Working smarter, not harder

With what feels like ever-increasing compliance measures, the role of a property manager has become busier and busier. Fortunately, several PropTech companies have listened to the wishes of property managers nationwide and introduced software solutions to make day-to-day tasks easier, quicker, and more enjoyable.

Jo Rae, Head of Property Management at REINZ, recently spoke with three software providers working in the space to gain insights into some of the new technologies they have developed and how they lend a helping hand.

Keeping track of property assets

Property maintenance software company Tapi has created a better way to manage repairs to assets required at properties. A typical residential property manager will have around 1,500 assets across a portfolio. It isn’t easy to keep track of them all — to know when a dishwasher is still under warranty or an oven is on its fifth repair job and needs replacing. Often owners have a better working knowledge of their rental assets than their property manager, who may find it tough to be the expert operating on gut feel, not facts. Tapi’s new Asset Guru changes that, establishing the property manager as the expert.

Asset Guru uses artificial intelligence to check warranty information, depreciation, replacement and repair costs, and recommends the repair or replacement of an asset. The platform tells you if an asset is under warranty, fully depreciated, or already has multiple repairs, then provides advice based on facts, with a full asset history available.

Whether it’s during day-to-day tasks, weekend callouts, or leave-cover of a portfolio, property managers will have the information needed to give owners the best, data-based advice on their property assets.

Data to decisions

\All about making property management processes easier and faster, Renti offers advancements in reporting and statistics across the profession — particularly in the property management sector. Its intuitive rental software enables greater insight into demographics and how tenants, landlords and property managers engage with each other.

Modern SaaS (software as a service) platforms utilising contemporary architecture and open API philosophies allow property management professionals to make data-driven decisions which clarify some long-standing unknowns in the process. Assumptions are no longer necessary, with the use of measurements, analytics, and analysis to provide more accurate and relevant understanding regarding the impact of applied behaviours.

Some results of recent Renti analysis include:

1. Tenant engagement

▪ Tenants who have applied for properties managed by professional property managers are far more likely to complete the application process.

▪ Of all tenants who applied for a property in June 2022, 81.1% completed the application for professional listings, and 38.2% completed it for private listings.

▪ As listings decline from the peak season early in the year, the application closure rate from professionally managed properties increased, suggesting that agencies excel in tougher markets.

▪ The closure rate of private listings declined across the same timeframe.

2. Affordability is relative

▪ Right across the rental spectrum — from $200 to $1,000 per week — there is a similar credit score at either end of the scale.

▪ Regarding suitability based on one of the tenant’s selection criteria and credit ratings, there is little to no variance between people looking to rent properties at either end of the rental scale.

▪ In the last six months, $550 per week is the most common rental price.

3. Application trends

▪ The most competitive rental bracket is $500 per week, which sees an average of six applications per listing.

▪ The rental band of $375 to $575 per week is the most popular with an average of five applications per listing.

▪ The rental band of $775 to $1,000 per week sees around three applications per listing.

Interactive dashboards — more than just pretty graphs

Mandy Welsh from cloud-based property management software business MRI Palace says their Palace dashboard is much more than just pretty graphs. They are interactive and allow easy management of day-to-day activities with one or two clicks, sending out letters and SMS to clients directly from one main screen.

The dashboard acts as a to-do list. Property managers can log in and follow up on anything in the red. Principals and managers can change the setting to each property manager on their own screen, so they can scope what is happening across each portfolio.

The Boss dashboard gives managers and owners a look at the health of the portfolio, breaking down performance and what is happening in their business at a glance. It enables up-to-date reporting and picks up any issues as they occur.

PropTech for property management

PropTech can support property management businesses to streamline processes, provide insightful information and automate administration to free up time to work on other tasks. Tapi, Renti and MRI Palace are amongst a growing number of PropTech tools available that deliver smarter solutions to property management professionals.

Preparing for the changes that come with using PropTech and taking advantage of the benefits will allow those who get on board with these new technologies to evolve, remain competitive and grow their businesses to new heights.

Jo Rae, Head of Property Management, REINZ