How can Technology and Communication Power Tenant Retention?

Technology and communication, together, play an important role in tenant retention. See how!

FREMONT, CA: Real estate has always been a lucrative sphere attracting individuals from all walks of life. However, there have been significant transformations in the industry. For instance, the technology-driven advancements are changing the real estate sector beyond recognition. However, it’s the property manager that faces the most challenging aspect of real estate. It’s easy to find a proptech manager complaining over one of their worst experiences with a tenant. While it’s true that each tenant is different, what’s more important is to retain the good tenants despite bad experiences with the difficult ones. Technology and communication are the two aspects that can be coupled to address the above challenge.

Tenant experience (TeX) software is adding value to the everyday experience of the tenants. Along with technology, the focus needs to be on an individual tenant rather than on the tenant community as a whole. Using technology to personalize the experience of each tenant will offer invaluable impetus to the reputation of the proptech manager as well as the reputation of the construction firm as a whole.

Adding a fun element to a task always enhances the efficiency of the employees. Proptech is not an exception to the rule. Teams and individuals become more productive when the working environment is conducive to their convenience. Teams and departments working in collaboration with the tenants will increase understanding among the two. Community activities will also allow the landowners to expand their network.    

Along with technology and services, a proptech manager should also engage in clear conversations with the tenants. Communication allows the proptech manager to build a rapport with the individual tenants and thus can significantly offset their bad tenant experience. Clear communication will also mean that the tenants are more likely to be considerate and understanding in case of any unwanted situation. However, building a rapport with a tenant is a long-term process with late but certain results. 

Data-driven decisions are also essential to arrive at an understanding with the tenants in case of any unwanted situation. Data analytics allow the proptech managers to make better decisions, thereby avoiding any undesirable situation with the tenants. Further, communicating a decision to the tenants is a critical step too. Despite logical conclusions, proptech managers need to have an understanding of the individual involved in an argument or disagreement. After all, an unsatisfactory experience of a tenant can significantly affect the others. In case of repairs or maintenance, turning up on the exact date and time is crucial to gain tenant’s confidence.

Further, informed tenants are assets, while poorly-informed tenants can negatively impact the reputation of a proptech manager. A detailed understanding of their rights and property will keep away the sudden tenant outbursts. Moreover, an informed-tenant is more likely to look for solutions than the ones who aren’t informed well.  

Thus, communication and technology will pave the future pathway for the proptech managers as well as the customers. Managers who shift to technology-based solutions along with a flair for communication will have a better chance of tenant retention.

Check Out : Top Proptech Solution Companies

 

Press Release : CIOReview

Event Partner : CIOReview

Media Partner : CIOReview

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