As a landlord, you’re always looking for ways to give a boost to the bottom line. With technology a huge part of that bottom line these days, it only makes sense that you’re going to look to it not only to increase revenue but to improve your tenants’ experience as well.
So what are the ways in which you can do this? Here are a few that we’ve collected:
- Use machine learning and artificial intelligence for optimal pricing strategies. With many new companies emerging with the exact intent of using data analytics and machine learning to predict rent-related factors, you won’t have to do all the heavy lifting yourself. These companies include Enodo as well as HouseCanary – but you’ll be able to find many competitors out there as well.
- Include high-speed internet in the rent, which in turn increases the rent you’ll be able to charge. Starry Internet is a great example of in-house internet that you can install, giving tenants quality internet connection and yourself a reason to increase your rent roll.
- Collect payments via technology in order to reduce your late-pay and no-pay numbers. This is a fairly simple and very effective technique that can either be implemented by you as a landlord or by a technology or property-management team. It also gives a better tenant experience as it can be far easier to pay your rent online than to mail a physical check or even do it through your bank’s bill pay. Tenants these days are all about streamlining their experience – and offering online payments does just that.
- Use technology such as Nest to manage your building temperature, water, and other utilities for sustainability and to save on waste. Not only can you do this online, but you can do it from anywhere – heck, you can be in Taiwan and still able to control your building’s utility use. Now that’s a great use of tech.
All this can really improve your bottom line. Take EQ Office, for example. As reported by Bisnow, the rebranded Equity Office Properties has shifted its real estate strategy to move toward a focus on customers rather than on assets.
EQ Office vice president of real estate technology and innovation Ryan Salvas told the publication that one way to improve user experience is to offer applications that better anticipate end-user needs rather than simply acting as a cluster of apps.
Salvas expanded on this, offering example of machine learning such as figuring out most common reasons for using the app – for example, going to the gym. The app can be configured to notify the user that they can schedule the same class that they took the previous week. Salvas added that EQ Office is putting these capabilities to the test in its Willis Tower in Chicago – with one of the largest challenges apparently the implementation of newer technology in older buildings without simply ripping everything out and starting anew.