5 Technological Upgrades that Increase Property Management Efficiency

21 November 2017 - 17:44, by , in Condo Management, Condominium, Property Management, No comments

With the passing of bill 106, the Protecting Condominium Owners Act, condo property management companies have responded by seeking more efficient methods of managing both condo and commercial properties. Anything that can be done electronically, will be, to make management companies the easiest, and most efficient option for condo owners.

The liberties granted to condo owners come with a higher workload that many owners with no management experience don’t know how to administer. Fortunately, seeking affordable property management in Toronto makes condo management easier with a number of technological upgrades such as:

Electronic Communication

Communicating with residents or potential residents is accomplished on a number of levels that allow for constant connection such as:

  • Cell phone interaction: notifying residents on building updates or changes can be done through text message rather than with notices that go unnoticed in the lobby.
  • Optimized website listings: by studying your website’s analytics, management companies target potential residents at the time of day they are looking for rentals.
  • Automated ticketing: residents can describe any issue they may have on your website, while a property management company deals with it efficiently for you.  

Resident Screening Engines

Screening your residents with a scoring engine substantially increases your building security. These engines conduct a police, credit, rental history, and eviction background check with a pass or fail qualifier. Management companies have access to the best programs that include a value risk calculation to identify:

  • Which residents we should suggest a less expensive unit to.
  • Which residents we should upsell based on their credit report.

Technological Market Research

To keep your condo competitive, property management companies gather information relating to smart development, acquisition choices, operations strategies, and disposition strategies voiced by your residents. Keeping this data documented electronically makes it easier to manage and allows us to plan for:

  • Rent tiers
  • Building upgrades
  • Marketing strategies

Revenue Management Software

Property management companies have access to software programs that suggest rental prices for a given unit based on the current market conditions in Toronto. Perhaps more importantly, we can use other software programs to manage your revenue in the following ways:

  • Collect financial and performance data
  • Balance books
  • Establish purchasing and inventory controls

As an affordable management company, we work to find the best software program to strengthen your condo’s revenue within its means.

Advanced Camera Security

Installing a system of surrounding or interior cameras that our management can access and monitor at any time protects against theft, fire detection, and intrusion. You need to make sure both you and your residents can feel secure in the building.

This technologically current security, as well as the new forms of communication, screening, market research, and revenue management, keep your condo ahead of your competition. Managing a condo is a big responsibility that requires years of experience in order to be properly navigated. Ensure that your building is kept up to date with the technologies that allow maximum security and financial return.

Are you a condo owner unaware of the technologies available for optimal property management? Our managers make sure your condo operates with the best technological systems to keep your residents happy. Get in touch with us today for affordable property management in Toronto.

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