The relationships that property managers have with residents have, historically, not always been the most personal. The manager might show a prospective applicant a unit and walk them through the leasing process in person—but after that, their interactions may be limited to the occasional phone call or text message with a maintenance request.
Now, new tech is changing this.
Contrary to common concerns that introducing tech removes the personal element from service-based industries, technology can actually make the real estate industry feel more personal, and enhance resident-manager relationships.
In fact, that’s one of the things we’re most proud of at Jetty. While the primary goal of our financial services products is to make renting more affordable and effortless for everyone, we love to see the positive impact that they make on renters’ perceptions of their property managers.
In our 2019 Renter Sentiment Report, for example, we found that renters who’ve used Jetty Deposit (our security deposit alternative) were 80% more likely to say they had a positive relationship with their property managers than those who hadn’t. These Jetty Members were also 50% more likely to say that they were satisfied with the process of renting their current apartment.
This is due in large part to the fact that renters want their interactions with property managers to fit more seamlessly into their tech-driven lives. According to a recent report from Buildium, most renters (61%) want to be able to pay their rent online or through a mobile app. They’d also prefer to communicate with their property managers by email or text message (and don’t want to be contacted by phone for building-related matters).
At the same time, property managers are looking to make their own workflows more efficient. The same Buildium report reveals that efficiency is a challenge for 32% of property managers, and 39% say they’re focused on improving time management and streamlining business practices.
PropTech offers solutions for both.
There are now platforms and services designed to aid in every part of property management, from lease applications and rent payments to resident documents, maintenance tickets, and more. And while some property managers worry that this kind of tech will distance them from their residents, thoughtful implementation can have the opposite effect. The right tools help managers improve their workflows and drive efficiency, while delivering more personalized experiences to residents at the same time.
When property managers use tech to streamline certain processes, they also free up time for more meaningful face-to-face interactions. So instead of only reaching out to remind residents that rent is due or a maintenance request has been completed, managers can make time to check in on a regular basis and learn what they can do to create better experiences over the course of each lease.