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What are the most effective proptech tools for managing vacancies?

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Vacancies are a costly and stressful challenge for property managers. They reduce your income, increase your expenses, and expose your property to risks. Fortunately, there are some proptech tools that can help you manage vacancies more effectively and efficiently. In this article, we will explore some of the most useful proptech tools for vacancy management and how they can benefit your property management business.

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1 Online marketing platforms

One of the initial steps to reduce vacancies is to market your property to potential tenants. Utilizing online marketing platforms can help you reach a larger and more relevant audience, display your property's features and amenities, and generate more leads and inquiries. These platforms offer features such as listing syndication to different websites and portals, virtual tours and 3D floor plans, online application and screening, SEO and analytics, as well as tenant feedback and reviews. By taking advantage of online marketing platforms, you can save time and money, enhance your online presence and reputation, and draw in more qualified and interested tenants.

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Dave Kohl

I create opportunities for real estate utilizing market research and technology. CEO of FIRST IN Real Estate Marketing since 1992.
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It's not always about the "marketing platform". Focus on the content and what makes the unit (vacancy) unique or special. Don't look at ads within the same property or community when creating yours and your advertisements won't look like "just another rental". Point out if it is an end unit, close to the elevator or parking area, access to additional storage, etc. Where appropriate, mention the school district, proximity to grocery store, and so forth. Your future tenant is concerned about how they will live as much as where they will live.

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Gundeep Singh

Founder | Proptech | Real Estate | Property management
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A continuous reduction in the days of vacancy is and should be a never-ending pursuit for any property management company. In today's world where there is plethora of channels/platforms, it is both a virtue & a problem. One needs to find the balance between breadth & focus. Here are a few pointers: 1. The marketing strategy has to be fine tuned to have sufficient coverage across platforms to enhance visibility. This includes Meta/Google/classified websites. 2. The marketing needs to be tweaked for each property as every property is different in terms of locality,ticket size, kind of tenants expected etc. 3. Build a tangible metric for your team to make this activity measureable with suitable rewards on acheiving the desired results.

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Richard Sanz

Business Dev. Manager at HauzD para Peru ????, Plataforma 3D interactiva para el Real Estate. Ayudamos a desarrolladores a acelerar sus ventas, mejorando la experiencia de compra de sus clientes.
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Unos de las mejores proptech que he conocido para mostrar un inmueble incluso antes de que esté construido es Hauzd, una proptech especializada en modelar un inmueble ya sea para venta o renta de forma virtual y con la posibilidad de establecer un vínculo en tiempo real con un ERP o un CRM inmobiliario.

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2 Smart locks and self-showings

Smart locks and self-showings are proptech tools that can help you manage vacancies more efficiently. With smart locks, you can remotely control and monitor access to your property, while self-showings enable prospective tenants to view your property at their own convenience and pace. Using these tools can provide you with a number of benefits, such as reduced hassle and risk of scheduling showings, increased convenience for tenants and property managers, enhanced security of your property, higher conversion and retention rates of tenants, and lower vacancy and turnover costs. Ultimately, using smart locks and self-showings can streamline your leasing process, improve your tenant experience, and fill your vacancies faster.

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3 Artificial intelligence and chatbots

A third proptech tool that can help you manage vacancies is artificial intelligence and chatbots. These software applications are designed to simulate human conversation and interaction, using natural language processing and machine learning. Artificial intelligence and chatbots can answer common questions, schedule appointments, collect feedback, generate leads, and provide support. By utilizing this technology, you can improve communication with tenants, automate tasks and workflows, and optimize performance and outcomes.

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Dave Kohl

I create opportunities for real estate utilizing market research and technology. CEO of FIRST IN Real Estate Marketing since 1992.
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Sorry, but there is NO WAY I would risk using AI to interact with a specific potential tenant or client. If I am interested in a vacancy and ask if I could install blue carpet and the answer I get tells me about a new material for the garage floor (when I can tell it's not a real person), I'm moving on. My reaction would be "And what would they tell me when I have a plumbing emergency at 4 AM??" If you don't have time to interact directly with specific (and current) tenants who are your bread and butter, you should not be in the business. Too many things can go wrong as it is, without having to worry about some automated system costing me a potential client - and I would never know that it did.

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4 Data analytics and insights

Data analytics and insights are proptech tools that can help you manage vacancies by enabling you to collect, analyze, and visualize data from various sources. These processes and tools provide a number of benefits, such as understanding vacancy patterns and trends, identifying strengths and weaknesses, evaluating pricing and positioning, discovering new opportunities and threats, and making informed decisions. By using data analytics and insights, you can gain a competitive edge, improve your efficiency and profitability, and reduce your vacancy rate.

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5 Tenant engagement platforms

A fifth proptech tool that can help you manage vacancies is tenant engagement platforms. These software applications enable you to communicate, interact, and connect with your tenants through mobile apps and websites, email and SMS, social media and forums, surveys and polls, rewards and incentives. By using tenant engagement platforms, you can increase tenant satisfaction and loyalty, reduce tenant turnover and complaints, and foster a sense of community and belonging. All of these proptech tools are effective for managing vacancies; they can help improve your property management business and achieve your goals. What proptech tools do you use or plan to use for vacancy management? We'd love to hear your thoughts and experiences.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Dave Kohl

I create opportunities for real estate utilizing market research and technology. CEO of FIRST IN Real Estate Marketing since 1992.
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Whether you use software for scheduling (showing) appointments or do it directly, try to bunch them together. One broker I coach likes to schedule a showing for (example) 8:45 AM and another for 9 AM. He figures that by scheduling two, his odds are better that someone will show up. If one person shows up, it's worth his time. If they both show up, he gains the benefit of both parties seeing someone else coming to look at the property, which adds urgency at their end.

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What are the most effective proptech tools for managing vacancies?

1

2

3

4

5

6

1 Online marketing platforms

2 Smart locks and self-showings

3 Artificial intelligence and chatbots

4 Data analytics and insights

5 Tenant engagement platforms

6 Here’s what else to consider

Property Management

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What are the most effective proptech tools for managing vacancies?

1

2

3

4

5

6

1 Online marketing platforms

2 Smart locks and self-showings

3 Artificial intelligence and chatbots

4 Data analytics and insights

5 Tenant engagement platforms

6 Here’s what else to consider

Property Management

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