Property management has come a long way in the past 10 years. Thanks to technology advancements, changing property landscapes and changes brought about by the COVID-19 pandemic, property management is done differently nowadays than how it was being done in the 2010s – in a way that benefits both tenant and landlord.

But to gain efficient and profitable property management, you need to choose a property management team that moves with the times and makes the most of the modern resources which are available to them.

Here are some of the latest innovations in property management which can enhance efficiency and profitability of your property portfolio:

Data analytics

Property managers have become a lot better at data analytics in the past decade. Now, property managers are able to break down the performance of your investment properties, outlining their overall income generation against maintenance costs, bills and other fees. This helps you assess your investment property and fine tune things to enhance efficiency and profitability.

Tenant screening

Before the internet, screening a tenant for their rental history was murky and difficult. Nowadays, it’s easy – and it’s an absolute must. Online tenancy databases allow us to check the rental history of applicants in order to find great tenants. It allows us to avoid applicants with a history of rental trouble, such as property damage or failing to pay rent.

Maintenance request software

Maintenance requests are a synch thanks to online software which allows tenants to lodge requests from their smartphone. These maintenance request apps allow tenants to describe and take photos of the maintenance that needs doing, so that everything can be efficiently recorded and processed from there.

Increasing sustainability

Sustainability in your rental property can be a great way to attract high-quality tenants, but it acts as a double whammy since sustainability goes hand in hand with efficiency and, therefore, profitability.

Property managers are becoming increasingly aware of the benefits of implementing sustainable features in rental homes such as solar panels, a solar battery and underground rainwater tanks. It attracts quality tenants who prioritise the environment while also adding to overall value of the property.

Remote inspections

After COVID, we got used to doing things remotely. Remote property inspections are another improvement to the efficiency of property management. Property managers can conduct remote inspections through Facetime, record the inspection and pass it directly onto the landlord.

The truth is, not all property management teams share your goal of increasing efficiency and profitability. At Patrick Leo, on the other hand, we put our clients first in every way. We offer the best quality property management across Australia, working for you to increase the profitability of your portfolio. Get in touch with our expert team of investment property buyers and managers to learn more about our innovative property management service.