Most rental property owners recognize the importance of providing an excellent living experience for their tenants. Building strong tenant relationships can lead to higher tenant satisfaction, which often results in higher demand for units, stabilized occupancy levels, and lower vacancy. New technologies are making it easier to boost tenant satisfaction by providing valuable services and programs that improve the tenant experience.

Below, I’ll discuss just a few of the latest technologies that can help rental property owners create a more convenient and satisfying living experience for their tenants.

Introducing Smart Home Technology

Smart home systems have become quite popular in the property technology arena. Whether it’s a smart HVAC system or connected security devices, smart home technology has improved the living experience for homeowners across the country. However, this type of advanced home comfort technology is no longer exclusive to just those who own their homes. Multifamily property owners are now starting to launch smart home systems and platforms for their buildings as a way to improve the living experience for the tenants.

Vivint, a smart home solution provider has recently launched Smart Properties, a comprehensive smart home solution for rental properties in the U.S. and Canada. The smart home platform includes a variety of technologies such as smart locks, lights, security cameras, and thermostats. This smart home system enables property developers to improve the tenant experience by providing renters with a convenient amenity that not only enhances their day-to-day living but can also help them save money by using their home systems more efficiently. Property owners can also use the centralized platform to handle tenant maintenance requests and monitor energy usage in common areas.

Property management software provider, Entrata is also entering the smart home platform business with the launch of SmartProperty. Property owners that are already using Entrata to manage things like payments and leases for their rental properties will now be able to add a new smart home offering. Entrata will install a central hub in the building that will allow its software to speak to the different smart devices that property developers plan to include in rental units. This service makes it easier than ever to introduce smart home technologies into their rental properties, enabling them to enhance the living experience for tenants.

Leveraging Rental Management Software

If rental property owners want to provide an enhanced living experience for their renters, they need to be well-organized and improve communication across their organization. Rental management software helps managers do just that by providing them with the tools they need to effectively run and manage operations across rental properties. By helping to streamline operations, rental management software enables property managers to provide a better overall experience for tenants.

Propertyware is just one example of a company that provides cloud-based rental management software. This scalable and flexible solution helps property owners with every step of the process from screening new tenants to managing the rental property’s marketing and website. CrestCore Realty, a customer of Propertyware, reports that they grew from just 400 units to 2,500 units after using this software.

Additionally, they cut down on maintenance call times by 25% with the software’s contact center feature. It’s clear to see that property owners can leverage this type of software to boost capacity and improve the quality of the services they offer their tenants.

Cloud-based rental management software makes it easy for team members across the property management team to quickly access tenant and building information, no matter where they are. This improves communication and streamlines processes across the organization. This type of software helps property owners improve visibility and shorten response-time, thus enhancing the tenant experience through more effective services.

Utilizing Self-Service Tools

Another trend that is popular among property management firms is the use of self-service tools that allow tenants to take greater control of their living experience. Through an online tenant portal, renters can manage processes such as paying rent, submitting work order requests, and even chatting with their neighbors, all from one centralized online platform. This makes it easier for tenants to get the services they need within a timely manner, which can ultimately improve their experience and increase satisfaction.

One example of a self-service portal is the TenHub tenant app, a part of the Building Engines tenant portal. This app allows tenants to report, track, and comment on issues within the building, all from their mobile device. Using the app, renters can submit detailed work orders and even attach photos to their requests.

Then, tenants can track the progress of these work orders every step of the way. Once the work order is complete, they can then rate their service and share comments about their experience.

Self-service apps and portals like this one, make it simple for tenants to report any maintenance issues within their home or in the common building areas. Not only is the app convenient and easy-to-use, but it also provides complete visibility for these maintenance services.

By updating tenants on their specific requests in real-time, property owners can help make tenants feel more involved and provide more timely service, thus improving the overall tenant experience.

Improving Package Delivery

Home comfort and maintenance services aren’t the only factors of tenant life that can be improved by new technologies. Companies like Amazon and Walmart are now working to improve package delivery services for property owners by automating the package receiving process. This not only helps property management teams streamline this important resident service, but it also allows them to offer a new, convenient amenity for their residents.

Recently, Amazon has transformed the standard package delivery model in rental communities. After making deals with some of the nation’s biggest property management firms, Amazon will be installing locker systems in building package rooms, helping to automate the package receiving process. On-site teams will no longer have to take time away from providing other resident services to receive these packages. Instead, residents will be alerted to the package delivery and be able to pick up their packages from the mailroom at their own convenience. Walmart is also working to simplify the package delivery and pick up processes for living communities through their online shopping platform, Jet.com.

Jet.com is working with Latch, a real estate startup, to make it easier for tenants in buildings that do not have a doorman or front office staff to accept the packages they’ve ordered online. Latch has developed a keyless entry system that will be installed in residential buildings, allowing delivery personnel to enter these buildings through a passcode, smartphone, or smart card using temporary passcodes created by Jet.com. This new system makes it easier for tenants to receive their packages in a safe and timely manner. Amazon has a similar system called Amazon Key.

Wrapping Up

Newly development apartment buildings are being built with the latest technology and it’s difficult for older buildings to compete, especially if the only amenity is a better location.

Investing in new technologies to improve the tenant experience can transform an old building and allow it to compete head-to-head with new buildings. Not only will it help attract good tenants, but it’s a key to building long term relationships with your tenants. This will, in turn, have a positive effect on your bottom line by increasing demand and reducing vacancies. Moreover, these smart property systems can improve your operational processes, resulting in a happier, safer, and more livable community for everyone.