How COVID-19 transformed how we do business at Dynamic Residential
One of the most used words of the past three years is ‘pivot’, a direct effect of the global pandemic and one that real estate agencies and the property industry had to action quickly in order to survive.
The restraints that COVID-19 brought allowed the team here at Dynamic Residential to review and improve processes to streamline the way we work, with benefits that rolled on to our clients. With a shift to online, we had to think outside of the traditional remit of our industry: the reliance on doing face-to-face business.
We saw the global pandemic as a challenge to rise to. We implemented new strategies and approaches to work within the confines of lockdowns and by doing business remotely. This uncertain time gave us more opportunities to reach people; traditionally, real estate has been a ‘meet and greet’ or ‘inspect only at these times’ industry where 100% of interactions were face-to-face.
With the rise of digital media and online portals, plus new ways of communicating, we’ve found that we have greater means to show people your property and speed up the process for you. This also broadens our pool of potential properties and applicants, providing maximum opportunity to instantly vet and advertise Melbourne’s highest calibre properties and people suited to your home.
Here are all the ways Dynamic Residential has pivoted and innovated to bring an enhanced experience to our rental providers and renters:
Before the pandemic, the team were working on including virtual tours in every property listing. Then COVID-19 arrived to put more urgency on this feature, and it’s now become one of our most valuable and popular online assets to help people choose their dream property.
Being able to pivot during this time to include virtual tours for all our property listings has further emphasised their importance. By filming virtual tours and showcasing them in our listings, we can now provide prospective renters with a more comprehensive understanding of the property and reach a wider audience, including those who cannot physically attend an inspection or live outside Melbourne.
Ultimately, offering virtual tours can increase the exposure of your property and improve your chances of finding the best possible tenant more quickly.
We include on-trend, professional photography in our listings to make a good first impression on prospective renters. During the pandemic, images became crucial for renters across the entire property industry when deciding whether a property was worth inspecting.
Back at Dynamic Residential HQ, the team noticed that properties with higher-quality photography received more interest, so we set standards around the styling and visual presentation of every property Dynamic Residential advertises. By featuring professional photographs using our in-house photographers and stylists, we aim to improve the initial perception of the property and increase its appeal to potential renters.
This trend has continued even after the pandemic. We have noticed greater interest and a higher number of views than ever, particularly by genuine parties located in other regions, therefore casting the net wider.
Detailed, up-to-date floorplans
A floorplan gives an applicant a very good idea of the layout of a property and will often tell them things about the property that they can’t glean from photos. Until recently, it would be hit-or-miss if a property listing had a floor plan as part of its advertisement. Often, applicants would realise the true layout of a property at inspection, meaning it might take longer to find a renter for your property. It still is the case for some agencies, but luckily, we are seeing this change in the industry, and it’s becoming a non-negotiable in online property listings.
At Dynamic Residential, we work with skilled CAD designers to draw up every property according to their specs and specific layout. We then include floorplans as part of every listing to qualify renters before inspecting. A floorplan will act as an application in itself; only renters familiar with your layout will inspect your property. This means fewer time wasters and more genuine applicants, rather than taking every applicant through.
Electronic rental agreements
At Dynamic Residential, we switched to electronic rental agreements to minimise face-to-face meetings and accommodate renters who were isolating during the pandemic. This has continued to benefit our rental providers by streamlining the process, as both parties no longer need to print and exchange lengthy documents in person or by mail. Since adopting this method and moving away from paper, we have seen a decrease in the rate of renters changing their minds and backing out of agreements, which provides greater security for our rental providers when they have found the ideal renter for their property.
Electronic disclosure statements
Just like electronic rental agreements, we also send our disclosure statements electronically to our rental providers to streamline the process and save time. By doing so promptly, we can address issues and prepare properties, ensuring our properties meet the minimum standards. You’ll avoid heavy fines this way, too. Disclosure statements are now sent through an online application at key points in the leasing process, including lease signing, renewal, or transitioning from fixed term to a month-to-month arrangement.
Gone are the days when only your property manager would have a key. They weren’t always available or easily contactable in case of a lock-out (or in). On top of this, sets of keys could easily go missing without any way to find them again, putting the security of renters, and your investment property, at risk.
To enable access to a property, whether for a pre-arranged inspection or someone has lost their spare keys, all keys to Dynamic-managed properties are now securely stored in an electronic key tracking system. Also known as a key control system, this is a secure, modular system housed at Dynamic Residential’s head office and powered by state-of-the-art RFID technology.
Our modernised key tracking system allows us to track and control who has access to a property’s keys and when. It prevents unauthorised access and alerts our team automatically when it is removed/returned. The system also includes a full audit trail, so we know exactly who has the keys to your property and when it was given.
Any trusted, elite property management agency must have a system like this in place, given the increased need for security when managing our client’s most valuable possession; their properties.
And there are additional benefits to introducing these measures
Adopting new software, security approaches, and management systems in the back end has increased automation and efficiency, directly and positively affecting our customers. Investing in technology and improved frameworks supports our team to work remotely, meaning more time to spend on our valued clients and securing the best people to rent your properties, rather than commuting in traffic from property to property. Of course, we still offer that face-to-face service, but we are proud to broaden the Dynamic Residential offering to help everyone, no matter where they are.
On top of this, we now boast more helpful property information and industry-related content on our website than ever before. With the assistance of property content writers, we have improved the information available, including real advice to increase your returns, how to deal with challenging rental situations, and the latest in Australian and Victorian property news. Where renters and rental providers may have had to call their property manager for information or maintenance requests, it’s now all at your fingertips at dynamicresidential.com.au.
All of these factors have had another knock-on effect: we have freed our professionals up to provide additional services. By expanding our service area, we are no longer tied to working only in certain inner-suburban Melbourne locations. We have now expanded our reach where our property managers reside, meaning more Melburnians can experience the Dynamic Residential service difference.
Do you have a property that needs better management? Get in touch with the Dynamic Residential team today to take advantage of the very best property technology and customer-first property management services for your Melbourne property.