Employ Your Tenants and Increase your NOI, with a Property Management App
Long-range communication capability is inarguably one of the best technological advances to ever benefit mankind. Some say it was the wheel while others argue it was the moon landing, however, most of the inventions between the two could not have been possible without long distance communication. It started with a simple flag and light signals, and has now evolved to a point where artificial intelligence has rendered the use of human signals redundant at the tactical level. The layman calls it ‘online mode’, be it banking through ATMs, digital portals for aviation, traveling booking apps, or real estate management through the use of a property management app. With that in mind, we venture into the land of task automation in the aviation industry to draw some interesting comparisons.
Leading by Example
If you were born in the 80s and early 90s, you must remember the dreadful experience of physically buying a flight ticket, and the long hours spent checking in to the flight. If you were flying domestically, it could very well take more time to buy a ticket and check-in than actual in-flight time. Flash forward to today, with integrated artificial intelligence and online applications, that hassle is almost non-existent. Most airlines have employed an automated check-in and booking system to mitigate long wait times and the often convoluted check-in processes, showcasing two of the most significant improvements to the airport systems.
As a result, the passengers became empowered to check themselves in by simply running their mobile screen on the QR code reader while one employee oversees the whole process. Essentially, the aviation industry has enabled their passengers through various applications to ease out airport check-in, baggage check-in, checkout, and airline & hotel booking with the tap of a finger. By empowering their clients, airlines were able to cut overhead costs, saving them millions in employee wages. One study estimates that it costs approximately $3.86 to check-in a passenger with a service employee, as opposed to $0.16 with automated self-service kiosks. More so, it is estimated that only about 20% of passengers are checked in by human agents today, the other 80% opting for self-service check-in. These savings go directly to the airline’s bottom line, increasing its profitability.
Following Suit with a Property Management App
Similarly, the real estate industry has taken a cue from the aviation industry’s self-checkout model, and begun to offer tools that employ tenants to perform tasks which were traditionally the responsibility of building employees. By providing residents with a comprehensive mobile tenant portal as part of a greater property management app, a modular approach is being adopted which enables the proprietor to manage his room or house through his mobile phone.
Tenants feel empowered with the ability to immediately carry out certain services that the property manager would typically be handling otherwise; whether it be submitting a work order, paying a fee, or reserving an amenity. On the other hand, building employees are no longer managing the organization of multiple requests, nor are they wasting time on answering follow-up calls or requesting further information from the resident. This makes for a collective benefit for the owner and the resident; they feel empowered, while property managers save money in overhead costs which go directly to their bottom line, ultimately increasing the value of their portfolio.
How Can you Benefit?
In order to begin applying the self-service model to your residential real estate portfolio, you simply need to acquire a property management app for your buildings. At Property Apps, we can provide you with a customized property management app as per your specific requirements. Above all, you will get requisite training to automate your desired property management procedures.
Likewise, do remember that more than 75% of surveyed flyers place
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Are you ready to be part of something that changes the course of real estate history? Let me know how in the comments section.