Owning rental properties can be highly profitable but requires time, organization, and attention to detail. As a property owner, you must be aware of changing trends in real estate and technology and how to use them to your advantage. Here are some tech tools you can use to make your rental properties more profitable and easier to manage, courtesy of Real Property Management.
Streamline Your Finances — Use Accounting Software
Using accounting software to track your rental property finances can save time and help you stay organized. Please be sure to look for software that allows you to keep track of rent payments, maintenance expenses, and taxes. Some software also allows you to generate financial reports to help you make informed decisions about your rental properties.
Invest in Smart Technology to Increase Efficiency and Security
Innovative technology can help you increase efficiency and security in your rental properties. Some examples include electronic locks, smart thermostats, and smart appliances. Electronic locks can allow remote access management, while smart thermostats and appliances can help reduce energy costs over time. Smart security cameras can also help deter and identify intruders or criminal activities. Using technology, you can help create a safer and more efficient rental experience for your tenants and yourself.
Market Your Property Using Different Avenues
Marketing your property effectively is crucial for attracting new tenants, and providing all the necessary information clearly and concisely could prove helpful. A newsletter with information about your property, such as pictures, maps, and the application process, can answer all potential tenants’ questions and provide them with a dynamic and professional outlook on your property. You can create a beautiful newsletter and save it as a PDF to make it easier to share. Later, if you want to split it up to reuse a portion of it in a different newsletter, there are free tools to help – click here to learn more!
Allow Tenants to Submit Applications Online
A traditional leasing process could be time-consuming and require a lot of paperwork. By offering online rental applications, you can reduce the workload for both you and your tenants. Online applications can easily be accessed and completed from anywhere, providing a more streamlined process and eliminating the need for printouts, physical paperwork, and queues.
Conduct Background Checks Online for Faster Screening and Approval
Conducting a background check on prospective tenants is an integral part of the leasing process to ensure the safety of other tenants and the property itself. Today, several online platforms allow property owners to conduct background checks on tenants quickly and easily. These checks verify previous rental history, employment, and criminal records. Utilizing these services can make the screening process faster and more accurate and allow faster approval times.
Give Tenants the Option to Pay Rent Online
Online payment options for rent can be a win-win situation for landlords and tenants. Tenants can quickly pay their rent from the comfort of their homes, while landlords benefit from a streamlined payment process and more consistent cash flow. Look for payment processors that offer automatic recurring payments and various payment methods like credit cards and bank transfers.
Enable Online Maintenance Requests
Allowing tenants to submit maintenance requests online can provide them with a streamlined experience and a quicker resolution. This also keeps the requests organized and prevents them from getting lost in email threads. Online requests can also provide detailed information about the requested repairs or maintenance and help a landlord address the issues faster.
Technology is rapidly changing the rental real estate scene, and leveraging this technology can help save time, improve experiences, and optimize profitability. With the abovementioned tools and services, landlords can streamline their tasks, making business more accessible and benefitting tenants with a better experience.
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