How Digital Innovation Will Change the Rental Market
The technology boom of recent years has revolutionised the way consumers interact with businesses, and vice versa. Look at the way we travel from A to B. From apps that tell us when the next bus will appear, to the convenience of hiring an Uber, the way traditional taxi and mini cab companies do business has been impacted significantly.
So too has the rental market landscape changed significantly. Today anyone can rent their home, whether it’s for the duration of their overseas holidays through a home swap app, or the duration of a long weekend or longer through the Airbnb app.
Smarter Technology on its Way
Further technological evolutions are expected, such as existing smart metering becoming mainstream and futuristic sounding secure online portals enabling landlords and tenants to communicate directly 24 hours a day, seven days a week.
Do we Want it?
Not everyone is comfortable with the idea of putting all their rental eggs in one digital age basket. Many of the projected improvements won’t be embraced automatically by the rental market including renters not wanting to give up their traditional house keys in favour of a hotel style swipe card.
A survey conducted by Harvard Business School in 2016 predicts that while consumers will embrace the technology behind the convenience of transport, retail and other online business transactions, the rental market will be slower to embrace the change.
Security of Property Management
There is no app or technology yet invented that replaces the security of an experienced property management team screening applicants and engaging the best tenants who pay promptly, commit to longer leases (and thus less wear and tear on the property) and protects landlords from the latest rental scams.
Reduced Periods of Vacancy
Efficient property management in Dublin, such as http://clients1st.ie/, assists in the maintenance of three important tasks that directly affect property occupancy:
1. Cosmetic improvements
Your property management company knows which cosmetic improvements to make and when, to maximise revenue.
2. Rental rates
Rather than a property remaining vacant because the rent is set too high, a property management company knows the local market and sets the rent rate for your property.
A property management company can market your property effectively, attracting the best tenants.