Redondo Beach property management has shifted quite a bit over the last few years, and a lot of the change is due to technology. While we have been juggling an ever-changing market as property managers, we have also been working with tenants who are more educated than ever. We are operating within the confines of new laws and regulations, and we are also called to constantly improve our systems and provide a higher level of customer service to owners and tenants.
All of this is manageable thanks to our technology.
For real estate investors and professional property managers in Redondo Beach and across the country, understanding and adapting to these tech changes is no longer a choice—it’s a necessity.
We believe in investing in new technology, and we have leveraged it to provide a more efficient rental experience for tenants and a more profitable investment experience for owners. We are sharing the role of property management technology in our operations today, and talking about how it has impacted the industry as a whole.
Big Data Doesn’t Have to Be Bad: Helping with Everything from Pricing to Performance
There’s a lot of data available to property managers in Redondo Beach. The data analytics we’re able to access are empowering us to make more strategic recommendations. It helps you to make better decisions. By collecting and analyzing large volumes of data on market trends, tenant behavior, and property performance, professionals like us can gain actionable insights into how to maximize a property’s potential.
Big data is also enabling better forecasting of revenues, which can help with planning and budgeting. Our ability to gather data and sift through insights helps with tenant screening, financial reporting, and advice on renewals. We can help you plan for capital expenditures.
- Pricing Redondo Beach Rental Homes
Pricing is one of the most important parts of the leasing process, and it requires good data. We can access data that’s far more reliable than what you’ll find on Zillow or Realtor.com. We have advanced programs that capture up-to-the-minute prices and rental information. The technology that we’re using allows us to price your property more accurately and profitably because we have better information on the market than any of the auto-generated information that’s coming from those rental sites.
Your investment’s rental value has a huge impact on how long it’s vacant and what types of residents you attract during the leasing period. It plays a role in the marketing process, and it impacts how much you raise the rent during renewal times. It has to be right. We make sure it’s right, and we use the data our technology provides to ensure it is.
- Performance Metrics Matter to Real Estate Investors
How are your existing properties in your investment portfolio performing? You need to know this. Everyone defines success in different ways, and we can appreciate and respect that. However, it’s critical to understand in some meaningful way your own portfolio’s performance. This will be a critical factor in decision making, especially around renovations, lease renewals, opportunities with 1031 exchanges, and the way you approach other investment options.
Some of our technology can also identify any properties in your portfolio that may be underperforming. We can help you fix what is causing you financial stress. Using the data that property management analytics can provide will allow owners and investors to review and reset investment goals, priorities, and action steps. Maybe you need to do something different for a more profitable result. Our data can serve as your roadmap.
These insights about your rental property’s performance are more strategic than simply analyzing income and expenses. You’ll get detail-rich data that can help you strategize around timing, funding, and further auditing. Maybe you’re earning more on multifamily properties than single-family homes. Maybe your focus on retention is working in one neighborhood but not another. These are the data points that can help you make more strategic decisions.
Real Property Management Choice Invests in PropTech
Welcome to the future, which is PropTech.
What is PropTech, you may be asking? It’s a buzzword that’s sweeping through the industry in Redondo Beach and throughout property management best practices. It has made professional property management more accessible to landlords, investors, and rental property owners through tools and platforms that deliver valuable insights and enable easier access to real estate opportunities.
If you’ve been investing for any amount of time, you’ve surely noticed the hard sell around apps and services and software that offer everything from virtual property tours to self-showing technology and digital leasing. There are now smart home features that are easily installed in rental homes and energy management systems for multifamily buildings. Such technologies not only attract tech-savvy tenants but also yield higher ROI through operational cost savings.
Get comfortable with PropTech, and if you are hesitant to make these expensive investments yourself, partner with a property manager in Redondo Beach who already has this technology in place. Here are some of the ways we especially like to use it:
- Smart Buildings for Smart Savings
Smart buildings are the new standard in Redondo Beach property management. Equipped with Internet of Things (IoT) devices and systems, these buildings provide a lot of data that can be analyzed to improve efficiency, enhance security, and increase overall user satisfaction. Investors are realizing that these smart technologies not only enhance the appeal of properties but also add tangible value to their portfolios. You’ll have better tenants and you’ll earn more in rent.
- Predictive and Preventative Maintenance
No responsible rental property owner will wait around for things to go wrong. Technology has allowed property managers to be more proactive and less reactive. We’re able to predict when things may go wrong and what might need to be replaced.
The Internet of Things (IoT) is taking shape in a lot of buildings, and there are sensors that can track the condition of equipment and systems, using algorithms to predict when maintenance is needed before a breakdown occurs. This proactive stance saves time and money and makes preventative maintenance easier and more intuitive, ensuring that properties are always in their best state and that tenants are happier and more likely to renew their leases.
Using Tech for Sustainable and Eco-Friendly Improvements
Technology can make your rental property greener. That’s more and more important to tenants these days, so it’s a tech trend worth paying attention to. Sustainability is at the heart of the modern real estate industry, especially in a market like ours in Redondo Beach. California consumers are conscious about using resources such as water. Technology is playing a critical role in this eco-conscious shift towards more sustainable living. Green technology is transforming property management by offering solutions like energy monitoring, waste reduction, and sustainable building materials. These not only reduce the environmental impact of properties but also position them as premium assets in an increasingly climate-conscious market.
Tenants will appreciate any of the green technology you’re using to make improvements and upgrades to their homes. They’ll look for low-flow showers and toilets. They’ll appreciate those LED bulbs.
Smart Home Technology and Redondo Beach Rentals
Smart home technology is becoming more of a demand among tenants. These are some of the most common smart home devices found in rental properties:
- Smart locks. You can allow access to tenants remotely or with a code when you install smart locks. You can also change the code between tenants or when you have a vendor showing up for work. There’s no need to worry about lost keys or rekeying the property between tenants. These also come in handy when you’re leasing your home. Self-showing technology is extremely beneficial to tenants and owners because it moves the leasing process along more efficiently. Look for a smart lock that includes a programmable keypad or a lockbox. You can also download an app to unlock doors.
- Video doorbells. Tenants are fond of video doorbells, and this is about security as much as technology. Tenants will be able to see who is at the door and who is approaching the property. Exterior cameras like those on a doorbell can also help keep a home secure when it’s vacant. These have been popular in single-family homes for a while, and now they’re more common in multifamily units as well.
- Smart lighting. Energy bills are rising, and with smart lighting, your tenants can set the lights in the property to timers or control them on their smartphones. Exterior lights can also be motion activated. This is good for security, and the interior lights will help tenants keep electricity costs down. It’s a more intuitive and greener way to keep the lights on in your rental home.
- Smart thermostats. Like lighting, the smart thermostats you install can intuitively decide when to cool or heat a room, depending on its temperature and whether anyone is home. These can be programmed for time of day as well. It’s great for keeping energy costs down and conserving electricity.
We love to discuss the technology that makes property management in Redondo Beach far more efficient than it once was. Please contact us at Real Property Management Choice if you’re interested in learning more about how we use it.
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