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New technology: Get on board because competitors will

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Businesses’ use of technology continues to grow rapidly, and that includes in property management.

Indeed, mobile technology is of great value by property managers, who recognize the benefits of leveraging technological advancements to streamline operations.

This has resulted in managing their businesses more efficiently and effectively.

Multi-Housing News reported the use of technology by property managers has made life more efficient and less costly for tenants, managers and property owners.

Property managers already have embraced smartphone apps to improve operations such as swimming pool maintenance, scheduling of maintenance requests and communicating more frequently and effectively with tenants and owners.

Multi-Housing News also noted property managers will need to continue to integrate more technology into operations to stay competitive and relevant.

EFFECTIVE TRAINING

One observation from research indicates that many property management companies are failing to properly or sufficiently introduce new technology to staff.

This failure to properly introduce and integrate new technology can greatly imperil successful property management.

An effective training program is critical to implementing new technology such as upgrading technologies, switching vendors and adding new software and systems.

EMBRACE EVOLVING TECHNOLOGY

It is very common for some employees to resist change. Some will question the need for new technology and even say, “We always did it this way, why change?” to argue against it.

Today, technology is constantly evolving. If property management companies do not update software and hardware to accommodate mobile users, they will fall far behind competitors and perhaps lose business to them.

Property management professionals who embrace evolving technology and are quick to acquire and use new technology will increase their competitive advantage and gain more business.

APPS

More people, especially millennials, communicate with family and business associates, apply for jobs, bank and even rent a car for the weekend using mobile devices.

The demand for apps continues to increase, and the more mobile activities a company offers, the more likely consumers are to engage.

With property management companies, tenants demand more than a tenant portal. They want a portal compatible with multiple mobile operating systems and devices.

Some of the best property management companies have heard their tenants’ and prospective tenants’ expectations and offer in response:

<Secure online leasing applications.

<Online payment options.

<Integrated social media and management software solutions.

<Communication and alert systems.

<Maintenance request and follow-up service.

<Access to property resources.

MOBILE AND CLOUD

Mobile technology has been facilitating operations and changing the shape of today’s businesses.

When cloud technology was introduced, business owners were concerned about whether it would be secure enough for financial transactions.

Today, the cloud routinely supports financial, medical, educational and research-based transactions.

More visits to websites and transactions are being done through mobile devices. So company websites must be mobile friendly.

SHORT WINDOW

Technology’s life cycle includes testing, introduction to early users and then a move into the mainstream.

And because of the extreme accelerated change in technology, just when the majority of customers and decision-makers accept a new product or service, the next generation of technology hits the market.

Furthermore, multiple technologies sometimes emerge simultaneously as solutions to the same challenge or problem.

DON’T LEAVE IT ON THE SHELF

Strategic-thinking property managers realize that success depends on technology.

Simply buying the best technology will not increase revenue or streamline operations if new products are never introduced or if employees can’t use them to their greatest potential.

A successful adoption needs a well thought-out training and implementation plan to introduce employees to the new technology and provide ongoing training and support.

BE RADICAL

Great advice about keeping up with emerging technologies to stay relevant in business is found from Nolan Bushnell, an electrical engineer who established Atari Inc. and Chuck E. Cheese Pizza Time Theatre.

“Today, companies have to radically revolutionize themselves every few years just to stay relevant,” he said. “That’s because technology and the internet have transformed the business landscape forever. The fast-paced digital age has accelerated the need for companies to become agile.”

Longtime contributor Glenn Ebersole is a strategic business development/marketing executive and leader. He can be reached at jgepsu21@gmail.com or 717-575-8572.

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