Around one-third of Americans are renters. Some rent apartments in the city, some rent ranchers in the country, and others rent large, single-family homes in the suburbs. Regardless to where you live, as a renter, you develop a business relationship with a landlord or property manager.
A good property manager has a great deal of responsibilities. He answers incoming calls each day, screens tenants, collects rent money, responds to maintenance requests, and he’s responsible for marketing and advertising of vacant properties, etc. Scott Wallace, founder and CEO of Wallace Property Management Group, specializes in mid-to-upper-end residential properties and offers franchise property management services throughout the country. Throughout his career, he’s seen technology evolve, and it has impacted his day-to-day life and career profoundly. Technology impacts the property management industry so much so, the effects are passed onto you, the renter, as well.
Software and smart phones
Software systems have helped property managers streamline many of their responsibilities. Wallace currently uses a system called Propertyware. Through automating many of the tasks managers previously had to calculate or perform on their own, these systems foster an environment for increased efficiency, and the expansion of the level of knowledge and guidance to landlords, tenants, and franchise owners.
“I’ll give you an example, one thing that we do that differentiates us from other property management companies is we do a minimum of two property inspections per year. We walk through the house and we just make sure the house is being well-maintained by the tenants. We have apps that interface with Propertyware, so when we’re walking through the house, we can actually do the inspection on our iPhones or an iPad. If we find a hole behind the wall in one of the bedrooms [for instance], we can take a picture of it and, at the end of the inspection, we can sync it and it literally interfaces with Propertyware and everything that we need to communicate to an owner and a tenant is in that one document in a PDF format,” he explains.