5 Ways Tech is Transforming the Rental Experience and Property Management

When it comes to innovation, property management is not what you would call ‘ahead of the curve’. When our lives and work began to shift online, so did rental listings. And that was the beginning and end of technological advancements for years.

It was taking what already existed and putting it on a browser or app. Nothing was addressing the issues that have been plaguing homeowners and their residents for years. 

But after lagging behind, technology is finally finding its place to revolutionize how rental homes are managed. Because the real opportunity that modern tech presents is the chance to completely rewrite the rental experience. 

That’s exactly what Belong is doing. We’re not just bringing you tech-enabled property management. The mission of Belong is to create authentic belonging experiences, empowering residents to become homeowners and homeowners to become financially free. 

To explain how that works, let’s take a look at five ways the property management industry is innovating through technology. And how Belong is taking that further to create better experiences for both homeowners and their residents. 

Key Takeaways:

• Apps for rent collection are handy — guaranteed rent in your pocket every month is better
  
  
• Tenant communication apps aren’t more effective than a phone call unless someone can respond 24/7
  
  
• Access to more data and analytics is making pricing rental homes more effective
  
  
• Video can extend the reach of your online listing to attract more applications 

5 ways technology is changing property management

1. Apps for rent collection

In 2023, there’s no shortage of apps for rent collection. These apps charge either a subscription or transaction fee, but simplify the process of collecting rent. 

For homeowners, rent collection apps make it easier to track payments and document income for tax purposes. 

For residents, rent collection apps offer more options and flexibility. Some will also report on-time payments to credit reporting agencies to help build a credit rating (though many charge more for this).

How Belong is rewriting the rent collection experience:

Belong’s app is super convenient for rent collection, but it’s so much more than that. Belong will also guarantee rent for homeowners, giving you predictable income that is paid like clockwork. Residents can choose the payment frequency that works best for them, without disrupting your cash flow. 

Not only will Belong report on-time payments to credit reporting agencies for residents, we offer extra perks too. Residents will soon be able to earn rewards and even build credit towards their first home deposit, simply by paying rent on time. 

For homeowners, we make cash flow management easier with the option to advance your income or split unexpected costs (such as repairs or emergency maintenance) over the term of your lease. It’s your income, paid on your terms. 

Discover Belong PRO: See why thousands of US homeowners are ditching outdated Property Management in San Francisco, San Diego, Los Angeles, Tampa, Jacksonville, Concord, Berkeley, Orlando and more.

2. Tech-enabled tenant communications

What marvelous innovation has technology brought to property management to connect with tenants? Well, thanks to the introduction of ‘tenant portals’, most residents can log their maintenance issues online or in an app now. This makes it easier to find a history of communication, but it doesn’t mean that issues will be resolved any faster. These apps and portals are designed to notify property managers of an issue, which they will get during business hours. 24/7 communication is reserved for emergencies only, if available at all. 

Some larger companies are looking at things like AI and chatbots to answer common questions quickly. But unless ChatGPT learns how to arrange a contractor to fix that weekend plumbing emergency, its usefulness will be limited. 

How Belong is rewriting the tenant communication experience:

Belong has a dedicated concierge service, available 24 hours a day, 7 days a week on the Belong app. Not chatbots, no leaving a message after the beep. Real people are available to speak to both homeowners and their residents, which means that you can manage your home during the hours that suit you. If residents have a question after work, they can get a fast and personalized response. 

Traditionally, property managers won’t speak to tenants after hours which makes communication frustrating and inconvenient. By attending to resident needs quickly, Belong has a proud history of happier residents and longer tenancies. More than 73% of Belong residents renew their 1-year lease, minimizing disruption to cash flow for our homeowners. 

Learn More: Discover Belong PRO, the best alternative to Property Management in Seattle, Redmond, Oakland, and many more cities across California, Florida and Washington State.

3. Online dispute resolution for lease violations

When someone violates their lease or stops paying rent, the process goes to the courts. This can be a lengthy and costly process for homeowners. While evicting someone is never a nice experience, technology is improving how it’s managed. 

The state of California for example has the Online Dispute Resolution (ODR) process, which is an alternative to having to go to court. This service can provide online guided negotiation and mediation. If an agreement is reached, all necessary forms can be submitted online, avoiding a trial.  

How Belong is providing better eviction support:

The best way to avoid eviction is finding the right tenants. This is why Belong goes the extra mile to find people who will love your home like you do. We start by integrating with the best online listings to attract more applications. Then we use a clever mix of human and digital vetting tools to find people who will love your home long-term.

We also know that so-called “eviction protection” packages in the property management industry are another way to hide fees. You pay more for property management services with eviction help included, only to find out that you’re covered for basic filing fees only.

If you choose to partner with Belong PRO, you’ll have real peace of mind that your eviction process is supported. If Belong ever needs to evict a resident that we have chosen (not existing leases or tenants), Belong will cover legal costs up to $15,000. 

Learn More: How to manage the eviction process in California, Washington state, and Florida. 

4. Data for optimal rent pricing

With everything moving online, it’s become a lot easier to price rent for a home. With access to better data and more resources, researching comps in your local area is faster than it used to be. With a few clicks you can find past and present listings — even look inside neighboring rentals to get an idea of what people are paying. 

How Belong is optimizing rental price based on real demand:

Comps only tell part of the story. Listings only tell you what a homeowner is hoping to get for their home — not what people are actually paying. 

Belong doesn’t rely on comps alone to price homes on our Belong PRO network. We use clever algorithms and real-time demand to find the right price based on what your home offers, the amenities people want, the season, and how many people are active in your market. 

Read More: How to price a rental home in LA, San Diego, San Francisco and Miami. 

5. Video marketing and virtual tours

Photography has always been a critical part of attracting people to view a home. When the pandemic restricted access to homes, people began to get more comfortable with online tours and relying on video to view homes. While restrictions relaxed, demand for video didn't.  It’s commonplace for many people to rely on video and online viewings to juggle their busy lives such as parenting or not working a 9-5 schedule. 

Including video or virtual tours can increase applications by being inclusive for people who can’t make home open times.

How Belong is increasing demand with video:

Most property management companies charge anywhere from $500 - $1200+ for video. Belong PRO includes it at no extra cost — like other essentials including photography, advertising, lease renewals and inspections. 

Read More: What Should I Know Before Renting Out My House For The First Time?

Better long-term tenancy, powered by technology

What if you could ditch property management services to modernize your entire rental experience? Belong does exactly that, combining industry-busting technology with human smarts to make renting lovable for both homeowners and their residents.

Our smarter, future-ready service includes:

• Guaranteed rent every month, regardless of if or when your residents pay

• Optimized rental pricing that uses technology and real-time demand to price your home with accuracy

• The Belong app that gives you and your residents access to everything you need

• Innovative financial products including the option to spread maintenance payments over the term of your lease agreement

• Access to dedicated landlords insurance to protect your asset (as well as coverage for your residents)

• Integration with the most popular rental platforms to get your home loved faster

• Instant access to an expansive vendor network of over 10,000 professionals that can handle everything from routine repairs to home upgrades

…and we’re just getting started! Belong is simplifying the rental experience and helping more homeowners reach their financial goals through real estate. Visit our homeowner's page to find out more about services in places like Seattle, Los Angeles, San Francisco, Austin, Oakland, Miami and many more.