Landlords and tenants agree: the last two years have significantly changed how businesses operate and have complicated the life of their co-ownership.  From remote management of tenants to general maintenance, rental management agencies, landlords, and tenants have had no choice but to adapt.  The current work environment has also highlighted the digital gap between the major players in the market and the smaller rental management agencies.  Digitization has never been more important to survive in this new reality.

The digital polarization of the rental management agency market 

Many reforms and trends have led to the modernization of the property management industry and encouraged its digital transformation.  In the past, smaller firms may have foregone implementing digital tools because of its perceived considerable expense. As a result, we are witnessing market leaders in the real estate sector buying up some smaller firms. Therefore, the digitalization of the sector is taking place at two speeds, with large rental management agencies already well equipped to enhance their processes and smaller businesses struggling to catch up with the technology.

Managing outgoing documents is time-consuming and takes away the time that could be spent on added-value services

Property managers must have a keen ability to perform a large number of diverse and varied tasks.  The daily life of a property manager involves balancing many responsibilities, including tenant research, checking of profiles (general, civic, and financial), and management of reparations, maintenance, and renovation, along with budget management.  To add to that already complicated daily routine, those in property management are required to communicate frequently with their tenants and stakeholders while adhering to legal constraints and requirements.  For some, thousands of documents must be drafted and sent to different stakeholders, such as rental contracts, rent receipts, inventory of fixtures, management mandates, contracts, and invoices for the vendors in charge of renovation. 

Digitalization is about improving dialogue
In the current state, it is no longer a question of managing emergencies, but rather finding sustainable solutions to increase the quality of service and thereby satisfaction of their customers. This requires a dialogue and a stronger communication via digital technology.

According to the 2021 State of the Property Management Industry report, 61% of renters want to be able to communicate with their property manager by email or text.

There are turnkey digital document delivery solutions that are accessible to property management agencies of all sizes, to manage their outgoing communications.  These include an extranet platform to send documents, automatic emails, SMS portal delivery, online signature, and registration tools, and remote authentication systems. All of these services can be managed in a secure manner.

Beyond building a stronger relationship with clients and customers, digitization allows rental management agencies to save time, avoid embarrassing errors and devote more energy to higher-value tasks. Digitization also reduces costs, which can be passed along to boost customer experience and satisfaction.
Property management agencies - especially the smallest ones – must evaluate their processes and catch up to stay in the race. But any digitization project must be thought through carefully. The project can be executed in several phases depending on the digital maturity of the agency as well as the preferences of the landlords and tenants.  It is advisable to take stock of the situation and choose the most appropriate tool, especially since there are now affordable, and accessible digital solutions that can yield a rapid ROI. 

Discover Quadient's digital solutions dedicated to property management and the real estate sector. 

Sources: 2021 State of the Property Management Industry
 
Yasmina Hachemi

Yasmina Hachemi

Product Marketing Manager, Intelligent Document Automation

Yasmina joined Quadient in 2018 as Product Marketing Manager for document automation and customer experience management solutions after five years with Orange Business Services as an IoT Product Manager. Through her diverse experience, she has developed real skills in digital business transformation, developing innovative business solutions, and meeting customer needs. As an expert in developing marketing strategy as well as product marketing, she now supports local teams in the various countries where Quadient is operating in the development of specific solutions that meet each sector's needs

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