Property management in Las Vegas has been shifting tremendously over the last few years. Not only has there been a large increase in population and the pool of tenants, but we’ve also seen rental values rise and tenant demands move in a very different direction.
There’s also been a bit of a technology revolution.
For real estate investors and professional property managers in Las Vegas and across the country, understanding and adapting to these changes is no longer a choice—it’s a necessity.
We’ve been able to leverage a lot of the innovative technology that’s come into our industry, and we want to share some of these tools and resources with you today. Let’s take a look at how savvy investors are taking advantage of technology in order to have a more profitable investment experience.
Big Data is Big Useful for Everything from Pricing to Performance
Advances in data analytics are empowering property managers to make more strategic decisions. By collecting and analyzing large volumes of data on market trends, tenant behavior, and property performance, professionals like us can gain actionable insights into how to maximize a property’s potential.
Big data is also enabling more accurate forecasting of revenues, which in turn, helps in better planning and budgeting for capital expenditures.
- Pricing Las Vegas Rental Homes
Pricing is one of the most important parts of the leasing process, and it requires good data. That data is easily found with the programs and property management software we have. Property management technology allows us to price your property more accurately because we have access to more (and better) information on the market.
Your investment’s rental value has a huge impact on how long it’s vacant and what types of residents you attract during the leasing period. It plays a role in the marketing process and it impacts how much you raise the rent during renewal times. It has to be right.
- Performance Metrics
How are your existing properties in your investment portfolio performing? Understanding your own portfolio’s performance is critical as you make decisions about renovations, lease renewals, 1031 exchanges, and other investment options. Some of our technology can identify any properties that may be under-performing. We can help you fix that. Using the data that property management analytics can provide will allow owners and investors to review and reset investment goals, priorities, and action steps.
These insights about your rental property’s performance are more strategic than simply analyzing income and expenses. You’ll get detail-rich data that can help you strategize around timing, funding, and further auditing. Maybe you’re earning more on multifamily properties than single-family homes. Maybe your turnover is higher in a specific neighborhood. These are the data points that can help you make more strategic decisions.
Welcome to the World of Proptech
Proptech is a buzzword that’s taken over the industry of late. It’s easy to decipher; this is a blend of ‘property’ and ‘technology’, and it has democratized the property industry by providing tools and platforms that deliver valuable insights and enable easier access to real estate opportunities.
Start-ups are leading the charge with apps and services that offer everything from virtual property tours to self-showing technology and digital leasing. There are now smart home features (which we’ll talk more about later) and energy management systems. Such technologies not only attract tech-savvy tenants but also yield higher ROI through operational cost savings.
Get comfortable with Proptech. Here are some of the ways we especially like to use it:
- Smart Buildings for Smart Investors
Smart buildings are no longer a distant aspiration—they are the new standard in Las Vegas property management. Equipped with Internet of Things (IoT) devices and systems, these buildings provide a wealth of data that can be analyzed to optimize efficiency, enhance security, and improve the overall user experience. Investors are realizing that these smart technologies not only enhance the appeal of properties to tenants, but also add tangible value to their portfolios.
- From Reactive to Predictive Maintenance
No longer do we have to wait around for something to break. Technology has also shifted the paradigm in property maintenance from a typically reactive approach to a more predictive one. IoT sensors can track the condition of equipment and systems, and use algorithms to predict when maintenance is needed before a breakdown occurs. This proactive stance saves time and money and makes preventative maintenance easier and more intuitive, ensuring that properties are always in their best state and that tenants are happier and more likely to renew their leases.
Artificial Intelligence – A.I. for Property Managers
A lot of people are thrilled with the capabilities of A.I. and others are not so sure this is what we need in our culture. Like it or not, it’s here. And in property management, we can benefit from it.
You have probably been on a website where there’s a chat bot leading you through a question and answer session. Maybe you thought you were dealing with a customer service agent. It’s more likely you were talking with A.I. It’s basically a tool that anticipates the information you may need based on the questions you’re asking or the data you’re providing. This saves us from having to task a live person with answering the same questions from owners, tenants, and prospective clients. Those professionals we employ can spend their time doing what they do best while we harness the power of artificial intelligence to take care of answering easy questions and providing general information.
We can use A.I. to automate rental payment reminders. Emails and texts can be responded to quickly, even if just to confirm receipt of a maintenance request.
Using Tech for Green Improvements and Eco-Friendly Upgrades
Sustainability is at the heart of the modern real estate industry, especially in a market like ours in Las Vegas, where we are ever-conscious about using resources such as water and wind. Technology is playing a critical role in this eco-conscious movement. Green technology is transforming property management by offering solutions like energy monitoring, waste reduction, and sustainable building materials. These not only reduce the environmental impact of properties but also position them as premium assets in an increasingly climate-conscious market.
Tenants will appreciate any of the green technology you’re using to make improvements and upgrades to their homes. They’ll look for low-flow showers and toilets. They’ll appreciate those LED bulbs.
Meeting Las Vegas Tenant Demands with Smart Home Tech
Smart home technology is no longer something nice to offer.
It’s something Las Vegas tenants are actively looking for.
What should you install and how important are these things to making your rental property more attractive to qualified tenants? These are some of the most common smart home devices found in rental properties:
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- Smart locks. You can allow access to tenants remotely or with a code. You can change the code between tenants or when you have a vendor showing up for work. There’s no need to worry about lost keys or rekeying the property between tenants. These also come in handy when you’re leasing your home. Self-showing technology is extremely beneficial to tenants and owners because it moves the leasing process along more efficiently. Look for a smart lock that includes a programmable keypad or a lockbox. You can also download an app to unlock doors.
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- Video doorbells. This is about security as much as technology. Tenants will be able to see who is at the door and who is approaching the property. Exterior cameras like those on a doorbell can also help keep a home secure when it’s vacant. These have been popular in single-family homes for a while, and now they’re more common in multi-family units as well.
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- Smart lighting. Again – sustainable and eco-friendly upgrades count. Especially when we’re talking about energy bills. Your tenants can set the lights in the property to timers or control them on their smartphones. Exterior lights can also be motion activated. This is good for security, and the interior lights will help tenants keep electricity costs down. It’s more intuitive and a greener way to keep the lights on in your rental home.
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- Smart thermostats. Again, it’s about saving energy and money. Like lighting, the smart thermostats you install can intuitively decide when to cool or heat a room, depending on its temperature and whether anyone is home. These can be programmed for time of day as well. It’s great for keeping energy costs down and conserving electricity.
This is just a collection of highlights. Smart home technology also includes voice-activated assistants and vacuums and appliances that seem to think for themselves. What you have to ask, as a rental property owner, is whether it’s possible to be too smart when it comes to your Las Vegas rental property.
We love to discuss the technology that makes property management in Las Vegas so exciting and forward-facing. Let’s talk more about how we can improve your experience with our tools and tech. Please contact us at New West Property Management. Our team expertly manages residential rental homes in Las Vegas and throughout Clark County, including Henderson and North Las Vegas.
