Real estate is a traditionally paper-heavy, manual process-driven, face-to-face industry. But that has also meant the industry has copped a reputation for perhaps not being the most efficient, friendly or professional and that the rise of technology has left it ripe for innovation and upheaval.
Dynamic Residential is doing exactly that in the Australian property management space. We are proud to be an innovative tech-focused property company focusing on making the client experience superior.
This blog looks at how we invest in the latest technology to make processes faster, avoid human error and give our clients peace of mind.
- Rental Agreements – We execute all our rental agreements electronically at Dynamic Residential. Because neither party needs to print lengthy documents, everything is signed and exchanged much faster to secure the renter sooner. We’ve found that since adopting this process and moving away from paper, there has been a decrease in pull-out rate, ensuring our rental providers have security when they have found the ideal renter for their property.
- Electronic Signatures – signing an agreement from the comfort of your desk makes the sign-up process instant and eliminates the need for printing, faxing and posting, along with waiting for counter-signatures. With Dynamic, we make it easy for new owners to sign up with us. All you need to do is type in your name in the designated fields or apply a saved electronic signature, and you’re onto the next step.
- Disclosure Statements – we send our disclosure statements electronically to ensure all rental properties comply and avoid large fines. Through an online application, these statements are sent for completion at each new checkpoint of a lease: new leases, renewed leases or the first time a lease transitions into a periodic (month-by-month) duration.
- Automatic Listings – by keeping all your previous listings securely on file, we have instant access to all the details, images and advertising copy used to market your property successfully. This means that should you need to re-advertise, we can post instantly and directly from our CRM to multiple websites, including realestate.com.au. This saves our team from populating listings on each property website, which is time-consuming and leaves room for error. But most importantly, it ensures no time is wasted finding the best renters for your property.
- Virtual Tours – we film virtual tours for all our properties and showcase this in every listing. On the rise over the last ten years, but now a necessity thanks to the pandemic, a virtual tour gives prospective renters a better idea of the property and reaches a wider audience or people who cannot attend an inspection in person. In short, it provides your property extra exposure, increasing your chances of securing the best renter for your property sooner.
- Our Live Tenant Database – our live tenant database is a real-time list of people who have expressed interest in properties similar to yours. We can match those renters who still want to rent a property to yours, giving us validated leads and a b chance of securing a renter who will find yours the perfect property.
- Online Booking System – we still hold open for inspections (OFIs) on Saturdays, as a reasonable portion of the market still prefers this. However, since launching our online Booking System, two out of every three prospective renters consistently book themselves to an inspection time that suits them quickly and online via property listing on realestate.com.au. More availability for potential renters allows more people to inspect your property sooner, giving you the best chance to achieve a higher rent without any vacancy.
- Referee Contact – as soon as an application is submitted, we send an automated request to nominated referees to complete a reference for the applicant. This automated step improves accuracy (text over voice), reducing admin and application processing time.
- Inspections & Condition Reports – at Dynamic Residential, we conduct all inspections in person. Our dedicated inspection agents use state-of-the-art, industry-specific software that maintains a live, up-to-date record of the property’s condition. Our agents complete and store detailed reports with high-resolution images and videos. These are all accessible and provided to the renters and owner of the property for their records and peace of mind. Our innovation in this area means;
- Dedicated inspection agents ensure the proper time and care are put into completing inspections properly.
- Our property managers have more time to focus on client relationships and managing properties to a higher standard.
- Adds an extra layer of security for the rental provider, as everything is tracked and documented online.
- Enables renters to add their own notes and images to the report within a five-day window.
- Sends automatic reminders to the renter to complete their part of the report before the deadline.
- Reduces the likelihood of disputes because it benefits the renter and the rental provider.
- Has an item-for-item comparison (old photo vs new photo) function to simplify the benchmarking process. This also allows us to finalise vacating inspections quickly, ensuring that we apply for bond claims within the required timeframe
- Property Inspection Software – suppose renters are currently isolating, an office set of keys is unavailable, or renters cannot accommodate inspections during business hours. Dynamic Residential uses remote inspection technology to facilitate property inspections without the renter’s assistance.
- Automated Rent Payments – we use Direct Debit to streamline and ensure accurate, on-time payments. All money is transferred electronically—we do not accept cheques or cash for rent payments unless previously agreed to and in line with your state or territory’s Consumer Laws.
- Electronic Statements – Dynamic Residential issues all EOFY and monthly statements to their clients via email.
- Tradespeople & Maintenance – we use an industry-leading app that connects property managers with licensed and insured tradespeople across Australia. This online marketplace is where we source all our maintenance and repair work by putting each job to tender. We source quotes for our rental providers and present them with recommendations based on price and reviews.
- Renters and tradies can talk to each other within the app
- After-hours capabilities in case of emergencies
- Renters can log maintenance requests online, and
- There is an online assistant to help troubleshoot any issues and reduce requests.
- Landlord & Renter Portals – we have secure, user-friendly portals for both parties, where all documents, statements, and transaction history are stored for easy recall should the need arise.
- Rent Reviews & Renewals – our CRM software prompts the property manager to perform a rent review in line with the Residential Tenancies Act in Victoria to ensure no property is missed.
An established and thorough internal rent review process sees our team regularly reviewing rents according to market values. We also work with our clients to schedule leases to expire during peak leasing periods. This has a knock-on effect—less chance of prolonged vacancy and a maximum return on investment for owners.
- VCAT Records & Data – our company CRM enables us to record and easily export all documents and evidence required should a dispute escalate to a hearing with VCAT. This includes all evidence (photos and communications) held electronically through encryption, making it confidential yet accessible.
While some property managers and owners may have historically been hesitant to adopt smart technology and automated processes to manage their properties, the pandemic has created an urgency to adopt technologies faster. People no longer need to be present in person for every inspection, signature or conversation; more than ever, our time and money are more precious.
By choosing a technology-forward, professional property management company like Dynamic Residential to manage your Melbourne property, you’ll have a far superior customer experience with ultimate peace of mind. Through innovative automation and virtual software, your details are secure, information is on hand, you’re compliant, and you can rest easy that your property manager won’t miss a beat.
To learn more about how we can help make managing your property easier, get in touch with the Dynamic Residential team today.