Managing rental properties is a busy, time-consuming process. From keeping up with tenants, filling vacancies, and maintaining large amounts of documentation, finding ways to streamline operations and stay organized will improve the business of any landlord. Modern technology offers many solutions that property owners can use; here are a few ways that technology can improve your rental property business.
Technology for Tenants
Make life easier for your tenants and yourself by implementing software solutions for everyday things like making and managing requests, paying rent, and other routine matters. Tenants will enjoy easy access to basic things like repairs, and managing rent payments online can help keep payments on time while also making it easier for landlords to keep track of who has paid and who is late.
Encouraging tenants to use automatic recurring payments for their rent is another simple technology solution. Make this even more attractive for your tenants by offering a discount or other incentive if they agree to use autopay for their monthly payments. In the long run, timely payments and less effort spent searching for and processing payments will make it worth your while.
There is also a variety of technologies available to make your buildings safer. This will not only make your units more valuable but will keep the costs of emergencies and repairs down. For example, smart smoke and carbon monoxide detectors can alert you to potential dangers sooner so problems can be mitigated before they become expensive emergencies. Security cameras and burglar alarms are two more ways to use tech to make your buildings safer.
Technology for Management
If you are using software solutions for tenant requests and rent payments, these will obviously make managing your properties and units easier. With certain software packages, landlords can also use accounting software to make managing and allocating expenses a more straightforward and organized task. When tax time comes around, you’ll have all the information your accountant needs at your fingertips.
Project management software can also be beneficial for anyone managing several properties, especially if construction and major renovations are part of the picture. Project management software can help manage showings, meetings, maintenance appointments, construction and renovation schedules, and all the other details that keep landlords busy all day.
Technology for Marketing
Savvy renters are increasingly turning to the internet to explore communities and find a new home to lease. While a “for sale” sign may attract anyone already in the neighborhood, if you want to expand your reach, it’s time to look into the online network of rental marketing.
Listing sites such as Zillow and Apartment Finder are popular among renters, and they allow landlords to include lots of details such as photos and amenities. Make the most of your listings by investing in a digital camera for snapshots and to take video tours of your properties to post online.
Social media sites are also great places to expand your rental marketing. Facebook will help you make connections in the community and sites like Pinterest and Instagram give you a platform for showcasing your photos and videos.
Lastly, creating a website for each of your properties offers a distinct technological advantage for landlords. With a professional design and regular updates, you can start attracting tenants using Google to find a new home. Plus, you can connect your tenant management software with the site. This gives current and prospective tenants a centralized place to take care of all rental business between you and your property management company, if you’re working with one.
Get Ahead with Technology
Using technology to improve your rental property business is a smart move. Not only will your current tenants be happier with fast and easy ways to make payments and requests, but prospective tenants will find it easier to check out your properties and submit applications. For landlords, the added organization will make everyday tasks more accessible and more efficient.
If implementing these solutions seems overwhelming or is outside your skill set, try working with a property management company that has experience managing buildings using a variety of technologies. Not only will the company be able to get solutions up and running faster and with fewer bumps in the road, but they will also help you field calls and requests from current and prospective tenants and make managing your rentals a breeze.
