Property Management & Tech Innovation
Over the past few years, the letting agency industry has transformed with technological innovation and development. Increasing customer expectations have shifted the balance in the property management industry due to the digitalisation of the sector.
Once there was a lack of acknowledgement of the end-user in the decision-making process, but now this has become the norm. The residential sector has been flipped by proptech by reflecting the growing realisation that customer experience must be the core of the industry. Thus, proptech and property management systems have played a significant role in the development of residential agencies due to their nature, the problems it addresses, and the solutions it provides.
Property Management Innovation is now driven by customers & tenants
Considering that residential agency is consumer-facing, innovation should be driven by the tenants. As millennials become a larger segment of the lettings industry, the market has had to adapt to this change in needs.
To meet this demand, industries are digitising their processes to cater to the digital needs of people. Since the notion of access has changed, effective curating of a unique online presence is becoming increasingly important for letting agencies and property managers.
At Lofti we make sure that we create our systems around major consumer needs and pain points. Our product roadmap is based on constant feedback sessions with our current property managers and letting agents making our property management platform the ultimate property management solution for customers, letting agents and self-managing landlords.
Is Landlords’ & Letting Agents’ customers’ demand shifting?
As consumer demands and priorities change, the lettings sector has been slow to adapt, but with Proptech‘s ever-growing influence, the tenant journey has now been digitised.
Moreover, tenants expect much faster results and services because of the digital shift in consumer demands. In addition to speeding up lettings processes, letting agencies can provide excellent customer service with proptech solutions, which can replace outdated systems.
Lofti property management software saves users around 60% in admin time by allowing them to do everything from pre-tenancy referencing all the way up to maintenance management, all on one system.
Repair & Maintenance management
With proptech, agencies can resolve maintenance issues quickly and make cost-effective decisions in the lettings market, as an example of consumer-focused innovation.
A critical area of note when fixing maintenance issues is the risk of human error and its consequences for efficiency, revenue, and operations. The use of bespoke apps for every stakeholder will enable agencies to identify, resolve, and track maintenance issues quickly and efficiently. Therefore, meeting customer expectations and delivering excellent customer service are our top priorities.
Lofti allows letting agents and self-managing landlords to invite their tenants to download the Lofti app. Through the app, tenants will be able to report any maintenance issues as well as have contact with contractors and their property managers, i.e landlords and letting agents. This setup allows for better tenant satisfaction, less risk of misunderstanding among stakeholders and massive savings in admin time.
Lettin Agent responsibility
To maintain operations as a letting agency, from tenant and property onboarding to repairs and maintenance management, automation has become more prevalent. Therefore, the continued automation of processes will have a significant impact on the role and responsibilities of letting agents at every stage of the tenancy process.
Considering that innovation in the proptech space is largely determined by letting agents, this shift in responsibilities will shape the direction in which proptech is innovated and evolved. You can keep up to date with the latest proptech products on the estate agent today news website.