Technology is changing how we run every aspect of our lives in ways we could never have imagined. Only the geekiest sci-fi fans could have anticipated how much control we’d have over everything from shopping to travel and banking to business, using a tiny computer that fits in your pocket.
Yet this is our reality, with continuing breakthroughs in innovation unlikely to slow down anytime soon.
Property management and hospitality have seen significant changes in operations—and there are plenty ahead for those willing to embrace the disruption.
The Internet and the latest digital systems now deliver endless platforms providing new and exciting options for easier access, greater choice, transaction simplicity, productivity, and streamlining by simplifying every step of our journeys.
As a property owner, it would be advantageous for you to embrace this digital revolution, implement new streamlined systems, and reap higher rewards for working smarter and not harder. However, if you’re not sure how to embrace such change, UpperKey is ready to help.
PropTech in property management and hospitality
PropTech—or property technology—is the digital adaptation and disruption of the property market.
Gone are the long-winded processes that made the system clunky, time-consuming, and problematic. Now, everything from digital tours, smart contracts, online guides, automated maintenance and service contracts, and so much more is steadily streamlining how we lease our properties and manage their terms.
For property owners, there’s so much to savour. If you’ve got the knowledge and know-how to introduce PropTech practices and iRenting solutions into your system, then you’ll already know just how beneficial it can be. You’ll already be saving resources—both time and money—and boosting profits with your new level of efficiency.
But what if you’re used to doing things the traditional way and all the talk of technology, artificial intelligence, and automating processes leaves you with a headache? Well, partnering with the right people means you can have your cake and eat it.
Your iRental partner does all the heavy lifting while you relax and reap the rewards
Putting a long-term tenant in a property and enjoying a passive rental income is most landlords’ idea of success. However, there are far more opportunities to take advantage of higher rates in our modern climate, utilising short and mid-term stays, especially in sought-after areas and locations.
Maximising profits, however, takes a great deal of work, maintaining the prime condition of each property to attract the best guests, as well as a steady need for servicing, handovers, marketing, contracts, and achieving the occupancy rates that make such profits possible.
iRenting – the PropTech answer to property owners’ problems
The iRenting model creates a new type of partnership between the property owner and the property management agency.
Traditional property management services worked on a percentage of the profits and often required owners to engage with upkeep and maintenance. There were no guarantees that the managers would hit the targets they needed to garner the possible profit they suggested they’d achieve.
That’s where iRenting is the gift that keeps on giving for property owners.
Guaranteed rent for the full term of each contract
With iRenting, the property managers don’t just market and place tenants in your property; they become your tenant, paying you a fixed rent every month straight into your account. It’s then up to them to place the tenants they need to make their cut.
Don’t be fooled into thinking that the rents offered are low to minimise their risk—they’re not. On the contrary, almost all property owners achieve a better income through iRenting than a typical long-term lease would offer.
The advantages don’t stop at a steady income
Because iRentals work on maximising a property’s return, it means offering guests a top-end stay in a beautiful and up-to-date apartment. So, every detail is taken into account; each property is professionally fitted out and furnished and designed to meet the needs of those high-quality tenants.
Just imagine; not only do you receive a regular monthly income, but your property also gets a complete makeover with regular updates to keep it looking new and in perfect condition throughout the term of the agreement.
Apartments are then professionally photographed and marketed to attract the best of guests, cleaned and serviced regularly, all to meet those top rates that pay your rent and the profit of the iRental operators.
There’s so much work managing short-term lets—how can it be profitable?
UpperKey has a network of prime clients ready to place and a streamlined system to keep man-hours to a minimum. That’s where the technology comes into its own.
iRental only works due to its incredible efficiency of streamlined procedures. If each undertaking were handled manually, as with older traditional models, there wouldn’t be enough hours in the day to complete the tasks the operation requires.
However, by automating each and every action, using artificial intelligence to manage transactions, bookings, and more, the system becomes streamlined enough to deliver a better level of service for everyone—the managers, guests, and owners—as well as the profit to cover all of the costs.
iRenting – so much more for your guests to enjoy
When it comes to automating the property management process, the latest innovations have boosted efficiency tenfold. They operate on intelligent digital systems that speed up bookings and place guests in apartments quicker than ever:
- Tenants are screened to ensure quality guests and suitability.
