In today’s fast-paced, tech-driven world, property management is evolving. As landlords get younger and tenants increasingly rely on apps, the need for a tenant and leaseholder app has never been more critical. Property managers must adapt to these shifts to streamline communication, improve efficiency, and meet the rising expectations of tech-savvy landlords and tenants.
Here are 4 reasons why property managers should be looking to introduce a leaseholder app into their business:
1. The Changing Demographics of Landlords
The average age of landlords acquiring new rental properties with buy to let mortgages has fallen over the past decade, driven by strong growth in the proportion of landlords in their 30s. Paragon Bank analysis of industry data shows that the average age of buy to let landlords acquiring new property with a mortgage fell from 46.4 years of age in 2014 to 42.9 last year. The reduction in age has been driven by the proportion of purchases amongst landlords in their 30s increasing over the period. In 2014, 21% of purchases with a buy to let mortgage were made by a landlord in their 30s, compared to 31% last year.
Millennials and Gen Z landlords have grown up with smartphones and are accustomed to handling nearly everything via apps – from banking, organising their social life to shopping. They are increasingly expecting the same ease and efficiency when managing their properties. They no longer want to rely on traditional methods such as emails, letters, or phone calls to Instead, they seek the convenience of handling everything from a single, user-friendly app, with over 80% believing that apps are a convenient or must-have feature for property managers.
2. Real-Time Communication and Responsiveness
Property managers are responsible for managing a property owner’s assets. As such, open communication becomes key when it comes to updates on the condition of the property, financial reports and other key details. This also helps establish a sense of reliability and trust between property owners, property managers and tenants.
One of the key benefits of having a leaseholder app is the ability to send and receive messages in real-time, whether it’s an urgent maintenance issue or a general update on upcoming works, property managers can quickly communicate this information with the knowledge that its much more likely that their message will be seen. Whilst emails typically have a 20% open rate, push notifications typically have anything from 50% to 95% open rate.
In addition, for leaseholders, this means they no longer must wait on the phone or send an email into the void, hoping for a response. They can submit requests, ask questions, and receive updates via their app instantly. By keeping owners informed, you can make them feel reassured in your ability to professionally manage their investment.
3. Centralised Management
Providing a platform that leaseholders can easily access empowers them to self-serve and obtain key information independently. This includes frequently asked questions, fire safety procedures, and the latest community news. With all this information readily accessible, leaseholders can often find what they need without having to contact their property manager. Furthermore, Spike’s solutions offer transparent insights into financial transactions, allowing leaseholders to view detailed service charge statements and transaction histories, which ensures clarity and accountability in financial matters. Additionally, they can also make service charge payments electronically, further enhancing transparency and convenience.
4. Increased Efficiency for Property Managers
Efficiency is the cornerstone of good property management, and instead of juggling multiple platforms like email, text, or phone calls, having a single app in place can provide a unified system. It allows property managers to track all conversations and requests, ensuring nothing falls through the cracks. This reduces administrative burdens, freeing up time for more strategic tasks.
Furthermore, Spike automates many of the manual and time-consuming tasks that a property manager must perform, such as sending out service charge statements reminders, inspection reports, and other important documentation, saving time and reducing the administrative workload.
As Spike maintains a clear audit trail of correspondence, with all activities logged against a property, resident and leaseholder, this forms a key part of the golden thread, helping property managers comply with the record-keeping requirements of the Building Safety Act 2022. This ensures that every interaction is documented which can be used as evidence in case of future disputes.
Summary
As the property management landscape continues to evolve, property management apps are no longer a luxury—they’re a necessity. With younger landlords embracing technology and residents relying on apps for their day-to-day interactions, property managers must adapt to stay competitive.
A leaseholder app improves communication, increases efficiency, and fosters a sense of community, making it an essential tool for modern property management. Embracing this technology is not just about keeping up with the times; it’s about creating a better experience for both leaseholders and property managers.