We’ll be the first to tell you that technology is instrumental for an effective property management service. Tech can make all the difference in the ways you communicate and engage with your clients and residents. The better your tools, the more potential you have for navigating situations.
Now, application programming interfaces (APIs) are gaining popularity in property management as solutions to modern problems. With an API, managers are having an easier time solving payment disputes and easing tension with struggling renters.
But what exactly does an API do? And how can it help manage your properties?
Let's explore the details.
What a Property Management API Can Do
We'll start by explaining what an API is and does.
An API is in essence a middleman that takes orders from a user and communicates them to a database of information. From here, the API brings back requested information to the user in a convenient transactional service.
APIs are all over the web, and they've been around a while. Popular web services like Expedia are examples of services that make use of an API to deliver information about flights or hotels straight to the inquiring user.
As you can no doubt imagine, this functionality has a lot to offer, especially in today's mobile-friendly world. In property management, an API can offer the same kind of convenience and automation that offers and other industries, and in turn, you can develop unprecedented flexibility with your tenants while securing your interest.
Or at least, this is the idea of NestEgg’s new API payment service, which is intended to ease landlord-tenant tensions. This, NestEgg believes, is achievable by connecting renters to their banks and rent collectors in a fair and convenient process for all involved.
First, the API comes to understand the user’s financial situation by inquiring with the bank’s system, based on authorization from the user, of course. Then, the API takes back a personalized payment schedule for the renter that ensures that all payments are made by the end of the month.
NestEgg’s API offers additional functionality when it comes to streamlining record accuracy and timeliness. In real-time, property managers can access the service to view what payments were made and when, monitor cash flows, and even make their own payments. Meanwhile, renters get a payment plan that considers their specific circumstances.
In short, this might be a win-win for renters and property managers in the COVID economy, in which flexible payment plans have been a matter of necessity for some.
As APIs in the property management space become increasingly efficient, the role these tools will likely play in the future only gets larger.
The Future of APIs in Property Management
Already, property management is changing with the digital options on the market that can help you with various tasks. Renter and owner portals, for example, streamline the accessibility of communication as well as various management responsibilities. Additionally, mobile apps and data analytics software come in handy.
APIs are likely the next iteration of property management tech with products like NestEggs Pay. With the crucial convenience and flexibility these tools can bring to property management, you can personalize solutions for tenants on a scale that suits your workload.
APIs mean automation of tedious payment tracking and scheduling. They can even help you automate the process of making a payment plan with a renter. With functionality like that, you’ll be able to streamline your workflow and design the ideal management experience.
Embrace the future of property management now by integrating cutting-edge client management software, like those that are incorporating the power of APIs. Such an investment can help you collect all your income right when it’s due and mitigate those awkward encounters with renters.
Improving the Rental Experience
Technology improves the rental experience for landlords, property managers, and tenants. Tools like APIs give us the opportunity to offer more personalized solutions for struggling renters while all but guaranteeing timely payments.
In the COVID-era, renters need all the help they can get. Until that stops being the case, property managers can look to technology to maximize the potential of any situation. Your renters will thank you for it, and so will your property owners.
At 208.properties, we believe technology is crucial to a cutting-edge property management experience. For more information, contact 208.properties or follow us on social media.
