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Miami, Florida – May 31, 2023 – DoorLoop, the all-in-one property management software automating everything from listing units to accounting, today released its Unlocking Growth Potential in Property Management: Challenges, Opportunities, and the Role of Technology report, which shows that nearly half (44%) of respondents’ biggest pain point surrounds the management and growth of their portfolios. Landlords and property managers from around the country are spending too much time on administrative tasks––such as collecting rent or handling tenant applications––taking them away from more critical growth-related tasks. The report also shows that 23% of respondents say backend accounting is the most time consuming part of their business.
“Managing rental properties is a challenging job, to say the least,” said Ori Tamuz, co-founder and CEO of DoorLoop. “But this is an important source of income for individuals across the nation––whether it’s a full time job or supplementing high costs associated with rising inflation. When outdated systems make it challenging for property managers and landlords to manage their units, it trickles down and poses problems for tenants themselves, disrupting peoples’ lives and livelihoods. We’re revolutionizing property management technology to reimagine the rental experience for everyone involved. Our goal is to save our members time, help them make more money, grow their portfolios, and most importantly, provide better outcomes for their tenants.”
Real estate––especially the rental market––has been a historically manual industry; one often associated with a lack of consistent communication between tenants and landlords, and back-and-forth negotiations that can cause friction. While adjacent industries have made leaps in their digital transformation journeys, property managers and landlords continue to find themselves wholly responsible for nearly all of the administrative tasks related to rental property management.
Proptech, or property technology, optimizes the way people buy, sell, research, market, and manage a property, providing robust alignment between real estate needs and technology. Proptech is the new disruptive power and innovation driver combining all of the tools needed to make property management seamless, and the industry is expected to grow 15.8% from 2023 to 2030. DoorLoop’s proptech solutions provide efficient and effective interactions between landlords and tenants; fill vacant units faster; manage backend accounting systems; tackle maintenance requests in record time, and more.
Additional findings from DoorLoop’s report include:
Property managers and landlords must be able to provide seamless experiences for tenants, while also efficiently controlling and managing units––without headaches.
- After administrative tasks, respondents also noted struggling with staying organized (14%) and finding high-quality tenants (10%).
- To reimagine PropTech for property managers and landlords, a one-stop-shop platform is crucial in saving users time, helping them make more money, and growing their portfolios. Of those surveyed, 17% said managing work orders is wasting time, while 12% acknowledged that time spent on collecting rent is adding up.
- Users look to proptech for help in getting more organized (33%) and because it allows them to manage their properties from virtually anywhere (21%).
- The most influential aspects of propetch platforms that are positively impacting businesses and helping save time include full-scale accounting services and implementation (25%); automated rent collection (20%); and easy-to-use tenant portals and automated tenant screening (18%).
Click here to see the full Opening Doors: Real Estate Trends 2023 report, including tips to help property managers and landlords simplify rental processes.
Methodology
DoorLoop surveyed nearly 500 U.S.-based landlords and property managers, Users and non-users alike were surveyed via DoorLoop’s software throughout Q1 of 2023, in order to gain insight into how they’re managing their operations and the pain-points they’re being faced with. Over 80% were not DoorLoop users.
About DoorLoop
DoorLoop is the highest-rated property management software online. Landlords, property managers, and management companies in over 100 countries use DoorLoop to manage hundreds of thousands of units. The software automates everything from listing units, tenant screening, rent collection, maintenance requests, moving in and out tenants, and everything in between. DoorLoop is fully customizable for any mixed-use portfolio, including residential, commercial, associations, and many more.
Media Contact
Dotted Line Communications
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