The Role of Technology in Nashville's Property Market - Article Banner

Technology has more than just a supporting role in Nashville’s property market. It’s leading the way in making our entire industry more efficient, service-focused, and future-oriented. We’re getting better results for both owners and tenants, and that’s in part due to the technology that we’re able to access when it comes to leasing, managing, and maintaining investment properties. 

When you’re choosing a Nashville property management partner, make sure you’re teaming up with someone who understands the value of technology and is willing to invest in innovation. 

Apex Ventures, Inc. has been around for decades, and we’ve watched the steady progression of software, property management platforms, and technology as the industry began to do more. Now, we’re seeing tools like Artificial Intelligence make it easier to communicate and gather data. We’re noticing that Nashville tenants are serious about prioritizing smart home technology when they’re deciding where to live next. 

The growth of technology’s role and our historical sense of how it’s evolved prompted us to put together some thoughts on where we think technology can best be used when it comes to managing properties like yours. 

Marketing and Leasing with Innovative Technology

The leasing process moves along a lot faster than it once did thanks to technology. Gone are the days of newspaper ads and paper applications that needed multiple copies and attachments. We’re able to screen tenants faster and more objectively. Syndicating a listing online is easier than ever. We’re sharing posts on social media about properties that we have for rent. Lease agreements are signed digitally, and it’s possible to show a property without even being there. 

Technology facilitates a leasing process that now lasts days instead of weeks. This has cut down on vacancy loss and allowed us to attract a larger pool of prospective tenants. 

There’s no danger that technology has completely removed property managers from the leasing process. Tenants still want to talk to us about questions they have about properties, and someone needs to analyze the screening data that’s collected. We talk about the expectations and responsibilities in the lease agreement, and we’re always available for showings and signings when necessary. 

But, the process moves faster. Technology enables a more efficient leasing process, which means we can focus on facilitating a smooth move-in, communicating transparently, and building a solid tenant relationship based on respect and trust. 

Thanks to technology, we can establish the right rental price from the very beginning. The rental value attached to your property has a huge impact on how long it’s vacant and what types of tenants you attract. The data we collect is reliable, and you can use online sites as an independent landlord to get a range for comparable properties in your neighborhood. 

Online Owner and Tenant Portals for Nashville Property Management 

Owner and tenant portals have been around so long that they almost seem like old technology. 

They’ve come a long way in what they can do, though, so they’re not exactly dated. 

An online portal is something you can expect any Nashville property manager to provide. The systems are all pretty similar, and they provide a lot of benefits – not only to us but also to our owners and tenants. 

Online systems and portals provide you with more accountability and transparency. You can see everything you are earning and spending on your investment properties, and you can also access property-related documents, such as lease agreements and financial statements. We’re able to respond to tenants and owners with questions, and we can provide more information more easily. 

Portals keep the options for communication open. We won’t bother you when we don’t have to, but we’re always available and easily accessible if you have a question or need to check in on something. 

  • Tenant Portals: Rental Payments and Maintenance Requests 

Most tenants will use their portals to pay rent on time, schedule maintenance requests, and send us messages. The value of collecting rent online is pretty huge. We’ve found that there are fewer late payments and no missed payments at all. When tenants can log on through their phone, tablet, or laptop, and easily schedule a payment or make a rental payment, it’s easier for everyone. The technology is secure and convenient. It cuts down on their late fees and it makes the entire process more timely and reliable. A huge majority of our tenants elect to pay online through their portal.

  • Owner Portals: Financial and Maintenance Records

Owners also benefit from our online portals because it gives you a glimpse of everything you need or want to know. You’ll see all your income and expenses. You can ask us to run specific reports in addition to your regular statement. There are maintenance records, inspection reports, invoices, and other resources that you’ll find useful.  Just like tenants, you can send us a message any time you have a question or need some clarification.

Setting up an online portal is easy when you begin working with a property manager. You’ll get instructions for logging on, and you’ll find it to be very user-friendly. Take advantage of everything that’s offered in your owner portal. It contains resources, information, and an easy way to get in touch with your management team. All the documentation you might need for the effective running of your rental property will be found in that one place. 

This was one of the earliest ways that Nashville property managers began to use technology. It’s still with us, and if you’re not using an online portal, it’s time to find a management partner who can provide one.

Property Management Technology and Maintenance

One of the biggest pain points that owners and investors come to us to resolve is maintenance. 

It costs too much. 

It’s impossible to find reliable vendors. 

Tenants have unrealistic demands. 

We understand the time and the frustration that goes with maintenance, and as your property managers, we can leverage our technology to make the entire process easier and more cost-effective. 

It starts with our ability to collect routine maintenance requests online. 

This technology allows us to track all the things that happen with your property. We also use software to track invoices, communicate with vendors, and manage inspections and inspection reports. 

You’ll know exactly when your roof was replaced, when one of your appliances broke down, and when your plumbing was updated. The written record is helpful for preventative maintenance purposes and it also allows us to organize our response and schedule our vendors. 

Technology enables us to provide a maintenance history like this to you, and it can save you money on unnecessary repairs or help you make better decisions about when to replace something rather than repair it again. 

Technology can also help with the move-in and move-out inspections we conduct before and after lease terms. The inspection reports are captured electronically and provided to you, with dozens of photographs and all of our recommendations on maintenance, upgrades, and aesthetics. This inspection technology makes it easy for you to view quotes, approve invoices, and see what needs to be done at their properties. 

Tenants and Smart Home Tech

Smart Home TechnologySmart home technology is a huge selling point when we’re marketing rental properties in Nashville and working hard to set your property apart from all the others on the market. One of the best ways to attract tenants today is by offering amenities that include smart home tech features. These upgrades and updates allow us to retain more tenants, too. 

Various types of smart home tech are more of a priority for residents, and if you want to remain competitive, you need to think about providing some smart home tech in the homes you’re renting out. Your best renters in Nashville are looking for access to high-speed internet so their own technology can easily integrate. And, they’ll be willing to pay more in rent for technology such as: 

  • Video doorbells
  • Smart thermostats
  • Digital keypads and locks
  • Automated lighting 

A lot of your tenants are now working remotely. They’re at home more, so you can expect your appliances will be used more, your security will need to be as up-to-date as possible, and you’ll need to deliver what tenants are looking for if you want them to choose your property over all the others on the market. Smart devices are good investments. 

Finally, there’s a real role for technology in the way we retain tenants. 

Retaining residents is about meeting their needs and making their rental experience easy and convenient. We can focus more on creating that tenant experience when we are supported by the technology that can manage and automate the daily tasks that would otherwise take up so much of our time. 

Technology helps us track all the details we need to serve our residents better. We can provide an online portal for rental payments and maintenance requests. We can facilitate better communication electronically. We keep everyone informed of important updates via email and text messages. 

Residents find us more responsive and faster to resolve their needs thanks to the technology we use. That elicits a fantastic tenant experience and deeper relationships. 

Let’s talk more about the way technology works for you as a rental property owner in Nashville. Please contact us at Apex Ventures, Inc.