- Bookings are managed digitally for secure, immediate transactions.
- Check-ins are automated, with digital keys supplied within the hour or access to a private key box, eliminating waits for physical handovers—for both checking in and out.
- Maintenance and cleaning are automated via an online portal.
- Each property has a digital tour so tenants can see exactly what to expect from each property.
- Guests have access to online digital guides, operation manuals and videos for every appliance and utility in the property. Everything they’re likely to need is all in one place, making settling in and feeling at home simple and straightforward.
- Access to Wi-Fi passwords and entertainment accounts.
On top of that, guests can access information about the local area to locate the best restaurants, shops, local entertainment, and baby or pet-sitting services.
From an administration point of view, they can also download invoices, book additional cleaning services, report issues, request maintenance, and check out alternative properties in surrounding neighbourhoods, if they’d like to extend their stay within a different location with its own alternative culture.
iRenting 3.0 – Heading into the blockchain era
The next big step in iRenting, property management, and the hospitality industry is the shift into blockchain. Some of the biggest industry names are already developing blockchain options, investing in the new tech to manage transactions even more efficiently than ever.
Blockchain is an incredibly secure database technology that lends itself to many of the systems hospitality organisations depend on. This more open, reliable, and transparent data sharing and management system will undoubtedly replace current operations.
It’s not only the hospitality industry that’s moving into blockchain—some of the most prominent organisations and industries have already taken the plunge, enhancing their productivity and simplifying how they share data, use information, and operate transactions.
Blockchain’s rise through cryptocurrency (Bitcoin, etc.) shows how important a role it’s going to play in managing future currency, healthcare records, transport and logistics, and now, how we travel and consume accommodation and tourism services.
- Smart contracts will make managing and personalising booking contracts an automated process, adding and subtracting facilities, with pricing managed by AI seamlessly and in real-time.
- Automated bookings and payments are incredibly secure, moving money from source to supplier far faster and safer.
- Transparent, efficient, decentralised procurement of supplies.
- Friction-free financial transactions are fast, as are all transactions to provide separate services.
Utilising the Internet of Things’ limitless supply of data
As this new technology develops and we find new ways to use it, one of the prominent features will be how much data and information will be stored and analysed to improve and develop customer service. It will dictate the ways we provide additional, relevant opportunities to enhance each visitor’s experience.
The market is introducing more sensors into the tech we wear, that we use at home and away, and in our appliances, utilities, and entertainment hardware.
We’re heading towards a world where ambient intelligence can gather data from each of those sensors and made available on the Internet of things; each provider can utilise their data and AI to respond to the specific needs highlighted by each sensor and user.
Blockchain will reshape travel management with secure, widespread interconnectivity. The latest areas where this is already being developed include:
- Guest, travel, and booking tracking
- Food supply and service tracking
- Luggage tracking
- Loyalty programs
- Digital identification
- Enhanced security
- Simplified, widespread access to suppliers, partners, and rentals
The facility to track almost anything over a digital, openly shared database will be revolutionary. By recording travellers’ actions, their status, luggage, and activity without the hang-ups and issues that current methods offer, there’s no wonder that it’s the technology that market leaders are most excited about, as it will, without doubt, define the future of the industry.
It’s yet to be seen how far blockchain will push process efficiency and how many more of our operations will be automated and managed by these intelligently constructed algorithms. What is certain is that the industry is changing, and for the better, for each consumer, guest, and traveller.
About the Founders of UpperKey
Co-founders of UpperKey, Benoit Lam and Johan Hajji have been leading the way in
iRenting for over a decade. What began as a startup has evolved into a multinational enterprise. Their mission is to revolutionize the property management industry through PropTech. Their success can be attributed to their strong entrepreneurial mindsets, unwavering dedication, and ability to adapt to everchanging circumstances.
Follow them on Twitter at:
Benoit Lam @benoit__lam
Johan Hajji @HotelMarket20