M id A tlantic Real Estate Journal — Owners, Developers & Managers — March 18 - April 21, 2022 — 9C
www.marej.com
O wners , D evelopers & M anagers
By Roey Dor, Obligo How property managers can improve renter communication in a proptech boom
P roperty management companies are facing increased pressure to s t reaml i ne p r o c e s s e s and adap t with the lat- est technolo- gies. It’s only a matter of time before renters have a 100% digi- ta l exper i - ence when they move in and out of their new homes. In 2021, equity and debt investment in U.S. proptech totaled $32 billion, a new annual all-time high – and it’s because old school real estate has historically been slow to adapt to new technol- ogy solutions, but that’s obvi- ously changing fast. In this new digital-first world, with the increasing popularity of security deposit alternatives, virtual tours, smart homes, leasing automation, and re- mote onboarding, effective tenant communication is paramount. This is especially true in competitive markets, in which tenants are inundated with offers. Both landlords and property managers need to cut through the noise. To effectively com- municate, build trust, and cre- ate a better rental experience, here are some factors property managers should consider: Fine Print Visibility Property managers that pro- vide direct access to various third-party applications share the responsibility of under- standing the vendor’s service and how it’s being described to renters. Don’t settle for a quick demo. Make sure you’re famil- iar with the service and the exact manner in which it’s de- scribed to your renters, which will ensure that you both avoid any unpleasant surprises. It’s important for renters to understand exactly what they’re signing up for, espe- cially as depositfree renting and paperless billing become more prevalent. For example, deposit-free alternatives offer renters the ability to skip pay- ing a security deposit while in- stead paying a small monthly fee. Both renters and prop- erty managers need to fully understand how the process works, what benefits they're receiving, and what they're accountable for. Roey Dor
renter's journey should not be disrupted by vendor com- munications that look or feel too different. White labeling is a useful strategy to keep your property branding consistent. How Proptech Can Help Meanwhile, proptech compa- nies need to adapt to changing trends in technology and build their products in an API-first environment. Doing so allows them to integrate better with existing property management softwares, which makes it easier to get buy-in from tech- forward property managers. The Bottom Line
With the explosion of digital tools in the real estate indus- try, the potential for noise and miscommunication has increased. Both landlords and proptech companies should care deeply about how renters receive their communications and understand their services. For landl ords , i t wi l l greatly improve the renter experience. For proptech companies, an optimized communication cadence and embedded capabilities will help get more business. Roey Dor is co-founder and CEO of Obligo. MAREJ
for tenants to get lost in the shuffle. Property managers should understand the cadence
Customer Journey Seamlessness Tenants are bombarded with
In this new digital-first world, with the increasing popularity of security deposit alternatives, virtual tours, smart homes, leasing automation, and remote onboarding, effective tenant communication is paramount.
digital communication, not only from their landlord or proptech vendors, but from everywhere. The potential for miscommunication and con- flicting messages is growing. In this environment, it’s easy for important messages meant
and content of their vendor communications, and review them in advance. If needed, they can request to remove steps or make changes so the renter experience aligns with their current flow. Consistency is key. The
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