On Demand Economy

On Demand Economy

In our world today, it looks like everybody is holding talks concerning the on-demand economy, also known as a connecting approach, where service providers link with clients to do a particular task as temporally required. Let’s take a look at this connecting approach, how it’s done, and also how to operate in it as a property manager or lease/rental agent and also how it increases income and earn you a good standard of living.



The Concept Of On-Demand Economy

This is an inclined economic activity digitally established by trade-places and tech firms to ensure that consumers demands for services are met instantly. There are numerous big tech companies like Uber & Airbnb currently applying this measure to meet consumers needs.

Consumers demand rank in priorities of speed, simplicity, and efficiency, and it is also improving at a fast pace. However, these are the significant priorities clients consider to see their needs met.



The Workability Of On-Demand Economy

The success of this approach is complete when the goods and service get to the doorstep of the client, using the technological platform to link suppliers with consumers.

This link usually takes place through an Internet tech service using a computer or smart mobile phone app, whereby the two parties create an account to utilize the service. The customer in need of particular service, will then log in to the app and make an inquiry first then send a request to link with a suitable service provider.

The party providing the service will then be notified via the service app request and would head towards rendering the service to the consumer. As soon as completion of service is confirmed, payment is made instantly.

The linking approach in question is made up of various services in all digital trade zones that grants access to meeting consumers demands.

There are countless firms recently making use of this connecting measure and numerous firms are trooping in, to accomplish this primary demand monthly. Check out this infographic we have illustrated here for you for a better understanding of the on-demand economy. 

On-Demand economy infographic
On-Demand economy infographic


The Merits Of On-Demand Economy

There are numerous advantages on this, mainly providing services, including the ease at which the party providing the service are being linked to clients

Businesses are comfortable with this connecting approach for so many reasons. First, it permits them to ensure that clients needs are efficiently satisfied. It also allows them to render services and get a profitable income, with zero overhead costs incurred using the analog approach. This doesn’t require the hiring of staff, training or providing incentives for and since the task is usually service-based, with zero incurred cost on materials. The party providing service takes direct responsibility for the daily business operating cost, while the tech network maintenance cost is upon the company itself.

The major challenge of this connecting approach in business is the issue of maintaining users privacy. All over the news, the hacking issue has numerously been on headlines. Therefore, there is an imminent need to protect users privacy. In the cause of safeguarding users privacy, more cost will be incurred to secure customers trust and confidence.

For those rendering services, the connecting approach gives them time to figure out other avenues to create channels for additional income. People have their choice to make on the task they want to do and also be paid as much as they have worked. There is no need to border about sourcing and customer qualification since the app has been designed to make sure that the supply of requests is steadily achieved.

The on-demand economy has a negative side for those providing service, which is no means of ensuring a stipulated amount for a particular task. This means that there is no fixed price tag for a specific job. This makes budgeting hard to ascertain. Another issue is that those who provide service are often looked at as independent contractors who earn income on employment. Based on this assumption, they will have to pay, which could be very complicated if they are engaged with other companies.



On-Demand Economy – Property Management

The real estate firms are also inclusive in the use of this connecting approach (on-demand economy), where property managers already know that these days, customers service no longer meets the high demand for renters.

In this era of the on-demand economy, search for rented apartments by clients mostly demands privacy, speed, and convenience. These clients are looking out for the most convenient experience. With this high expectation from clients, an exciting chance is established for property managers who are service-driven to excel in their business.

As a property manager, your ability to provide clients with convenient, speedy customer service, keeps your in business and also makes you outstanding, especially in connecting approach. Below are essential strategies to improve customers service from A-Z.



Ensure Your Posting For Vacancy Is Automated

Most Renters in recently, choose to discover info concerning rental units at their own time, then putting calls across for inquiries during working hours, to find out what’s available. Firms website plays a very significant role in searching for housing.

Nothing consumes more time than manually posting Information on the rental vacancy to the website of a property management including third-party listing sites. This can also result in a poor outcome for potential residents if leasing staff doesn’t remove occupied units or even posts wrong information.

