit that has been made.
Yes, this is important while residents live on the property, but they also need to be able to see their security deposit amount, anything that was deducted, and when that check was released.
This particular piece of technology is especially helpful when you have tenants on the phone who do not understand their charges or who have made complaints. You can see everything they have done, and you can even review their work tickets or inspection appointments to determine what is happening in or around their unit.
3.Technology Enhances Community Security
Every apartment community has security concerns. There may be dark or unlit areas. The pool is always a safety issue. You might have a busy road running alongside the complex, or you might even have a security staff on the property around the clock.
Using cameras and AI technology, you can pinpoint any issues that are developing, alert residents to problems, or even catch tenants in the act. Plus, you can record everything that goes on in the common areas of the complex, which can be shared with law enforcement. As a result, you can help catch criminals, set automatic alerts that contact the local authorities, and protect your office staff.
Managing Apartment Complexes Just Got Easier
As you work with your broker of record, you get all the information you need, and they have more resources when utilizing technology. Brokers and managers can track rent payments, leases, maintenance, inspections, security, and other items without keeping records in a multitude of places.
Investor calls are made simpler as all the data is available to everyone, and figures can be stored or transferred with just a few clicks of a button. All in all, investors, managers, and brokers can get more out of an apartment complex with less work.
