If you too, haven’t been to the office in months and have added “WFH”, then you’ve probably added some new technology to your daily routine. While there are tons of options for working remotely, sometimes the property management industry struggles to keep up.
I wasn’t around to witness when the property industry completely missed the big technology wave post 2008. Unsurprisingly, when property values were rapidly depreciating, the last thing people wanted was technology to make it happen faster!
The way in which we advertise properties has changed dramatically over the years, a ‘for rent’ board simply doesn’t cut it anymore. We find the majority of our tenants via Facebook and platforms such as Openrent and Spareroom. By advertising online, you’re opening yourself to a wider audience, as well as a younger one too – perfect for the student and co-living market.
The likes of GDPR helped moved this along; you were limited to the type of information you could hold on an individual on paper – it had to be secure and where more secure than the cloud?!
A number of agents still require tenants to visit their high street offices for ID, however, when Coronavirus got in the way, it was time to adapt! Personally, we use an online system that scans the prospective tenants ID and uploads it along with the rest of their application form, bank statements and references. It then automatically sends off for the references so all that’s left for us to do, is to give the tenant the good news that they’ve been accepted!
Collection of Rent
Gone are the days of rent books and going into a bank to pay it into your landlords account (something else that GDPR clamped down on!) With systems such as GoCardless and Stripe there is no excuse for tenants to ‘forget to pay their rent’.
These automated payment systems are simply fantastic for landlords and letting agents – they can also tie in with a lot of CRM systems and accounting software too, giving you even more reason to switch over and become hybrid.
A number of agents use ‘fix-flow’ but here at Amana, we’ve created our own system! One where a tenant fills out a simple form online, it sends it to our group chat with our maintenance team as well as our CRM, authorisation is automatically obtained from the landlord (if required) then the invoice from the contractor is uploaded from our group chat, straight to our accounting software