The property management and hospitality sectors have seen significant changes in operations in the past few years, and there are plenty ahead for those who willing to embrace these disruptions. Technology has changed every aspect of our lives in ways we would have never imagined. It would be extremely advantageous for property owners to embrace this digital revolution, by implementing new streamlined systems, and reaping higher rewards for working smarter (not more or harder. UpperKey explains how property owners can embrace PropTech solutions for a profitable 2022.
PropTech in Hospitality and Property Management
What is PropTech? Property Technology refers to the digital adaptation and disruption of the property market. Long-winded processes that made the system time-consuming and problematic are extinct. Today, everything from virtual home tours, smart contracts, online property guides, automated services and maintenance, and so much more is steadily streamlining how we rent our properties and manage their terms. By introducing iRenting and prop tech processes, property owners are saving valuable resources, like time and money, while boosting profits with a whole new level of efficiency. For those reluctant to embrace these changes, used to doing things the traditional way, hearing talk of artificial intelligence can be confusing. By taking the right steps and partnering with the right people, homeowners can have their cake and eat it, too!
Your iRental partner does all the heavy lifting while you relax and reap the rewards
Putting a long-term tenant in a property and enjoying a passive rental income is the idea of success for most landlords. Today there are many opportunities to take advantage of higher by utilising short and mid-term stays, especially in highly sought-after locations. Maximising profits requires a great deal of work, however, and maintaining the condition of each property to attract the best guests, as well as a steady need for servicing, handovers, marketing, contracts, and achieving the occupancy rates that make such profits possible.
iRenting — the PropTech answer to property owners’ problems
The iRenting model creates a new type of partnership between the property owner and the property management agency. Traditional property management services worked on a percentage of the profits and often required owners to engage with upkeep and maintenance. There were no guarantees that the managers would hit the targets they needed to garner the possible profit they suggested they’d achieve.
That’s why iRenting is the gift that keeps on giving for property owners.
Guaranteed rent for the full term of each rental contract
In iRenting, property managers don’t just market and place tenants in a property. They become the landlord’s tenant, paying them a fixed rent every month straight into your account. In order for property managers to make a profit, they must then carefully place tenants inside. Almost all property owners achieve a better income through iRenting property management than a typical long-term lease would offer, while eliminating the headache of finding and managing tenants.
A steady income is just one of many advantages!
iRentals aim to maximise a property’s return, which means offering guests a comfortable and memorable stay in a well-kept apartment. No detail goes unnoticed. Each property is professionally furnished and designed to meet the needs its high-quality tenants. The property gets a complete makeover with regular updates to keep it feeling new and maintaining it in perfect condition throughout the term of the agreement. Apartments are then professionally photographed and virtual tours are created to market the property in its best light, which in turn attracts the best guests. All properties cleaned and serviced regularly. These are just a few of the benefits in addition to a guaranteed monthly rent regardless of the property occupancy.
Short term rentals are a lot of work, so how can it be profitable?
UpperKey has a vast network of vetted clients ready to be placed as well as a streamlined system to keep work hours to a minimum. That’s where the technology comes into its own. iRental works thanks to its incredible efficiency of streamlined procedures. If each undertaking were handled manually, there wouldn’t be enough hours in the day to complete the tasks the operation requires, especially when managing more than one short term rental property. By automating each and every action, using artificial intelligence to manage transactions, bookings, and more, the system becomes streamlined enough to deliver a better level of service for all players involved: the guests, homeowners and property managers, not to mention a profit to cover all the costs.
iRenting — so much more for your guests to enjoy
The latest innovations and automations in the property management sector have boosted efficiency. They operate on intelligent digital systems that speed up booking processes and place guests in apartments in record time:
· Potential tenants are screened to ensure quality guests and suitability for the property
· Reservations are managed digitally for secure and immediate transactions
· Checkins are automated and contactless, with digital key codes supplied within the hour
· Cleaning and maintenance schedules are automated online
· Virtual property tours are available so tenants can see exactly what to expect on arrival
· Personalised digital guides provide all key information in one place, from operation manuals and videos for every appliance in the property, as well as Wi-Fi passwords and streaming accounts
Additionally, guests have the possibility to access information about the local area to locate the best restaurants, shops, entertainment, nearest pharmacies, and babysitting or pet sitting services.
From an administrative perspective, they can also download invoices, book additional cleanings, report issues, request maintenance interventions, and check out alternative properties in surrounding neighbourhoods, if they’d like to extend their stay in a new area.