 Vacancies can be easily managed, and a better experience can also be created for upcoming residents, from the first time your brand was introduced to them.



Ensure That Availability Of Information On-Demand

Most consumers make their demands look so challenging to meet. Most times, you will find out that a large number of consumers or renters expect a 24hour response to their first inquiries while others say they want to be attended to in just a few hours. Therefore making it very tight for leasing service providers to meet their needs. Irrespective of how skilled the leasing agents maybe, they find themselves struggling to respond to all inquiries within that short of time.

This has been a significant challenge which can only be handled by making new technological innovation to enhance conversation on the lead-to-lease process. This can be achieved by engaging such lead automatically, using conversational AI in responding to their queries and permitting leads that a qualified to book showings when convenient for them.

Tenants can also be allowed to even book for personal use, a self-guided showing through the lockbox tech. A unique code is released to leads to having access to the unit just in few moments before their show. Prospective residents can be initially impressed with on-demand showings by attending to their preferences, delivering immediate services and also ensuring that qualified applicants are efficiently assembled on time.



Ensure Online Applications And Screening

Establish the best experience for prospective residents through the introduction of the online application, screening, and leasing. Today the mobile technology is rampant and can empower your team to realizes a signed lease very speedily, even at renter’s first visit to the property.

Applications done online entails that a renter may apply and make payments for the form before arrival for showing or can be paid during the showing. Renter’s who meet the criteria for screening can be approved on the spot, based on instant tenant that provides eviction, credit and criminal reports.

Based on this process, there is every possibility for your property to acquire more new residents since it’s less likely that prospects will make applications on similar properties while anticipating a decision. Otherwise, an applicant who has gained approval can go ahead to since the lease instantly. Perhaps if they need time to make their decision, they may sign a and submit a contract later from any location with zero inconveniences of either scanning, faxing or even bringing back a signed lease document.



Residents Payment Can Make Way For Them

Recently renters have the intent of doing everything online, including rent payment. Where the service provider creates an online avenue for renters to pay online, they (renters) will be saved from dropbox, front office or even avoid the stressful post offices. Renters will be very grateful to the rosy convenience of being able to make a payment from anywhere, also the comfort of their homes with the use of computers or smartphone.

Paying rent online also saves a lot of time and even costs, unlike offline payments where you have paper checks, money order, and even cash. With the online payment system, a lot of companies have been able to slash drastically time spent on weekly rent activities. The online payment makes reconciliation and reporting very simple. Time and cost reduction via online cash is not the only advantage; there is also minimization of human errors in data entry; there for 100% accuracy is also guaranteed in online payments.



Online Maintenance Requests Collection

Furthermore, service providers can improve the maintenance requests for residents and staff as well. Most customers in the world today get more favor on brands view that keeps in touch with service notifications for proactive customers. There are also other customers that also enjoy more favorable brands view that gives them a support portal for instant mobile-responsive customer service.

This know-how is readily applicable to maintenance for properties for rent. Instead of putting a call across to report or follow up on a maintenance challenge, your residents can easily make their requests known to you by hitting the submit button on their computer or smartphone via an online portal. Then, they’ll get regular updates on the progress status of their request through their preferred convenient communication channel, be it SMS or email. This gives the residents a vast and improved experience when something goes wrong.

Today, only a few things are of great importance to your residents more than the experience. With lots of alternatives available at their disposal, the service experience that you make available or that can be accessed can make your company stand out as one of the best from the rest. Therefore ensure that you stand out in a unique style among others using these five effective strategies.

Finally, the era of the on-demand economy has come to stay and signifies one of the speedily and broadest improving commerce sectors since the introduction of E-commerce. As consumers are seriously in search and to enjoy more ease for the various tasks in their life endeavors, service providers will keep on updating and improving their services to meet the needs of their clients. Before we could know it, we will also have no hitch to bring satisfaction to our customers needs only with a top on a button irrespective of where the location is.