By Chaim Lowenstein (MultiFamilyExecutive.com Article) — The age of paper checks and lockboxes, calling your landlord to fix an appliance, or scheduling time for the apartment gym is a thing of the past. With the advancements in property management technology, or proptech, has emerged the “cyber superintendent” of sorts who can be beckoned to your every whim with a click of a button. The proptech space is growing rapidly, employing over 60,000 employees and reporting almost $12 billion in revenue as of 2019 and receiving $14 billion in global funding in 2018.
A Need to Go Digital
A recent survey found that 74% of millennials would rather text someone than talk in person. It should come as no surprise that a growing number of renters would prefer to bypass the phone call when it comes to dealing with their landlord or property manager. One area where we see the great potential is with maintenance tickets. The standard maintenance process is riddled with inefficiencies. In many cases, tenants have to wait until business hours to call in a maintenance request. That request is taken by hand and dispatched, with no easy way to track progress.
The Cyber Super Process
This cyber super can do it all now that the entire apartment renting process can be done online. Renters can find an apartment, take a tour, get a background check, get a security deposit, and move all their utilities over to a new apartment without seeing or speaking to an actual human being. When a renter has moved in, they can pay their rent, send maintenance requests if they have problems, and reserve their gym time or get an Uber without leaving their couch.
The Landlord’s Best Friend
The cyber super also helps landlords, making their jobs easier and efficient. With the electronic organization of maintenance requests, property managers can keep track of what requests come in electronically, allowing them to do away with the clipboard and pen. Cloud-based document sharing allows for easy communication with tenants individually or buildingwide. They will also be able to share news and updates about the building as well as rental agreements.
For property management technology, the advancements have really just made the standard higher. Proptech is an amenity in itself when renters are deciding on where to live. It has become a big marketing point to enriching your lives. In terms of looking forward, the growth of proptech is going to see a demand for things to be delivered to the renter. We have seen it already with groceries and fast food. But the renter will be looking for gym memberships, Ubers, and even flights to be available from their couch by a single sign-on platform.