Chicagoland Leasing and Management Blog

Leveraging Technology to Attract and Maintain Tenants

Nora Bohanon - Saturday, September 23, 2017
Property Management Blog

Advances in technology are happening every day, and it only seems to move faster and faster. So many people are using smartphones, online services, and other kinds of technology in their daily lives, it only makes sense that they look for tech related to housing too!

So, that means that as a landlord or property manager, you have an opportunity to use technology as an enticing component of your rentals to both attract and maintain tenants. Let's look at a few of the best ways to do it!

Communication
Many people, especially younger generations, prefer to communicate electronically - typically by email or text message. This is a great place to start, but to take it a step further, you can set up an online portal for questions, maintenance requests, etc. Not only does this provide a trackable, easily referenced record of communication, it also shows your tenants that you've taken an extra step for their convenience - that you have a dedicated method of addressing their concerns.

Payment
According to Buildium's 2017 American Renters Report, 59% of those surveyed said they'd like to be able to pay rent and fees online. This could be as simple as setting up a PayPal account, or going above and beyond to incorporate a payment gateway into a system your renters use to communicate or send requests. Whether you choose to keep it simple or invest in a larger, more incorporated software system, online payments add a layer of immediacy and convenience for your tenants - and help you get paid on time as well!

In-Home Tech
So called "smart" devices are one of the latest technology trends, and can be a huge incentive for would-be renters. From thermostats and lighting that can be controlled through smartphone apps, to bluetooth door locks and mobile-monitored security systems, there are all kinds of home technologies that offer great benefits for tenants - and function to make your property seem more modern, more enticing, and somewhere people want to live for the long-term.

Eco-Friendly
Technology isn't just apps and connected devices. Advancements in environmentally friendly appliances, light bulbs, more efficient methods of home heating and cooling... All of these technologies are big incentives for young, environmentally conscious tenants. They also tend to lead to reduced utility bills, giving tenants all the more reason to commit to (and renew) their leases.

This is just a snapshot of how technology can improve a tenant's experience. Whether it's easier communication or high-tech automation in the home, these are all ways today's tenants prefer to live. The more you can embrace technology for your properties, the better you can attract and maintain tenants on the lookout for modern places to rent!

Sources:
Buildium Article
Advanced Management Article