How property management should work
We are definitely living in a fast moving and dynamic world.
Everything we do is far easier than it was even just 10 years ago. Everything happens just about as we need it to and there should be no excuses when it comes to property management.
Property management is one of those industries in dire need of a real, digital and disruptive make over. Does it really costs hundreds of dollars to advertise a house these days? What about taking property photos? Today nearly everyone has a camera on them right? Well what if property management shifted from being what it is today, a paper based and archaic system to something we have grown comfortable with and can see the clear benefits of, a digital system.
The things that really matter.
We’ve made a list of 4 things we think are crucial to property management, whether you do it yourself or through an agency. These are the core things landlords and experienced property investors have voiced to us of utmost importance to the industry!
Communication & Management.
Communication between you and your tenants should not be a hassle, and neither should management. The fact of the matter is the majority of renters are not checking their mail every day for the latest news on whether or not they have a flat inspection or a late bill. The process of communicating with tenants needs to completely change. If we are sending images and messages over the internet today, why shouldn’t we be doing the same with all our rental matters. Property inspection would be a breeze, updates about the place would be a few buttons away and getting that late payment wouldn’t be much more either?
Payments and Bills.
Blind bank transfers and payments are on their way out, people are waking up to the importance of personal money management and are opting for services that provide direct payments for services so to better track and manage their money. Nowadays we are seeing huge changes in industries where payments are at the core and it’s only growing fast. This industry is called Fintech and it’s about putting your money first, and putting it where it matters without the huge hassles involved with banking. When it comes to renting, tenants would much rather pay landlords or agencies through a direct payment system via their cards or bank numbers than rely on banks. Landlords are wanting to be paid faster and have better tracking as well instead of hunting down payments that are behind, lost or were never made.
Advertising, the big one.
When it comes to getting tenants in your properties there it’s no easy task. Generally you have to reach out to many different services to advertise, and this can get expensive. Landlords often don’t account for the huge advertising costs involved in property, be it time or money spent. It does add up, and it can get even more expensive if you ask agencies to do it for you. We live in the time of Facebook, where telling the world about what you have/do/think is pretty much free. Why should property advertising be an exception to that?
Maintenance & Upkeep.
Did you know that in the next 15 years a large percentage of the population will have multiple streams of frequent income, this is due to what’s called the gig-economy, where side-jobs are a big thing. There are so many skilled people out there and we as Kiwi’s have a real abundance of all around handymen & handywomen. What if said handy lot where but a press of a button away and could be at your door no sooner ready to fix the issues? There are so many systems out there integrating technology with large services. Uber and Lyft for taxis, MyClean for cleaning and Airbnb for holiday home management all provide jobs for many people on the side.
What can be done to move forwards?
Property management as it currently is outdated and broken. If we want to grow our property investments with our economy then we need real tools that make it; cheaper, faster and more effective, more communicative and gives us the data we really need.
What we are doing at Stayrs is trying to make sure those 4 key areas are covered and done effectively. We want to change how we manage property. Whether it is done through an agent or not, making property management simple is our goal.
If you are interested in seeing how Stayrs can make property management simple for you check out www.stayrs.com