The Importance of Modern software for Treasure Valley Property Managers
Boise’s real estate and property management markets demand a level of competition as the heating market brings in a new generation of owners and renters. Generation Z represents a large portion of the population seeking housing, and these buyers and renters are entirely native to technology and the mobile efficiency of a social media-enhanced world. Property managers must adapt with an expanded portfolio of online services that allow for visibility and seamless management processes in an increasingly digital workspace.
Gen Z comprises nearly a quarter of the United States population. 60%—a number constantly on the rise—of these Gen Zers are currently looking to rent as they graduate high school and college. Translated to Idaho demographics, that is a new client base of more than 268,600 tech-savvy consumers already well-versed in a virtual marketplace with expectations of online accessibility. These prospective renters have their sights set on home ownership and are willing to make sacrifices to achieve their property goals, according to a survey from Better Homes and Gardens. Keeping technologically up to date is an essential part of competitive property management that fits the needs of this growing demographic of renters and future owners.
An expansive online presence is necessary for a property management company to reach clients and prospective clients where they live. 77% of Americans are online on a daily basis, as of 2018 survey data, with time spent online increasing with younger demographics. Gen Z spends as much as 10 hours a day interacting with online content. To engage with these clients, property management software must provide:
1. Mobility— Online and mobile rent payment is a service favored by more than just Gen Z, while submitting maintenance requests or sharing and signing documents all from a client’s phone provide a cutting-edge, modern experience.
2. Efficiency — The Internet allows for the streamlining of all types of communication. Prompt customer service and email responses accompanied with quick-service tools like a chat-bot on the property manager’s website are expectations of modern business.
3. Community — Renters feel better about a management-tenant relationship that is cultivated by honesty, transparency, and engagement. Online tools for sharing client stories and educating renters go a long way toward building a long-lasting relationship.
In the Valley, property managers are using software tools to provide a modern user experience. Boise managers list programs like PROMAS, a portal for document sharing, and Rental Home Pros to provide user-friendly marketing and information database experiences for their clients. Other popular tools like IBM TRIRIGA and AppFolio assist in the scheduling, marketing, and accounting side of property management, while Propertyware seeks to enhance communication. Options abound for maintaining modern, efficient software for an increasingly online client-base.