Technology

How brokerages can use technology to disrupt property management

Automated assistants can offer a better customer experience
  • Helping consumers rent apartments is an antiquated process and has fallen off the radar for most agents and brokers.
  • Yet today’s “renter generation” aspires to become tomorrow’s homeowners, and that provides a huge future business opportunity for agents and brokers.
  • Technology can help agents and brokers disrupt the property management business and get them back in the game.

Property management is often the Neanderthal of real estate technology, still depending largely on manual processes and incredibly expensive human capital. It's a highly fragmented industry, often using the same approach for rentals that it did 40 years ago. The property management process goes something like this: An apartment complex hires a brokerage or property management firm to rent out its units. An on-site rep is designated, who at the very most, works eight hours a day. Renters’ calls often go to voicemail because the rep is taking another questionably bad prospect on a tour and stopping to look at different units. Those phone calls, which yield much better prospects, won't all be returned for hours, if not days. Other calls that do get answered will fill the rep’s day answering basic questions about the units because rental prospects call more often and take more time to set appointments. Worse, the best prospects have jobs, which means they won’...